World Bank intends $164 mln in credits to Armenia in 2010

Interfax, Russia
Dec 17 2009

World Bank intends $164 mln in credits to Armenia in 2010

YEREVAN Dec 17

The World Bank plans to extend Armenia $164 million under eight new
lending programs in 2010, Director of the World Bank Yerevan office
Aristomene Varoudakis said at a Thursday press conference.

These programs will be submitted to the World Bank board of directors
for approval, Varoudakis said.

A loan of $25 million is earmarked for the Armenia government to use
in 2010 budget support, another, for $7 million, is for the Social
Investment Fund for implementing social programs. A credit of $5
million will be put towards social-services quality improvements, $10
million for reforming the system of state administration, $24 million
for the development of the information technology sector, $43 million
for the rebuilding of a section of the North-South
Yerevan-Banadzor-Bagratashen highway, $36 million for reconstructing
electric power distribution networks in Armenia and $14 million for
the meat and dairy industry.

Under a strategic partnership agreement, Varoudakis said, the World
Bank will extend Armenia around $550 million in 2009-2012. Credits of
$100 million are slated for state budget financing, $450 million for
government investment programs. The country will be issued $280
million in 2009.

Since 1992, the World Bank has offered and approved the extension to
Armenia of over $1.3 billion.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS