Tax and customs concessions will be applied on the import and delivery of goods and services intended for the implementation of the project "Rehabilitation of the Byk River and Flood Protection in Chisinau". A draft law stipulating this was given two readings by Parliament on Thursday, IPN reports.

The legislative initiative was proposed by unaffiliated MP Gaik Vartanean, and the document's substantiation note says that the exemption from VAT, customs duties and tax for carrying out customs procedures will generate savings of about €4 million. According to the author, the money saved will be redirected to other social and infrastructure projects.

The project "Rehabilitation of the Byk River and Flood Protection in Chisinau" has a total budget of €12 million. It consists of a loan of €8 million and a grant of €4 million provided by the European Bank for Reconstruction and Development.

The project includes works to improve rainwater management and the redevelopment of the river channel over a distance of 7.6 kilometers. The rehabilitation of sewerage networks and installation of check valves in order to manage flood risks and reduce damage caused by heavy rain are also planned.