WB allocates $20m loan to Armenia

Assa-Irada, Azerbaijan
Nov 24 2004

The Yerevan office of the World Bank (WB) said last week that the
Bank allocated a $20 million loan to Armenia in order to assist in
reducing poverty in the country.

The loan, which is allocated for 40 years, with 10-year grace
period and annual interest rate of 0.75%, will go to expansion of
microeconomic sphere, reduction in social risks as well as to stepping
up rights to property and state administration, the office head Roger
Robinson has stated.

The Dutch government is expected to grant 4.3 million euros for the
purpose as well. Robinson appreciated the fact that the funds to be
allocated for education in Armenia will exceed military expenses.

A delegation headed by the WB representative Christian Peterson
visited Baku last week to discuss implementation of the State Program
on Poverty Reduction and Economic Development in Azerbaijan.

Allocation of a $20 million loan to Azerbaijan was discussed with
the Azerbaijani government during the visit as well.*