● MONDAY, November 13

Pace of raising loans for horticulture slower than projected

The loan of €120 million provided by the European Investment Bank (EIB) within the program “Moldova’s Orchard” for restructuring the horticultural sector of Moldova has been less than 10% used. It was expected that about €20 million would be allocated annually. Many business entities said they cannot raise loans because they do not have the security required by the commercial banks that provide financing within the program. Iurie Brumarel, executive director of “Moldova’s Orchard”, told a news conference that only about €7 million has been released in loans during a year of the launch of the initiative. The money was raised by 15 horticultural companies. Another ten applications for financing are at the final examination stage and 3 million lei more is to be allocated by this yearend. If the banks hadn’t asked for security from horticulturists, the number of accepted applications would have been ten times higher. Campaigns to inform the business entities about the available financial resources have been conducted since the program was launched last summer. Iurie Brumarel said there is an initiative to create a guarantee fund in agriculture to support the farmers who cannot pledge something.

Information about coins of 1 leu and 2 lei is confidential until it is published in O.G.

The information about the coins of 1 leu and 2 lei is confidential until the decision on their putting into circulation is published in the Official Gazette (O.G.). This is the answer provided by the National Bank of Moldova to an inquiry about the stage of the initiative that was made by IPN News Agency. “The process of issuing metallic coins with the nominal value of 1 leu and 2 lei consists of a number of stages and their designing is of major importance. In June-August this year, the National Bank of Moldova staged a public contest to choose designs for the coins with the nominal value of 1 leu and 2 lei. Consequently, the Bank selected a number of design concepts for the new metallic coins and the final designs will be agreed by specialists of the mint that won the tender contest,” says the central bank’s response. Details about the chosen design and the mint that won the tender contest haven’t been provided.

● TUESDAY, November 14

PAS suggests proposals for supporting entrepreneurs

After having discussions with Moldovan businessmen on problems they face, the Party “Action and Solidarity” (PAS) formulated a set of recommendations for easing entrepreneurial activity. In a news conference, the head of the PAS local organization in Chisinau Vladimir Bolea said he is sure that the government will not take into account their recommendations, but the party will implement them when it comes to power. The PAS recommends ensuring fewer inspections, lower costs and clearer customs examination rules. No functionary should abuse the unclear legal provisions and incorrectly assess the goods. For the purpose, the state inspections monitoring system should be improved. Also, the commissions on banking operations should be decreased in number. The party also recommends working out a Government document whereby to oblige the state institutions not to ask from entrepreneurs documents that can be obtained through the information system directly from the empowered state institutions. The PAS suggests reducing the number of taxes paid by small entrepreneurs and encouraging the appearance of new enterprises by introducing a new type of limited liability company in the legislation –beginner LTD. This type of companies will enjoy a zero tax on profit during the first three years of work and a zero tax on reinvested profit. The entrepreneur’s patent should be kept until the economic state of the country allows withdrawing this. The legislation on patent should be modified so as to harmonize the state interests with the interests of patent holders. The PAS also proposes constituting a consultative council of 30 entrepreneurs working in different areas of activity, which would meet at least once in two months.

Business Portal with information about how to start and develop a business

The Organization for the Development of Small and Medium-Sized Enterprises (ODIMM) invited entrepreneurs to the launch of a new Business Portal that will provide information about how to start and develop a business. Iulia Costin-Iabanji, secretary general of state at the Ministry of Economy and Infrastructure, who served as director at ODIMM during many years, said the organization had a website that provided such information, but they managed to modernize and extend this instrument with the assistance of the International Organization for Migration (IOM. “Form my experience at the ODIMM, I know how important for small and medium-sized entrepreneurs is to know the news, the launched projects and the financing opportunities for SMEs. The website became a Business Portal, which could be accessed from the mobile phone as well. “I’m glad that the launch of the portal involves entrepreneurs from the Transnistrian region,” said the secretary general of state at the Ministry of Economy. She recommended the ODIMM team to initiate the rubric “Forum” on the portal so as to ensure greater interaction between the ODIMM and entrepreneurs. Gennady Gretu, the representative of the IOM Office in Moldova, said the information placed on the portal should help the SMEs become more competitive and identify new markets for selling their products and services. ODIMM acting director Petru Gurgurov said the information published on the portal will be permanently updated and will be useful to entrepreneurs and to those who intend to start a business. There will be presented success stories and good working practices of companies.

