Billions of dollars on infrastructure development in Moldova provided the Chinese state corporation "China National Overseas Engineering Corporation" (COVEC). President of the Republic of Moldova Vladimir Voronin has head of the Chinese state corporation "China National Overseas Engineering Corporation" (COVEC) Fan Yuanmina. This is the largest Construction Corporation in China and third largest in the field of construction and engineering projects in the world.
The Head of State noted that the visit took place shortly after reached with the People's Republic of China agreements on the implementation of the Moldovan-Chinese projects in the area of infrastructure development and has already signed a memorandum of it.
In accordance with the memorandum of agreement the Chinese authorities intend to grant the Republic of Moldova on a long-term basis and on concessional loan of 1 billion dollars to implement various infrastructure projects. Chinese investment should be focused in particular on the construction and road rehabilitation, upgrading and electrification of railways, reconstruction of the energy sector, construction of sports facilities, including the Olympic stadium, upgrading of water systems and water purification.
The President stated that the actions envisaged in the memorandum of agreement is very timely, especially in the context of global economic crisis. Moldova and China begin large-scale investment projects in various fields.
Vladimir Voronin also stressed the importance of the conditions set forth in the memorandum of agreement under which these projects are planned to realize more than 90% with m-participation of workers and specialists from Moldova.
In light of the successful implementation of the Moldovan-Chinese projects the head of state noted the desirability of monitoring the ad hoc working group.
During the meeting the President wished the Chinese side of progress in the development of specific projects within the framework of the memorandum-agreement.