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