Fuel prices go up

The National Agency for Energy Regulation announced the fuel price ceilings for the next two weeks. As of November 15, the price of gasoline will be by 0.66 lei higher, while of diesel fuel by 0.52 lei higher, A liter of gasoline will cost at most 17.79 lei, up from17.13 lei, while a liter of dials fuel at most 15.78 lei, as opposed to 15.26 lei now. The new price ceilings are valid until November 28, 2017.

FDI has a positive impact on Moldovan economy, GET Moldova

FDI is one of the main drivers for economic growth and key to improving living standards in Moldova. It has a significant impact on production, employment, wages, state revenues and exports. A relevant analysis was made by the German Economic Team Moldova (GET) based on data provided by the National Bureau of Statistics and the National Bank of Moldova. In a news conference, Ricardo Giucci, leader of GET Moldova and managing director at Berlin Economics, said that according to the National Bank of Moldova, the FDI per capita represent US$741, which is not so much. Almost ¼ of Moldova’s GDP is produced by companies with FDI. 61% of the FDI comes from the EU, while 28% from Russia. Woldemar Walter, Project Manager of GET Moldova, said almost half of the people employed by FDI companies work in the manufacturing sectors such as textiles, food products and automotive supplies manufacturing. The average output per employee in companies with FDI is on average 71% higher than domestic ones due to a number of factors such as size of the company, capitalization, as well as the use of new technologies, managerial advantages and training of employees. Woldemar Walter noted that thanks to higher productivity, companies with foreign capital are able to pay on average considerably higher salaries than domestic companies. This difference is especially large in capital-intensive sectors such as energy and in knowledge-based sectors like computer programming. In low-tech sectors such as textiles, the wage difference is quite limited. Companies with foreign capital contribute strongly to the state budget. They account for 34% of corporate income tax. Furthermore, these companies account for 21% of social contributions, despite their share of 15% in total employment. The experts note that in the manufacturing sector, companies with 100% foreign capital export 2/3 of their production, while domestic companies sell about 23% abroad. In such a way, these companies contribute to the inflow of foreign currency into the country. GET Moldova is a group of economists who have advised the Moldovan government on economic policy issues since 2010. It is funded by the Federal Ministry of Economic Affairs and Energy of Germany.

Foreign Direct Investment has an impact on people’s welfare, expert

The Republic of Moldova should concentrate its efforts on attracting Foreign Direct Investment that has an impact on the people’s welfare through higher salaries and the revenues collected into the state budget, Ricardo Giucci, leader of GET Moldova and managing director at Berlin Economics, said in a news conference. According to Ricardo Giucci, what the Government did so far, like the cutting of the number of permissive documents and the state inspections reform, simplified the activity of foreign companies on Moldova’s territory, but this is not enough. “I think it is too early to say that all the problems have been solved. I believe it is important for the foreign investors to work in different conditions compared with the local investors. The companies working here should be able to delegate a manager from their country and it would be important for this manager to get a work and stay permit in the Republic of Moldova as easier as possible. Proposals have been already formulated to facilitate the procedures envisioned for persons who come to invest. This should be continued, while the investors should know these benefits,” stated Ricardo Giucci. The expert also said that among the main problems signaled by foreign investors in Moldova are the large number of taxes and the impossibility of firing persons who do not do their job as the Labor Code does not allow for this. Based on data provided by the National Bureau of Statistics and the National Bank of Moldova, the German Economic Team Moldova made an analysis of the impact of FDI on Moldovan economy. The analysis will be presented to the Government for being used in the elaboration of policies. At the second analysis stage, the experts will also formulate recommendations.

National meat producers to be visited by Saudi Arabia experts

A team of experts of the Saudi Food and Drug Authority will pay a visit to the Republic of Moldova to inspect cattle, sheep and poultry farms during December 18-22. The national producers who will meet all the conditions of the foreign partners will be able to export meat to the Persian Gulf countries. According to the National Food Safety Agency, the foreign experts will collect information about the registration, keeping and feeding of animals and birds and the inspection measures taken at meat sorting and disposal units.

