Moldova, wedged between Ukraine and Romania, has long been regarded as a watchword for corruption, money laundering, and the trafficking of women to neighbouring countries in Europe as prostitutes.

The new loan followed a joint 110 million euro financial package by the EBRD, European Investment Bank (EIB) and the European Union (EU).

The World Bank revised up its outlook for the economies of the South Caucasus and Central Asia in 2021, predicting that growth would be stronger than it initially expected, and forecast further acceleration next year.