MILLENNIUM CHALLENGE COMPACT SIGNED BETWEEN ARMENIA AND US

Noyan Tapan
Mar 28 2006

YEREVAN, MARCH 28, NOYAN TAPAN. Armenia’s Millennium Challange
Compact worth 236.5 mln USD for a 5-year implementation period
was signed on March 27 in Washington by the RA Minister of Finance
and Economy Vardan Khachatrian and the Executive Director of the
Millennium Challenge Corporation (MCC) John Danilovich. According
to the press service of the RA Ministry of Finance and Economy, the
US Secretary of State Condoleezza Rice made a speech at the signing
ceremony. The main purpose of the program to be implemented in Armenia
is poverty reduction in rural communities: 75% of the Armenian rural
population will be the direct beneficiaries of the investments. Out
of the indicated sum, 67.1 mln USD will be allocated for repairs of
village roads, and 145.67 mln USD – for reconstruction of irrigation
systems. About 23 mln USD is envisaged for the monitoring, management
and control of the program. A 6% reduction in rural poverty is expected
as a result of the program’s implementation.