OREANDA-NEWS. May 06, 2011. The Moldovan government approved ratification of the agreement with the International Fund for Agriculture Development (IFAD) on provision of the credit and the grant to our country for implementing the agriculture financing and agrarian business development project. The document was signed in Rome on February 21, 2011 by the IFAD President Kanayo Nwanze and the Minister of Agriculture and Food Industry of Moldova Vasilii Bumacov.

The agreement stipulates that the IFAD will provide a credit for 40 years with the 10-year grace period at 0.75% p.a. to Moldova. In addition, Denmark will allocate an additional grant in the amount of \\$4.5 million to co-fund the project.

The project will be implemented in Moldova in 2011-2015. Its goal is to reduce the poverty level in the rural areas of Moldova. It stipulates support to development of low-income farmers’ agrarian business, agriculture financing services, agricultural infrastructure development.

The International Fund for Agriculture Development is a specialized agency of the United Nations. IFAD is dedicated to eradicating rural poverty in developing countries. Moldova joined IFAD in 1996. It will be the fifth project implemented by the IFAD in Moldova. The total amount of the IFAD projects implemented in Moldova is USD 69 million.