FAO allocates US$800,000 to Moldova as part of two programs

The Food and Agriculture Organization (FAO) of the United Nations offers Moldova US$800,000 for strengthening the capacities of berry producers and for rural development. Minister of Agriculture, Regional Development and Environment Vasile Batca and FAO Representatives in Moldova Raimund Jehle on November 14 signed two agreements to this effect. After the signing ceremony, Vasile Batca said the agreement on the strengthening of capacities of small berry producers, to the value of US$345,000, envisions the organization of training on the implementation of the latest innovations and modern technologies and on the protection measures needed to develop a business in the field. The agreement will be implemented during November 2017 – October 2019. The second agreement, the value of US$455,000, will contribute to developing the capacities in agriculture and rural development policies, elaborating public policies, designing and implementing three community development pilot-projects for three communities. The agreement implementation period is December 2017 – December 2019. For his part, Raimund Jehle said the agreements refer to two very important directions for Moldova’s economy. Given that 58% of Moldova’s population lives in rural areas, this sector deserves greater attention. The signed agreements form part of the frameworks support program for 2016-2019 signed last December within which FAO experts will provide technical assistance and expertise.

● WEDNESDAY, November 15

Only 1% of FDI goes to agricultural sector

Agriculture is one of the most unattractive Moldovan sectors for foreign investors. Only 1% of the foreign direct investment (FDI) goes to this sector. In a news conference at IPN, leader of GET Moldova Ricardo Giucci, managing director at Berlin Economics, said the foreign investors avoid investing in agriculture because this sector requires larger investments than other areas and because of the impossibility of purchasing land in Moldova. “To invest in agriculture, one should invest a lot to improve the quality of soil and not only. Also, as we understand, it is now not possible for foreign investors to purchase land in the Republic of Moldova. One way or another, they can rent land, but cannot buy it. The majority would argue that it is not their land and they cannot invest as they will lose what they invest when the contract ends,” said the expert. Ricardo Giucci noted that to have success in the agricultural sector, one needs a lot of resources, such as pesticides, seeds and planting material. As studies show, all these resources are very expensive in the Republic of Moldova. Customs duties on the import of planting material are also high. The German Economic Team Moldova made an analysis of the impact of FDI on Moldovan economy based on data provided by the National Bureau of Statistics and the National Bank of Moldova. The analysis was presented on November 14. The energy sector attracts one third of FDI. The financial and production sectors also hold interest for investors. Agriculture is at the other opposite pole with only 1% of FDI.

Inventions in different areas presented at “Infoinvent”

Moldovan inventors displayed their creative products and innovational services at the 15th “Infoinvent” exhibit that is held at the Exhibitions Center “Moldexpo” in Chisinau during November 15-18. The event is announced as a platform for promoting and familiarizing the general public with inventions in different areas. At the stand of the Technical University, students of the Faculty of Computers and Electronics presented two robots created by a French company that were assembled in Japan. The University bought them to enable students to work with them. “We implemented different programming languages. The robot can tell us what object it is. We have a program with different moves they can make. Another program enables to control robots with a computer,” stated fourth-year student Octavian Godonoga. The Textiles Faculty of the same University presented models of footwear for the family - mother, father, son and daughter – made from the same material. “We present a collection of footwear for a whole family so that they do not spend too much time shopping. This is advantageous to companies too as these will provide more products and will attract more buyers,” stated Marina Malcoci, department head at the Faculty. The Institute of Zoology of the Academy of Sciences of Moldova provides a new type of treatment for bee families. According to Valentina Cebotari, head of apiculture lab, with this treatment the bee families increase productivity and immunity. The company “Topaz” presented a lathe for processing hard materials that enables to concomitantly perform a number of procedures without using other processing machines. The company’s representative Mihail Rotaru said several machines are now needed to make a knife, but this lathe can perform all the required procedures. The exhibition offer is organized into five categories: inventions; sorts of plans and industrial design; innovative products and services; innovative projects and technology transfer; creations of young people and of the creative industry. The event is organized by the State Agency on Intellectual Property (AGEPI) in partnership with the Academy of Sciences and the Agency for Innovation and Technology Transfer of Moldova with support from the European Patent Office.

Moldova, Switzerland to negotiate agreement on regular air services

The Cabinet approved the negotiation and signing of an agreement on regular air services with the Swiss Federal Council. Statistics show an increase in the number of passengers who travel by plane to cities in Switzerland. About 17,000 passengers were recorded during the past 12 months. All the flights are operated with stops. The competent authorities of Moldova consider it is opportune to provide direct flights to Switzerland two-three times a week. The airline Air Moldova expressed its readiness to operate flights as from this December. Moldova’s delegation that will negotiate the agreement will be led by Radu Beznic, director of the Civil Aviation Authority.

