WORLD BANK TO EXTEND ARMENIA $160 MILLION IN 2010

ARKA
DECEMBER 17, 2009
YEREVAN

YEREVAN, December 17, /ARKA/. World Bank (WB) Yerevan Office head
Aristomene Varoudakis told journalist today that WB plans to release a
$160 million loan to Armenia in 2010 for implementation of 8 projects.

‘We plan that in 2010 the WB Board of Directors will approve eight
programs which will be ratified by Armenian National Assembly,’
he said.

Aristomene Varoudakis said $25 million of this sum will be channeled
to support the budget, particularly, help reform tax and customs
systems and strengthen the capacities of agencies dealing with
competitiveness policy.

Some $7 million will be allocated to Social Investment Funds to
support implementation of 37 projects, $5 million for social security
administration improvement, particularly, for modernization of regional
social security centers.

Besides, $10 million will be channeled to support a new project to
upgrade the public sector, increase the transparency degree in the
public service system and improve electronic management of services
for population.

Some $25 million are earmarked for IT sector, particularly, for
construction of a technology park in Gyumri, $43 million will be
directed for construction of a road from Yerevan to Vanadzor and
Bagratashen as part of North-South highway.

Also $36 million will be directed at restoration of electrical power
transmission lines and $14 million for rural development projects.

According to Aristomene Varoudakis, under the Country Partnership
Strategy (CPS) with Armenia, which provides the framework guiding
for the World Bank’s assistance to Armenia for 2009-2012, Armenia
will receive $550 million, of which $100 million will be channeled
to the budget and the rest will go to support government’s investment
projects.

From: Emil Lazarian | Ararat NewsPress