TERMINATION OF THE CBC PROJECT 2008/163849 (05/02/2010)
In August 2008, the European Commission signed an agreement for a grant project under the title "Creation of better social-economic conditions through water supply from natural springs in the village of Ciuciuleni, Hincesti District, Republic of Moldova". The initial duration of the project is 17 months.
An extension of this project was not possible for two reasons.
First, the negotiations between the involved companies on the ownership of the water pipe system raise concerns as to their compatibility with the terms of the grant contract.
Second, the bankruptcy of the bank with which a tranche of the project funds was deposited: the bankruptcy of InvestPrivatBank has made it impossible for the project to use these funds, and the prospect for recovery of the funds under the bankruptcy procedure are uncertain. The remaining available funds are not enough to cover the water pipe works.