Banca de Economii S.A.

Head of the EBRD Office Francis Delay has declared it on Monday in the course of the roundtable, carried out by the Ministry of Economy and Trade and the Information Analytical Portal www.Ipoteka.MD. According to him, two years ago the RM Ministry of Economy and Trade requested the EBRD to help to improve the mortgage legislation In the course of the first stage of this project the EBRD analyzed the situation and the outlook for the hypothecary crediting in Moldova and elaborated a number of recommendation, including the need for the reworking of the respective legislation, giving long-term credit lines for the RM banks and so on. According to Francis Delay, the implementation of the second stage of this project will begin the next week in Chisinau and the mortgage crediting concept in Moldova will be discussed in the course of it. The EBRD experts will come to Chisinau on March 27, they will begin the elaboration of the new Mortgage Law together with the government, the Ministry of Economy and Trade, the banks and so on. Besides the EBRD experts will carry on training for the Moldovan specialists. It is planned to complete the second stage until the end of this spring and the new Bill will be committed to the Parliament in June. Taking into consideration that Moldova is at the beginning of the mortgage crediting, the EDRD has expressed readiness to render assistance for financial institutions, participating in the program. According to Francis Delay, under favorable conditions EBRD plans to open the first credit line for the hypothecary crediting to the Moldovan banks before the end of this year.