NATIONAL ASSEMBLY RATIFIES 4 INTERNATIONAL CREDIT AGREEMENTS ON SEPTEMBER 16

NOYAN TAPAN
SEPTEMBER 16, 2009
YEREVAN

YEREVAN, SEPTEMBER 16, NOYAN TAPAN. The National Assembly of Armenia
on September 16 ratified 4 international credit agreements discussed
the day before.

Under the agreement on financing the first action of the development
policy signed between Armenia and the International Development
Association on July 7, 2009, Armenia will receive a loan of 40.4m
SDR and about million. In the words of the main speaker, RA Deputy
Minister of Finance Vardan Aramian, the loan is provided for 20 years,
with a 10-year grace period.

Under the loan agreement "the urgent program on rehabilitation of
irrigation systems" signed between Armenia and the International Bank
for Recostruction and Development (IBRD) on July 31, 2009, Armenia will
receive million for 27 years, with a 5-year grace period. The program
aims to improve the efficiency of irrigation in the selected areas
and promote immediate employment in rural areas. The main speaker,
Chairman of the State Committee of Water Industry Andranik Andreasian
said that it is envisaged reconstructing main canals of 83.31 km,
including in the irrigation systems of Talin (59.01 km) and Armavir
(24.8 km) regions within two years.

0 thousand will be allocated for advisory services under the agreement
on preparation of the second program of the development policy loan
signed between Armenia and the International Development Association
on July 21, 2009.

The credit agreement "the assistance program for overcoming the
crisis" signed between Armenia and the Asian Development Bank on
July 15, 2009 envisages the provision of 51.378m SDR or million for
24 years, with a 8-year grace period. According to the main speaker,
RA Minister of Economy Nerses Yeritsian, the purpose of the agreement
is to assist Armenia in mitigating the impact of the global financial
and economic crisis.