KYIV, Jan 26 (Reuters) - The European Bank for Reconstruction and Development said on Thursday it had invested a record 525 million euros in Moldova's economy last year, support which the country's economy minister called "indispensable".
The EBRD said in a statement it invested in 14 projects, with the bulk of the amount aimed at helping diversify Chisinau's gas supplies away from Russia and procuring supplies from European hubs. In 2021 the EBRD invested 106 million euros.
The influx came as Moldova was hit with multiple crises, from the economic fallout of the war in neighbouring Ukraine to a gas cut-off by Moscow that sent officials scrambling for alternatives.
"For the first time in history, we were able to build gas reserves thanks to the EBRD's support," Economy Minister Dumitru Alaiba told Reuters by telephone on Thursday.
Other ongoing work with EBRD funds, he said, includes building electric lines connecting with neighbouring Romania and boosting energy efficiency.
"In order to be attractive to foreign direct investors we need to show that we're moving fast here," Alaiba added, referencing Moldova's energy vulnerability.
His ministry is currently mapping out reforms to build a more business-friendly economy and accelerate accession to the European Union, which offered Chisinau membership candidate status last year. (Reporting by Olena Harmash and Dan Peleschuk; Editing by Alex Richardson and Hugh Lawson)
