CREDIT TO SOCIAL FIELD

A1plus

| 19:39:11 | 21-04-2005 | Politics |

The World Bank has come to decision to finance the Armenian social
field. Head of the WB Yerevan Office Roger Robinson informed today
that this credit is not like the crediting of water supply or road
building, that is why it would be much more difficult to estimate
its efficiency. Nevertheless, a $5.71 million credit has been already
allocated.

During the presentation of the credit Minister of Labor and Social
Affairs Aghvan Vardanyan noted that a credit has been for the first
time assigned to the social field. «Till today we received grants
or aid. But the responsibility for an efficient distribution of a
credit is much greater.

The most of the sum – $5.15 – provided by the Society of International
Development, will be spent on the improvement of the social protection
system. Part of it will be utilized for the modernization of the
information system

Today the parties did not discuss the interest rate and terms of the
payment. However, the approximate date is fixed for June 2007.

To note, in Mr. Robinson’s estimation, the social sphere in Armenia
is the most efficient in the CIS.

–Boundary_(ID_OjNcOM1NTstkE+k8Prerew)–