Moldova: EU project approves 32 grants for businesses funded by migrant remittances

European Union
European Union

The Moldova-based, EU-funded ‘PARE 1+1’ programme has announced the approval of 32 grant applications submitted by companies created by Moldovan migrants or their relatives. According to estimates, about 90 new jobs will be created thanks to these new grants and cumulative investments in the national economy will amount to over €950 thousand (or 19.43 million Moldovan lei).

According to the EU4Business initiative, PARE 1+1 has over the years increased interest among expatriated Moldovan migrants and their relatives, leading to a steady increase in the number of people interested in returning home and using remittances for the creation and development of businesses in the Republic of Moldova.

The recently approved grants will support businesses in the area of agriculture, services and manufacturing.

An analysis of the origin of remittances reveals that the 32 applicants have invested remittances from work carried out in 14 countries: Italy, the United Kingdom, Russia, Germany, Israel, France, Romania, Thailand, Turkey and Hungary.

The EU-funded PARE 1+1 programme is designed to attract migrant remittances back into the local economy in the Republic of Moldova. According to the funding formula, each Moldovan leu invested by the migrant is supplemented with another leu in the form of a grant provided by the state.

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Press release

PARE 1+1