Interfax
May 5 2004

World Bank approves $35 mln in loans for Armenia

Yerevan. (Interfax) – The World Bank board of directors on Tuesday
approved three new credit programs for Armenia totaling about $35
million, Roger Robinson, director of the World Bank office in
Yerevan, said at a press conference Wednesday.

The World Bank will allocate $10.15 million for public sector
modernization, $23 million for water supply and sewage system
restoration in 300 municipalities, and $1.74 million on agriculture
reform and compensation for industry losses caused by bad weather, he
said.

The programs are planned to last four to five years. Loans will be
disbursed according to the standard easy terms offered by the
International Development Association (IDA) with repayment in 40
years at 0.5% per year with a 10-year grace period, Robinson said.

From: Emil Lazarian | Ararat NewsPress