Moldovan plums returned from Russia

About 20 tonnes of Moldovan plums were stopped for phytosanitary checks at the Krupets customs post in Russia’s Kursk region. As a result, the Russian sanitary inspectors decided to ban the import of the plums. According to the Federal Service for Veterinary and Phytosanitary Surveillance of Russia “Rosselkhoznadzor”, the plums were to be delivered to a business entity in Krasnodar region. The sanitary inspectors found the Oriental fruit month in an active state in the consignment. Earlier, director general of the National Food Safety Agency Gheorghe Gaberi stated for IPN that it is normal for some of the fruits to contain pests. The consignments of plums that were returned from Russia until now because they contained the Oriental fruit moth, which is a quarantine object on the territory of this state, have been examined in Moldova and no irregularities were identified in them.

Premier demands to terminate contracts with investors who do not fulfill commitments

Prime Minister Pavel Filip, in the opening of the November 15 meeting of the Cabinet, referred to the privatization of state-owned property by investment contests. He noted the price of property sold by this method is set under the real one and those who purchase it are to invest in their development and in the creation of jobs, but this is not done. “We have the example of National Hotel, which is in a deplorable state. And this is not the only example. The same is true about the privatized cinemas that are located in district centers,” he was quoted by IPN as saying. The Premier also said that 800 jobs were to be created at the Industrial Park in Cimislia, but only two jobs were created there. The situation at the Industrial Park in Comrat is much the same. Only one job instead of the 2,260 promised jobs was created in this park. Pavel Filip requested to present comprehensive information on the issue during a week and to specify the investment commitments and how these are fulfilled. The contracts will be terminated if the commitments are not respected.

● THURSDAY, November 16

Agreement signed with IMF provides that historical debts will be included in energy tariffs, statement

Under an agreement signed by the Republic of Moldova with the International Monetary Fund, the historical debts will be included in the energy sector tariffs. The subject was discussed in the talk show “Key issue” on NTV Moldova channel. Socialist MP Vladimir Golovatiuc said the government will implement the agreement signed with the IMF, according to which the financial deviations are included in the tariffs. “Besides paying for cubic meters of gas or gigacalories of heat, the people will also pay the historical debts,” he stated. Victor Parlicov, expert of the Institute for Development and Social Initiative “Viitorul”, said the IMF shouldn’t have intervened in the regulation of energy sector tariffs. “When the IMF speaks about reforms in the energy sector and about arrears, it mainly says there is no certainty that the energy regulator of Moldova is depoliticized. The NAER remains politicized and its decisions substantially depend on the political conjuncture, not on the own rules and methodologies,” stated the expert. According to him, debts started again to gather in the energy sector. This happens because the National Agency for Energy Regulation didn’t review the gas and electric power tariffs in 2015, when the leu depreciated and the companies accumulated so large debts that they cannot pay the suppliers. “This fact already started to have an impact on the people because the current tariffs include financial deviations that had to be included first in 2015,” said Victor Parlicov.

Ruslan Codreanu: Not City Hall sets tariffs for public utilities

Deputy mayor of Chisinau Ruslan Codreanu denies Socialist councilors’ statements that the City Hall is to increase the public transport fares and drinking water and heat tariffs. Ruslan Codreanu said the Socialist councilors aim to manipulate public opinion before the November 19 referendum and to also discredit the Chisinau City Hall. “Not the City Hall, but the Municipal Council sets the tariffs for public utilities. The municipal councilors of the PSRM evidently manipulate the citizens of Chisinau so as to achieve their own political goals,” stated the deputy mayor. In a news conference on November 14, Socialist councilors said the City Hall intends to raise the bus, minibus and trolleybus fares and the tariffs of public utilities and these rises were taken into account when drafting the 2018 municipal budget.

Pony Express to have representative office in Chisinau

Pony Express, a known universal logistics operator, in a news conference in Chisinau announced its intention to enter the Moldovan market. The local company Unipost Express, which has an experience of over 15 years, will work in Chisinau under the brand Pony Express. The operator will provide express post and parcel delivery services inside the country and abroad and also services to deliver goods and mail to Moldova. It will also offer integrated logistics solutions for the banking sector, telecommunications, medicine and electronic trade. As to the main competitive advantages of Pony Express on this business segment, Sergei Serghushev, Pony Express regional development director, said the prices of their services are by 20% on average lower than at the other companies operating on Moldova’s market. “This price offer became possible owing to the company’s international network of branches and an extended network of road and air transport routes,” he stated. At the first stage, the operator intends to occupy at least 10% of the express delivery market of Moldova. Pony Express transports import-export goods to any point of the world through the own transit terminal in Riga and through direct air transport. In the future, it plans to organize land routes for transfrontier transportation that will significantly reduce the transport costs. This new service for Moldova’s market will reduce the express delivery tariffs by down to 30%. During the next three years, Pony Express anticipates to earn over US$0.5 million a year from operations made in Moldova. As regards the volume of investments that the company will make in Moldova, Iulian Fedorenko, who will manage the representative office of Pony Express in Chisinau, said everything will depend on the volume of provided services and on sales.

