WORLD BANK TO PROVIDE ARMENIA CREDIT $18.5MLN FOR POVERTY REDUCTION

ARKA News Agency, Armenia
Nov 29 2007

YEREVAN, November 29. /ARKA/. The World Bank will provide Armenia
credit of $18.5mln to Armenia for poverty reduction. The press-service
of the Ministry of Finance and Economy told ARKA that these means
will be directed to the implementation of State Strategy for poverty
reduction, maintenance of economic growth and toughening of measures
against illegal deforestation.

According to the message, the credit will be provided on preferential
terms, with the payment term of 20 years, and 10 years of preferential
period at the rate of 0.75%.

Armenia’s Minister of Finance and Economy Vardan Khachatryan and
Acting Chairman of WB Yerevan Office Naira Melkumyan today signed
the corresponding credit agreement.

Since 1992 WB has provided Armenia credits totaling $1.1bln.