World bank intends to assist Armenia in developing agricultural sector
YEREVAN, March 10. /ARKA/. At its sitting on Tuesday, the
Constitutional Court of Armenia recognized the agreement with
International Development Association of the World Bank (WB) on
sponsoring 1.3mln SDR worth development programs for agricultural
enterprises and small commercial agricultural entities.
The agreement was signed this February 26 and the Armenian side was
represented by RA Minister of Finance Tigran Davtyan. The agreement
aims at assisting to development of small and medium agricultural
enterprises in Armenia.
RA Ministry of Finance believes ratification of the agreement is
expedient and it will impose additional financial commitment on the
country.
Ministry of Justice submitted a paper to the court, according to which
the agreement does not contain any norms contrary to the Armenian
legislation and does not provide for any law revisions.
IDA issues interest-free loans with 30-40 years time to run and
ten-year delay of main payments.
During the 17 years of cooperation with Armenia, the World Banks has
allocated credits to the amount of $1.162bln.
Currently 16 programs are being implemented and their completion
requires 94mln USD. `0–