Only biofuel lab in Moldova opens up new markets for producers

Pellet and briquette producers from the Republic of Moldova are accessing new markets due to the quality certificates issued by the only accredited laboratory in the country, which tests physical and chemical parameters of the biofuel. The Solid Biofuel Laboratory of the Agrarian University was accredited one year ago thanks to the modern equipment in value of €100,000 received from the European Union, in the framework of the Moldova Energy and Biomass Project. In a press club meeting, Attaché Alexandre Darras, Project Manager at the EU Delegation to Moldova, said the EU-funded Moldova Energy and Biomass project has put in place all the conditions to ensure that high quality biofuel is available in the Republic of Moldova. “The quality of biofuel is a key condition for the further development of a successful biomass energy market in Moldova,” he stated. Solid Biofuel Laboratory director Grigore Marian said producers have the possibility to test biofuel parameters and compete not only for price, but also for quality. “Based on laboratory tests, we can recommend to the producers the optimal mixture of raw material to ensure maximum calorific value at an affordable price,” stated Grigore Marian. National Consultant of the Energy and Biomass Project Sergiu Robu noted that the number of beneficiaries who use solid biofuel as heating agent is growing continuously. Currently, over 200 kindergartens, schools and community centers in the country have installed biomass heating systems with the European funds of Energy and Biomass Project. Moreover, 1,000 families are heating their houses with green energy also thanks to the European Union’s support. Annually, only the beneficiaries of the Energy and Biomass Project request a minimum quantity of 30,000 tons of biofuel. The increasing demand has led to an increase in the number of briquettes and pellets producers, reaching almost 100 business entities. Nicolae Dragan, owner of a briquettes & pellets factory, said that laboratory tests helped him improve biofuel, ensuring, thus, the satisfaction of buyers and increasing sales. “Previously we exported biofuel to some EU states and we were forced to apply for certification abroad. Now, we have the laboratory in Chisinau, where we can obtain quality certificates much easier from the point of view of logistics and affordability”. The biofuel’s quality requirements were aligned with the European Union’s requirements in 2012, when Moldova adopted 37 national standards for solid biofuel’s quality and the Regulation on solid biofuel, which stipulates its certification. Moldova Energy and Biomass Project, phase II, is a three-year project implemented during 2015-2017. The total budget of the Project is €9.41 million funded by the European Union and is implemented by the United Nations Development Program.

