ADB TO HELP ARMENIA WITH EMERGENCY AID TO MEET WAGES

Microfinance Focus

July 24 2009

MicrofinanceFocus, July 24, 2009: Asian Development Bank (ADB)
Vice-President Xiaoyu Zhao, on a two day visit to Armenia, has
discussed about the Expenditure Support Program (APESP), an $80 million
emergency assistance loan approved by ADB’s Board of Directors earlier
this month.

Mr Zhao had held talks with President Serzh Sargsyan, Prime Minister
Tigran Sargsyan, Minister of Economy Nerces Yeritzyan, and Minister
of Transport and Communication Gurgen Sargsyansaying during the visit.

"Armenia has made remarkable progress in creating a favorable business
environment, liberalizing trade and enacting other reforms that are
helping the country weather the global economic crisis," Mr. Zhao
said after meetings with government leaders in the capital, Yerevan.

After many years of strong economic growth, Armenia has been hit
hard by the financial and economic crisis. The APESP will help the
government create and protect jobs and shore up social safety nets. The
emergency loan will also help maintain critical expenditures such as
wages and pensions, the bank said in a statement.

During his trip, Mr. Zhao also visited two ongoing ADB-supported
projects some 80 km northwest of the capital, one is a water supply
and sanitation project to help 30,000 beneficiaries and another,
a rural roads program linking 5,000 residents of a remote rural area
with a major inter-state road.

From: Emil Lazarian | Ararat NewsPress