| 10 April 2007 To benefit at the fullest from migration and remittances in Moldova - the main objective of the IOM project for 2007-2008 that was presented in Chisinau. The project is to be implemented by the Ministry of Economy and Trade jointly with the International Labor Organization and with financial support from the European Commission. According to the World Bank, Moldova is Europe’s first-ranking country in terms of the amount of remittances from abroad which constitutes 1/3 of its GDP. According to the National Bank, in 2006 Moldovan migrants transferred almost 855 million USD to the country. As the IOM’s recent study on “Migration and remittances 2006” showed, more than 40% households receive remittances. Most of these resources are used for domestic consumption, purchase of food and real estate, as well as for debt repayment. Only a minor share of the money (less than 7%) is used to invest in business, while only 5% is kept on bank accounts. The European Commission is to finance 80% of the project amounting to 1 million euros. This initiative is part of the Moldovan government’s strategy for creating an efficient mechanism for regulated migration and a favorable environment to use remittances as investments in economy. The project includes developing a guide to start business for beginner entrepreneurs and a handbook on financial services to provide assistance to small businesspersons in benefiting from adequate financial services.
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