Pan Armenian News

WB TO ALLOCATE $20 MILLION TO ARMENIA

08.07.2005 02:53

/PanARMENIAN.Net/ The Board of Director of the World Bank approved Thursday
allocation of a $20 million loan to Armenia. The funds are destined for
implementation of various programs targeted at the development of middle and
small business in agriculture. In part, it is supposed to widen the
peasants’ access to the market and stimulate private and state investments
to the agrarian sector. The loan is secured by the International Development
Association, the branch of the World Bank. The term of repayment of the loan
will make 40 years. At that a 10-year prolongation is provided, ITAR-TASS
reports.