ARMENIAN PARLIAMENT RATIFIES COMPACT WITH MCC

Armenpress
May 24 2006

YEREVAN, MAY 24, ARMENPRESS: The Armenian National Assembly has
ratified today an agreement between the government of Armenia and
the Millennium Challenges Corporation (MCC), signed on March 25
in Washington by the Executive Officer of the Millennium Challenge
Corporation, Ambassador John Danilovich and Armenia’s Minister of
Finance and Economy, Vartan Khachatrian.

The $235 million Compact consists of two investments: a Rural Road
Rehabilitation Project and an Irrigated Agriculture Project. The
program will directly impact 75% of the rural population and is
expected to significantly increase the annual incomes of rural
poor. The Compact includes a $67 million project to rehabilitate
up to 943 kilometers of rural roads, more than a third of Armenia’s
proposed Lifeline road network.

The Compact also includes a $146 million project to increase the
productivity of approximately 250,000 farm households (34% of
which are headed by women) through improved water supply, higher
yields, higher-value crops, and a more competitive agricultural
sector. Administrative and monitoring and evaluation costs of the
Program are budgeted at approximately $23 million.

From: Emil Lazarian | Ararat NewsPress