AN AGREEMENT ON GIVING ARMENIA $236,5 MLN BY “MILLENNIUM CHALLENGES” CORPORATION SIGNED IN WASHINGTON

ARKA News Agency, Armenia
March 28 2006

YEREVAN, March 28. /ARKA/. An agreement on giving Armenia $236,5
mln by “Millennium Challenges” corporation for 5 years was signed
in Washington. According to the Press Service of the RA Ministry
of Finance and Economy, on Monday the document was signed by the RA
Ministry of Finance and Economy Vardan Khachatryan and the Executive
Director of the “Millennium Challenges” American corporation John
Danilovich. The US State Secretary Condoleezza Rice made a speech
during the event.

Members of the Armenian delegation, namely the Chief Adviser of the
RA President on Economy Vahram Nersisyna, RA Minister of Foreign
Affairs Vartan Oskanian, RA Ambassador in USA Tatul Margaryan and
other officials were present during the ceremony.

Today the program of “Millennium Challenges” on Armenia is going
to be presented to journalists, NGOs, entrepreneurs as well as
representatives of the Armenian community in USA.

On December 20, 2005, “Millennium Challenges” approved the program
on Armenia amounting to 235,5 mln. According to the results of
implementation of the program, the level of rural poverty is expected
to reduce by 6% by means of securing stabile growth of agricultural
production in Armenia.

Components of the program are reconstruction of rural roads – $67,1
mln., program of irrigated agriculture – $145,67 mln. (including
the subprogram of agricultural stability amounting to $32,42 mln),
monitoring and estimation – $5,08 mln., as well as management and
control over the program – $17,19 mln.