Moldova is one of the poorest countries in Europe with a per capita Gross Domestic Product (GDP) around $1,600.  Agriculture, including agri-business, remains one of the most important sectors in Moldova, employing over 40 percent of the population, accounting for 30-40 percent of GDP and more than 50 percent of exports. Lack of credit is considered an important constraint to expanding agricultural businesses, and improving competitiveness and export performance that are key to increasing rural employment and incomes. Where credit is available, short-term loans are the norm discouraging needed investment in plant and equipment. In addition, collateral requirements are high, sometimes two to three times the value of the loan. Farmers and small agro-processing firms have limited experience preparing financial statements to document creditworthiness.