ARMENIA EXPECTING ADDITIONAL FUNDS FROM WB
ARKA
May 25, 2009
YEREVAN, May 25. /ARKA/. Armenia is expecting additional funds from
the World Bank (WB), Armenian Premier Tigran Sargsyan told journalists.
Total loan package under WB four-year strategy amounted to $545mln.
The country is interested in implementation of these programs at a
high pace, he said.
If we manage to implement the programs quicker, we expect getting
additional financial means from the WB. Our application is for twice
as more as the amount we get currently," the Premier said.
He also reported negotiations with the Asian Development Bank. "We are
to soon form a large investment package with the Asian Development
Bank, which will supplement the funds we receive from the IMF and
the World Bank," the head of the government said.
Together with ADB means and the Russia loan, these funds will provide
an essential opportunity to mitigate all the negative consequences of
the crisis, Sargsyan said. ADB funds will be directed to construction
of North-South highway, rural roads and loans to small and medium
businesses, the Premier added.
Under its program of cooperation with the Armenian Government the
International Monetary Fund (IMF) has already transferred $240mln
out of $540mln envisaged for the country; the remaining $300mln is
to be transferred within the next two years.
The Republic of Armenia became a member of the Asian Development Bank
(ADB) on September 20 2005. There are a number of agreements and a
memorandum of understanding signed between the Armenian Government
and the ADB. Total value of ADB-implemented projects on construction
of rural roads and water supply is $83mln in Armenia.