WORLD BANK AWARDS TWO PROJECTS IN ARMENIA

PanARMENIAN.Net –
April 8, 2010 – 16:46 AMT 11:46 GMT

The Lifeline Roads Improvement project (LRIP) in Armenia and Armenia
Rural Enterprise and Small Scale Commercial Agriculture Development
Project were named among the 12 winners in the World Bank’s third
annual "Improving the Lives of People in Europe and Central Asia"
2010 competition, the press service of the World Bank Yerevan Office
reported .

According to the report, so far out of projected 250 km LRN 150 km
have been rehabilitated under the Lifeline Roads Improvement project.

It created 12,000 person-months of employment. Travel time was
reduced by 40 percent. More importantly, the project enabled rural
populations to travel to urban centers where markets and social
services are available.

Armenia Rural Enterprise and Small Scale Commercial Agriculture
Development Project assisted 132 small and medium agribusinesses to
access long-term agricultural credit and generated a total of US$ 10.3
million investments in rural areas. As a result, 450 new permanent
jobs were created in rural areas, new modern greenhouses and poultry
operations were established.

"Although many countries in the Europe and Central Asia region enjoyed
very strong growth and higher living standards throughout the past
decade, the global financial and economic crisis has hit this region
the hardest," said Philippe Le Houe’rou, World Bank Vice President
for Europe and Central Asia.

According to him, the winners of the competition show how innovative
projects can improve the daily lives of people in the region despite
the harmful effects of the recent financial turmoil on country
economies. "The winners demonstrate real results, including job growth,
establishment of small businesses and improved enterprise access to
financing, improved health care and health protection and rehabilitated
water and irrigation systems, etc," said the WB representative.