WORLD BANK APPROVED TO GRANT ARMENIA CREDIT WORTH $ 85 MILLION

Regnum

Feb 25 2009
Russia

On February, 25, the World Bank approved a package of four operations,
for a total amount of $ 85 million, to help Armenia mitigate the
impacts of the global economic crisis. The credit was granted for 20
years, with 10 years of tax concession period.

Three of the operations — the Lifeline Roads Improvement Project ($
25 million), the Additional Financing for the Social Investment Fund ($
8 million), and the Additional Financing for the Rural Enterprise and
Small Scale Commercial Agriculture Development Project ($2 million)
— were processed under the International Development Association
(IDA) financial crisis response Fast Track Facility, which will help
Armenia mitigate the impacts of global economic crisis on the country’s
economy and the well-being of its population, a REGNUM correspondent
was informed at the press service of the World Bank.

The fourth operation — Access to Finance for Small and Medium
Enterprises Project ($ 50 million) – is provided through the
International Bank for Reconstruction and Development (IBRD) to support
local businesses in the current environment, and is the first IBRD
loan to Armenia.

"These projects will support urgent local works that can be implemented
largely over this year, to provide immediate employment opportunities,"
said Asad Alam, Regional Director for the World Bank’s South Caucasus
Country Department. "They will also help strengthen infrastructure
connectivity particularly in rural areas, meet business needs, and
upgrade social infrastructure that will foster medium-term growth
and improvement in living standards.