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ONE BILLION lei in the country's economy, through "PARE 1 + 1"

ONE BILLION lei in the country's economy, through "PARE 1 + 1"

Migrants have invested 1 billion lei in the economy of the Republic of Moldova through businesses supported by the Program for Attracting Remittances into the Economy "PARE 1 + 1", implemented by the Organization for the Development of the Small and Medium Enterprises Sector (ODIMM).

So far, through the Program “PARE 1 + 1”, 2410 entrepreneurs have been trained and 1623 enterprises have been managed by migrants or their first-degree relatives have benefited from grants, opening about 4 thousand work places.

The overall amount has been specified today, February 27, on the occasion of the first 53 investment projects approved this year, the beneficiaries of which have signed non-reimbursable financing contracts with ODIMM.

Being present at the event, Iuliana Drăgălin, the State Secretary of the Ministry of Economy and Infrastructure, assured that the Government will continue to support all entrepreneurial initiatives aimed at adding value to the national economy. “The Program “PARE 1 + 1” enjoys a growing interest among migrants and their relatives, a thing that leads to a steady increase of the number of people eager to return home or invest their remittances in setting and developing their own business. This program directly contributes to the economic development of the country; the investments made by migrants have reached 1 billion lei, and the most important effect reducing the migration phenomenon, providing favorable conditions for starting and developing a business, especially in rural areas,“ emphasized Iuliana Drăgălin.

Iulia Costin, ODIMM General Manager highlighted the fact that this program has a considerable economic and social impact in regions. “Through the Program “PARE 1 + 1” many young people and women have transformed their passion into a business, creating innovative activities with modern technologies in rural areas. There have been developed new services that contribute to improving the regional infrastructure and changing the mentality of people. Our beneficiaries grow organic fruit and vegetables, produce goods that are successful on foreign markets.  Agricultural business is expanded by creating agro-pensions ", said Iulia Costin.

The European Union supports financially the government Program "PARE 1 + 1", out of 53 investment projects approved, 25 businesses are financed from the European Union funds. Boris Filipov, the Project Manager of the EU Delegation in the Republic of Moldova, highlighted the importance of EU support in the development of rural business. "Moldovan SMEs can play a much more significant role in the national economy. Offering grants today will help new business ideas become true and contribute to the well-being of Moldovan citizens by investing the revenue of Moldovan people who have returned home from abroad.”

Of the 53 companies accepted for non-reimbursable financing, 33 are expanding their activities, and 20 businesses are start-ups. They will contribute to creating and maintaining about 180 work places, 58 of which are for women and 78 - for young people. The businesses are located in 22 districts of the country, i.e. 44 companies operate in rural areas and 9 companies act in Chisinau municipality. The total amount of non-reimbursable funds for these 53 investment projects accounts for 12.93 million lei, which will contribute to the economy with about 35.49 million lei.

Most enterprises, 25 by number, act in agriculture (cereal cultivating, vegetable growing, growing vineyards, walnut orchards, plum and apple orchards, and chinchilla breeding), 16 businesses provide services (leisure and agro-pension services, catering services, event organizing, cosmetology and body care, earthworks, car repairing and car washing), and 12 companies operate in the manufacturing industry (producing clothes, different items made from PVC and metal, manufacturing fortan, pallets and briquettes, furniture, producing cheese, tea, vinegar, pastries and feeds).

According to statistic data, those 53 beneficiaries invest remittances coming from 16 states: Italy, Russia, Great Britain, Germany, Ireland, Israel, Romania, Holland, Portugal, USA, Canada, France, Spain, Turkey, Denmark and Ukraine.

The Program “PARE 1 + 1” has been implemented by ODIMM since 2010 and aims to attract human and financial resources of Moldovan people who are working abroad and invest them in the sustainable development of the Republic of Moldova’s economic. The program is financed from the state budget, supplemented by the European Union funds and has been extended till 2021. The program operates under the "1 + 1" algorithm, so that each leu invested from remittances is supplemented by one leu as a grant. The amount of the grant is up to 250,000 lei.

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