● FRIDAY, November 17

Monitor of Official Gazette, 17.11.2017

In the course of this week, the Editor of the Official Gazette presented three products to the interested readers (O.G. of November 13, 16 and 17). The first of these (No. 396) includes amendments and supplements to the Apiculture Law (No. 70/2006), which were adopted following the partial implementation of the previous norms on sanitary-veterinary surveillance of apiaries, uncontrolled use of veterinary products for treating bee diseases and existence of excessive regulations on the foundation of associations of apiculturists. We will yet see if the introduced or modified norms that will take effect in six months will help remedy the situation. Both the revenues and expenditure of the mandatory health insurance funds were raised, based on the additional funds expected to be collected until this yearend, to augment the allocations for two important subprograms: Hospital Medical Assistance (by over 90.6m lei) and Pre-Hospital Emergency Medical Assistance (by almost 20m lei).The state budget revenues and expenditure were also increased given the anticipated rises in the collected amounts and following the revision and prioritization of the spending programs. The traditional Friday issue of the O.G. presents the Law on electronic communications (No. 241/2007), in virtue of the provisions of Law No. 135/2017 by which the last changes to this were made. It should be noted that the republication is a standard procedure if the law underwent essential changes, to over one third of the articles. This is provided in the Law on legislative acts (No. 780/2001). The November 17 issue also includes the Constitutional Court of Moldova’s appraisal of Article d 13 of the Constitution. The group of MPs (34) who initiated the relevant bull aim to restore the scientific truth as regards the language spoken on the country’s territory (Romanian language). There is a long way up to the adoption of this law, but the first steps in this direction were taken and are very important. The Government Decisions division contains the Regulations of the interdepartmental commission for the financial compensation by the state of damage caused by offense (No. 965, November 14, 2017), which will govern the implementation of the Law on the rehabilitation of victims of offenses (No. 137/2016), whose goal is to protect and ensure the observance of the rights and legitimate interests of this group of people. The decision to approve the Regulations concerning the periodic inspection of used medical devices (No. 966, November 14, 2017) is not less important. This governmental act will help put into practice vital norms for the health of people, which are stipulated in the Law on medical devices (No. 102/2017). These are vital because they aim to ensure optimal conditions for the provision of high-quality, efficient and safe medical devices for guaranteeing the quality of medical services. There are also presented the Regulations on the establishment of specific conditions and detailed procedures for selling polyamide and melamine plastic kitchenware produced in or exported from the People’s Republic of Chinua and its Special Administrative Region Hong Kong (decision No. 968, November 14, 2017). The regulations form part of the series of documents that transpose the European regulations in the field to the national legislation. On November 14, the Cabinet made significant changes to the Regulations concerning the setting and payment of social benefit (No. 1167, October 16, 2008). It is important for these changes to be implemented for the benefit of the most disadvantaged sections of the population. During several weeks, society had waited for the national commission for the establishment of permanent single-member constituencies to finish its work. The given constituencies were created following the introduction of the mixed-member electoral system. The commission did its job and the Cabinet approved the formulated proposals (Decision No. 970, November 15, 2017). Thus, 48 single-member constituencies will be established on Moldova’s territory, including 11 in Chisinau municipality, two in Balti municipality, two in the Autonomous Territorial Unit of Gagauzia and two in Transnistria – one for Camenca, Rabnita, Dubasari and Grigoriopol districts and one for Slobozia district and for Tiraspol and Tighina municipalities. The other three constituencies will be set up abroad – one eastwards Moldova, one westwards Moldova and one for the United States of America and Canada. Now the ball is in the court of the Central Elections Commission, which is to adjust the rules of the game, and of the future election runners that will play the “match” in the next parliamentary elections. It should also be mentioned the Government Decision to approve the Regulations concerning the access to ground handling services at Moldova’s airports (No. 971, November 15, 2017) and several documents of the Ministry of Economy and Infrastructure of the Republic of Moldova concerning the approval of regulations on designing, which replace the old regulations of the Soviet period (pages 144-145).

MPs vote to simplify customs procedures for CEFTA countries

The customs procedures applied in the trade with the member states of the Central European Free Trade Agreement (CEFTA) will be simplified. The MPs on November 17 adopted in two readings a bill on the Additional Protocol No. 5 to the Agreement to Amend and Join the CEFTA that was signed in Belgrade on May 26, 2017, IPN reports. The Additional Protocol aims to facilitate the commercial exchanges by simplifying the border procedures at all the stages, the electronic exchange of information and mutual recognition of national programs and authorized economic operators. The document also defines the methods and obligations in the exchange of data between customs authorities. To implement the protocol, each member state should be able to benefit from assistance from foreign donors. The document takes effect when it is accepted by two thirds of the CEFTA member states. These are: Albania, Bosnia and Herzegovina, Macedonia, Moldova, Montenegro, Serbia, and Kosovo.

Agritourist pensions could be built on farmland

The owners of farmland will be able to build on this agritourist pensions without changing the purpose of the land on condition that they have farmed for at least five years. This is provided in a bill to amend the Land Code that was adopted by MPs in the final reading on November 17. According to the Ministry of Agriculture, Regional Development and Environment, which drafted the bill, the opening of agritourist pensions will enable to create jobs in rural areas in the non-agricultural sector. A condition for these pensions is to ensure a three-star level of comfort and service quality. Also, at least one agricultural activity, such as animal breeding, cultivation of different types of plans and fruit growing, should be carried out within the agritourist pension.

National Bank authorizes Banca Transilvania to buy shares in Victoriabank

The National Bank of Moldova allowed Banca Transilvania to purchase a shareholding in the commercial bank Victoriabank. “Following the official permission, Banca Transilvania, together with the European Bank for Reconstruction and Development and VB Investment Holding B.V. (under EBRD’s control), which hold similar permission obtained earlier, will be able to purchase all the shares issued by BC “Victoriabank” SA (100%),” the National Bank says in its response. According to the Bank, the decisions to sell shares will be taken by the holders and the shares will be sold in accordance with the rules of the regulated market. Earlier this month, Banca Transilvania, which is the second largest bank in Romania by the volume of assets, together with its shareholder EBRD, announced the intention to buy a holding of over 39% in Moldova’s third leading bank Victoriabank.