ADP TO ASSIGN $140MLN TO ARMENIA

ARKA
Nov 18, 2008

YEREVAN, November 18. /ARKA/. The Asian Development Bank (ADP)
intends to provide Armenia with $140mln of lax credit in two years
as assistance for a number of governmental reform programs, said ADP
President Haruhiko Kuroda.

"We reached to an agreement with the Armenian Government that ADP will
pay a close attention to a number of short-term programs, specifically
on creating a regional transport corridor, improving the management
as well developing banking and nonbanking sectors," Kuroda said at
the opening ceremony of ADP Yerevan representative office on Tuesday.

He noted the sides also agreed to intensify the joint assistance to
the private sector.

"We decided to assist the private sector to keep the rates of economic
growth," he said.

The RA Premier Tigran Sargsyan stressed the ADP credit will assist the
Armenian Government to implement economic reforms and will contribute
to economic growth.

"We appreciate the financial, as well as ADP’s technical assistance,
its experience and knowledge," said the Premier.

He also stressed the ADP strategy in Armenia is in harmony with the
strategic programs of the Armenian Government.

The Asian Development Bank was established in 1966 by joining to the
Agreement of establishing Asian Development Bank.

The RA Government and the ADP have signed a number of agreements and
a memorandum of mutual understanding.

ADP is implementing programs on renovating rural roads and water-supply
in Armenia with a total value of $83mln.