The Access to Agricultural Finance Credit Program in Moldova: Findings from an End-of-Compact Analysis
Millennium Challenge Corporation
- The program served a diverse group of beneficiaries, with substantial variation across beneficiary enterprises in geographic location, gender ownership, core business activities, scale of operations, and financial status.
- Beneficiaries typically supplemented AAF funding with their own resources to complete investments.
- The program funded a substantial amount of cold storage, exceeding its target for creation of additional cold storage capacity.
- Most beneficiaries indicated that they would have made the same investment in the absence of the program, but that the program made that investment more profitable and/or larger.
Mathematica is conducting an evaluation of the Transition to High-Value Agriculture Project that was implemented under the Millennium Challenge Corporation’s Compact with Moldova. The evaluation comprises two complementary evaluation components: an impact evaluation and a performance evaluation. The impact evaluation, which uses a matched comparison group design, evaluates the effectiveness of the project in the areas of Moldova where key activities are concentrated. The performance evaluation provides complementary information from stakeholder interviews and other data to provide a complete understanding of project implementation, successes, and challenges. To inform the performance evaluation, this report describes the financing provided and investments made under the credit program established by the Access to Agricultural Finance activity. This credit program financed investments related to high-value agriculture production, processing, and sales, especially investments in cold storage and post-harvest infrastructure. The report draws on data from several sources: quantitative and qualitative data collected from loan beneficiaries; qualitative data collected from similar non-beneficiaries and from commercial banks involved in agricultural financing; and administrative data on beneficiaries and their loans.