ARMENIAN PARLIAMENT RATIFIES 5.2 SDR CREDIT AGREEMENT
ARKA
March 17, 2009
YEREVAN, March 17. /ARKA/. The RA Parliament has ratified a credit
agreement between Armenia and the International Development Association
(IDA), World Bank (WB). The agreement provides for additional financing
for the 3rd program of the Social Investments Fund.
The agreement was signed on February 26, 2009. On behalf of Armenia
the document was signed by RA Minister of Finance Tigran Davtyan. The
document provides for additional funding under the Third Program of
the Social Investment Fund of November 1, 2006.
The total worth of the agreement is 5.2mln SDR. The credit agreement
between Armenia and IDA will take effect the day the WB is notified
of all the ratification procedures having been completed in Armenia.
IDA issued interest free loans for 30-40 years, with a 10-year
grace period.
Since 1992, when the WB established cooperation with Armenia, it has
issued $1.162bln to the country. Sixteen programs are currently being
implemented, and $94mln have been provided for their completion.