Agence France Presse
February 25, 2009 Wednesday 4:01 PM GMT
World Bank says to loan 85 mln dollars to Armenia
YEREVAN, Feb 25 2009
The World Bank will grant ex-Soviet republic Armenia 85 million
dollars (67 million euros) in loans to ease the effects of the global
financial crisis, the head of its Yerevan office said Wednesday.
The loans include 50 million dollars (39 million euros) for the
development of small- and medium-sized businesses, the World Bank’s
director in Armenia, Aristomene Varoudakis, told journalists.
Others include 25 million dollars (19 million euros) to build 100
kilometres (62 miles) of motorways and eight million dollars (six
million euros) for social projects, he said.
The 50-million-dollar loan was given with a repayment period of 26.5
years, with a five-year grace period, at an annual interest rate of
four percent.
The other loans were given with 20-year repayment periods, 10-year
grace periods, and interest rates of 0.75 percent.
The World Bank has loaned about 1.1 billion dollars (860 million
euros) to Armenia since 1992.