OREANDA-NEWS. November 25, 2011. The Council of Europe Development Bank has earmarked 13.4 million euros to Moldova to build dwellings for less well-off people, according to the government's communication and press relations department.

Government Secretary General Victor Bodiu participated in a meeting of the Administrative Council of the Council of Europe Development Bank.

The participants in the 17 November meeting approved a project which is of major importance for Moldova, in particular the construction of dwellings for less well-off people.

Victor Bodiu presented the project proposal which was unanimously backed by the council. Under the project, about 701 social dwellings will be built for less well-off people. As many as 15 sites were selected in 12 populated areas: Singerei, Glodeni, Basarabeasca, Chisinau, Briceni, Anenii-Noi, Ceadir-Linga, Calarasi, Hincesti, Falesti, Drochia and others. The project is estimated at 335.35 million lei or 20.32 million euros, of which 13.37 million euros is allocated by the bank and the rest is national co-financing. The project will be implemented from January 2012 to December 2017.

"The project will have a multidimensional effect as the apartments will be leased at accessible prices, which will be calculated depending on the family's average income, giving the beneficiaries the opportunity to save money in order to buy their own dwellings," Bodiu said.

The project will help create new jobs, stop migration and develop the construction branch in Moldova. The project was considered and approved. The first stage of the project worth 7.6 million euros has been successfully implemented. Its goal was to build four apartment buildings in the towns of Glodeni, Criuleni and Chisinau municipality. As many as 581 less well-off people benefited from this project.

Founded in 1956, the Development Bank has 38 member states, among which Moldova. Moldova became a member on 1 April 1998. The bank's goal is to help the member countries solve social problems.