Moldova opens sports sector to private investment

Sport in the Republic of Moldova could attract investment from the business sector after private organizations, including commercial companies, are allowed to contribute to the organization, financing, and development of sports activities, CE Report quotes MOLDPRES.

A draft law introducing these changes was approved today by members of the parliamentary Commission for Culture, Education, Research, Youth, Sport and Media.

The legislative initiative aims to update the legal framework governing physical education and sports by explicitly regulating the participation of the business sector.

According to the authors, the measure is intended to support the sustainable development of sports through attracting private investment, strengthening partnerships between the public and private sectors, and creating a clear and predictable legal framework.

The proposed amendments to the Law on Physical Education and Sport also include changes regarding the granting of lifetime allowances. Under the new provisions, financial support may be granted to individuals who simultaneously meet the retirement age requirement and have at least 20 years of work experience.

The authors of the bill argue that this measure will help ensure a fairer and more sustainable system for granting such allowances.

The document also предусматривает updated definitions for concepts such as professional sports club, professional league, and sports structures. In addition, it expands the framework for cooperation between national sports organizations and private entities both domestically and internationally.

The legislative initiative was introduced by a group of lawmakers from the Party of Action and Solidarity parliamentary faction, who argue that the current legislation no longer fully reflects modern social needs and development objectives in the sports sector.

The draft law is expected to be examined in the plenary session of Parliament.