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