Moldova receives nearly 500 million euros in energy aid

On October 17, the European Bank for Reconstruction and Development (EBRD) and Norway will extend a financial support package worth 199 million euros (209.7 million USD) for Moldova.

Gas plays an essential role in meeting the living needs of European people, especially in winter. (Source: IPN)

The new package includes a 165 million euro loan from the EBRD and a 34 million euro grant from Norway, according to the announcement. The decision will provide Moldova with around 500 million euros for gas imports. Natural gas accounts for nearly a third of Moldova's total energy consumption, and the country uses 70 percent of the gas to heat its 2.7 million people.

Moldova’s state-owned Energocom plans to spend €500 million to buy gas from terminals in the European Union. Moldova has previously relied on gas imports from Russia’s Gazprom, but that supply is at risk due to the conflict in Ukraine.

The EBRD wants to reduce Moldova's dependence on Russian gas. Accordingly, Moldova is increasing its gas imports from Europe, aiming to buy at least 75% of its gas from Europe for the coming winter.

The EBRD is a major investor in Moldova, having invested more than €2 billion in the country through 168 projects. The bank also provides advisory services to more than 1,000 Moldovan companies to help them improve their performance.

Source: https://baoquocte.vn/moldova-nhan-gan-500-trieu-euro-vien-tro-nang-luong-246516.html