OREANDA-NEWS. September 03, 2010. This was announced by Minister of Agriculture and Food Industry Valeriu Cosarciuc. He noted that according to the agreements the EIB Expert Mission would come to Chisinau on September 26 in order to approve this loan, and the final decision on its granting would be taken in January 2011, as planned.

The concession loan of the EIB will be used for technical re-equipment and modernization of winemaking enterprises of Moldova, acquisition of new equipment, making of new vineyard plantations, replenishment of circulating assets. According to the conditions of the EIB, these funds can’t be used for restructuring of loans earlier received by the wine-makers, as well as for land acquisition. The head of the Ministry of Agriculture specified that the concession loans from the EIB could be received by Moldavian winemaking companies, producing high-qualitative wines, having good business-plan and outlets for their products.

Valeriu Cosarciuc emphasized that the EIB would finance 50% of the total cost of Restructuring Program in vine-winemaking sector of Moldova. As it is planned, for implementation of this program our country will get one more loan of EUR50 million from the European Bank for Reconstruction and Development, and a grant of EUR50 million as well from the European Commission for technical support of the program. This free aid from the EC is expected to be used for restructuring of debts of Moldavian winemaking companies to the banks and the suppliers of raw materials.

The head of the Ministry of Agriculture expressed his confidence that due to implementation of the Restructuring Program in vine-winemaking sector the winemaking companies would become more competitive, able to sell more qualitative wines on the Western and the Eastern markets. The Government of Moldova at the meeting on Thursday decided to create a structure, performing monitoring of this Program and preparation of investment projects in winemaking sector for the EIB and the EBRD financing.