Armenia To Receive First Instalment Of WB Credit Intended For Recove

ARMENIA TO RECEIVE FIRST INSTALMENT OF WB CREDIT INTENDED FOR RECOVERY OF IMPORTANT ROADS SOON

ARKA
May 7, 2009

YEREVAN, May 7. /ARKA/. Armenia is expected to receive the first
instalment ($7.5 million) of the WB credit intended for recovery
of important roads on May 16, Armenian Transport and Communication
Minister Gurgen Sargsyan said at a governmental session on Thursday.

The minister said the money would be transferred within two days
after enforcement of the co-financing decision to be unveiled on
May 13. Sargsyan said that the program implies $25 million for road
recovery. Armenia’s co-financing will make 30% of this amount.

"The first installment will be spent by our constructors quickly",
the minister said. He said that Armenia is likely to receive extra
$36 million for road recovery and added that the matter is under
negotiation now.

Armenian Prime Minister Tigran Sargsyan, in his turn, said that the
World Bank provides $85 million, of which $25 million targets the road
recovery program, another 50 million is intended for supporting small-
and mid-scale business, $2 million for developing agricultural business
and $8 million for implementation of Social Investment Fund’s programs.

On February 24, World Bank approved the $85-million package of four
programs aimed at mitigation of the impact of the global crisis.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS