Interfax
Aug 2 2004

World Bank extends Armenia $34.3 mln for three programs

Yerevan. (Interfax) – The Armenian government and World Bank signed
three credit programs on Friday for an overall $34.3 million.

At a briefing after the signing, Finance and Economics Minister
Vardan Khachatrian said that $10.15 million will be used in
overhauling the state management system for the country and $19
million for modernizing its healthcare system. The other credit of
$5.15 will be used to finance the social security sphere.

The credits will be extended on easy International Development
Association terms for 40 years at an annual rate of 0.75% with a
ten-year grace period.

Khachatrian said the World Bank is the first to allocate money for
the reformation of Armenia’s state management sector. The funds are
slated for introducing an electronic digital signature system, which
will improve the state management system’s operation and the
transparency of its actions.

The healthcare credit money will be used to overhaul medical
institutions, buy new equipment, retrain doctors and develop the
institution of family doctors. An additional $1.25 million grant will
be attached to this credit.