WORLD BANK TO GIVE LOANS OF MILLION AND MILLION FOR ADDITIONAL FINANCING OF ARMENIAN PROJECTS

Noyan Tapan
Feb 26, 2010

YEREVAN, FEBRUARY 26, NOYAN TAPAN. The World Bank’s Board of
Executive Directors approved a 7 million-dollar loan for second
additional financing of Armenian Social Investment Fund project and
a 5 million-dollar loan for additional financing of Social Protection
Administration project, Head of WB Yerevan Office Aristomene Varudakis
announced at the February 26 press conference.

He said the two projects aim to assist the Armenian government with
improvement of social conditions of the Armenian population. The
first project will help raise the standard of living of the poor and
vulnerable groups, carry out repairs of infrastructure, schools,
kindergartens, drinking water pipes, and rehabilitate community
centers and primary care clinics. It was mentioned that the project
is mostly envisaged for rural areas and its implementation will help
create jobs – by preliminary estimates, 200 jobs a year.

Speaking about the second project, A. Varudakis said that its purpose
is to expand work on improving the provision of social services. The
main target group of the project are job seekers: youth, unemployed
citizens of rural areas, poor and vulnerable families, current and
future pensioners, disabled persons. The additional financing will
enable to repair regional offices delivering social services and
implement reforms of the pension system.

In the words of A. Varudakis, they believe that the steps being taken
by the Armenian government will lead to greater diversification of
the economy. He added that some steps have already been taken in that
direction, in particular, work on promotion of the tourism and health
care sectors; besides, the government is taking other measures such
as improvement of the investment environment, fighting corruption,
and strengthening tax and customs administration.