Moldovan citizens, local and foreign investors, government institutions and agencies will benefit from enhanced security of property rights and more developed real estate markets in the Republic of Moldova thanks to a 35 million US dollar loan for the Land Registration and Property Valuation Project (LRIP), approved by the World Bank on August 30.
Improving the completeness, transparency and efficiency of the cadastre and conducting property valuation is a priority for the World Bank Group in its support for the country’s economic growth and development. Improved equity and fairness in the property registration and valuation system will guarantee equal opportunities for all in exercising their property rights.
“The Land Registration and Property Valuation project will ensure the continuity of our previous work on mass registration of property in Moldova over the years,” said Anna Akhalkatsi, World Bank country manager for Moldova. “Economic and service governance are central to our Partnership Framework in Moldova, as we seek to help all citizens to enjoy equal opportunities and clear rules regarding property rights which are fundamental for a competitive economy.”
The project will enable Moldovan authorities to conduct mass registration and valuation nationwide with no direct costs to citizens and businesses. It will also contribute to strengthening the rule of law and the accountability of institutions by enhancing the security of property rights, increasing the transparency of property data and improving efficiency of the cadastre system.
The project addresses Moldova’s priorities for poverty reduction and increasing shared prosperity, identified by the World Bank’s 2016 Systematic Country Diagnostic for Moldova, and is aligned with the objectives of country’s National Development Strategy – Moldova 2020.
Since Moldova joined the World Bank Group in 1992, over 1 billion US dollars has been allocated to approximately 60 projects in the country. Currently, the World Bank portfolio includes 10 active projects with a total commitment of 357.9 million US dollars. Areas of support include regulatory reform and business development, education, e-governance, healthcare, agriculture, local roads, environment, and more.
The International Finance Corporation’s committed portfolio in Moldova is 17.5 million US dollars, and consists of 87 per cent loans and 13 per cent equity. Its committed portfolio consists of 95 per cent loans and five per cent equity. The Multilateral Investment Guarantee Agency has provided guarantees totaling 95 million US dollars. Both institutions are members of the World Bank Group.