MINISTER OF FINANCE AND ECONOMY OF RA VARDAN KHACHATRYAN, AND MILLENIUM CHALLENGE CORPORATION EXECUTIVE DIRECTOR JOHN DANILOVICH HAVE SIGNED $ 235, 65 MILLION 5-YEAR AGREEMENT

Lragir.am
28 March 06

On March 27 Minister of Finance and Economy of RA Vardan Khachatryan,
and Millenium Challenge Corporation Executive Director John Danilovich
have signed $ 235, 65 million 5-year agreement at Benjamin Franklin
Hall of State Department. Secretary Condoleezza Rice addressed the
participants. Members of Armenian delegation Vahram Nercissiantz
Chief Economic Advisor to the President, Minister of Foreign Affairs
Vardan Oskanyan, Armenian Ambassador to the US Tatoul Markaryan and
other officials took part in the ceremony.

Main objectives of the program are rural poverty reduction through
ensuring the agricultural production growth. 750 000 inhabitants
of Armenia-75% of rural population will be the beneficiaries of the
project. As the project implementation result, it is anticipated to
reduce rural poverty by 6%.

The project components are

â~@¢ Rural roads restoration program- $ 67.1 million

â~@¢ Rural irrigation program $ 145,67 million (including rural
sustainability component- $ 32.42 million)

â~@¢ Monitoring and evaluation- $ 5.08 million

â~@¢ Project management and Supervision- $ 17.19 million

The Armenian Program will be presented to mass media, NGOs, private
sector and Armenian Diaspora representatives on March 28. After
the presentation MCC management and GoA officials will answer the
questions.

Press service of Ministry of Finance and Economy, RA

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From: Emil Lazarian | Ararat NewsPress