WB WILL HELP ARMENIA AND KONGO OVERCOME FINANCIAL CRISIS CONSEQUENCES
PanARMENIAN.Net
27.02.2009 16:53 GMT+04:00
/PanARMENIAN.Net/ Armenia and Kongo will become the first countries to
receive prompt assistance from the World Bank. A special program aims
to alleviate the impact of the global economic crisis in developing
countries.
Armenia will be granted $35 million and Kongo – $100 million. According
to WB statement, the grant, aimed at the initiation of road
construction and small business investments, will secure 280 000 new
job positions, Radio Svoboda reports.
Earlier the WB Executive Directors Board has approved a $85 million
loan to Armenia to alleviate impact of the global economic crisis.
The loan maturity is 20 years with 10 years of grace period.
The loan targets implementation of 4 projects: social investments fund
($8 million), small agricultural and rural business ($2 million),
rural roads repair ($25 million) and Access to Finance for Small and
Medium Enterprises Project ($50 million).
From: Emil Lazarian | Ararat NewsPress
