ARMENIA EXPECTS TO RECEIVE $50 MILLION LOAN FROM WORLD BANK
Interfax
March 19 2009
Russia
In April 2009, Armenia expects to receive a $50 million loan from
the World Bank for financing small and medium-sized business, Prime
Minister Tigran Sarkisian said at a governmental meeting on Thursday.
He said that the loan agreement with the World Bank has already
been approved in Armenia following its ratification in parliament
on Wednesday.
"According to our estimates, within two weeks Armenia will receive
$50 million from the World Bank," Sarkisian said.
He added that the funds would be entirely passed to the Central Bank
to be later placed in commercial banks in order to provide loans.
It was earlier reported that the World Bank’s board of director’s
approved giving Armenia $85 million in four loans.
The funds to develop small and medium-sized businesses will first be
provided to Armenian under the auspices of the International Bank for
Reconstruction and Development (IBRD). The loan has a payment period
of 26 and half years and a grace term of five years. The interest
rate has been set at around 4%.
Since 1992, the World Bank has provided Armenia over $1.1 billion
in loans.