ARMENIA TO REQUEST $4.8 MILLION FROM U.S. MILLENNIUM CHALLENGE FOR RURAL ROAD REHABILITATION

/ARKA/
April 21, 2009
YEREVAN

Millennium Challenge Account (MCA) -Armenia plans to request $4.8mln
from the U.S. Millennium Challenge Corporation, said Chief Executive
of Millennium Challenge-Armenian Fund NGO Ara Hovsepyan.

"The funds the government earmarked for the program last year will
be spent by early June and, naturally, we will need additional funds
to continue the program," he added.

The Governing Council of MCA-Armenia approved on March 13 an
application to the U.S. Millennium Challenge for $8mln quarterly funds
(April-June) for the rural road rehabilitation program. According to
Hovsepyan, MCA-Armenia has drawn a $12.026mln government loan.

The U.S. Millennium Challenge program kicked off in Armenia on
September 29, 2006. Thus, on March 27, 2006 the Millennium Challenge
Corporation signed a five-year, $235.65 million Compact with the
Government of Armenia. The Compact is focused on one goal: the
reduction of rural poverty through a sustainable increase in the
economic performance of the agricultural sector.

From: Emil Lazarian | Ararat NewsPress