ARA HOVSEPYAN ASSIGNED EXECUTIVE DIRECTOR OF "MILLENNIUM CHALLENGE ACCOUNT – ARMENIA" FOUNDATION
Arka News Agency, Armenia
Aug. 17, 2006
YEREVAN, August 17 /ARKA/. Ara Hovsepyan was assigned Executive
Director of Millennium Challenge Account – Armenia Foundation, Deputy
Minister of Finance and Economy David Avetisyan told journalists today.
He said that Hovsepyan’s nomination was approved at a sitting of the
Millennium Challenge Account administrative board.
Avetisyan reported that 48 nominations were put forward for this post;
however, more than half of them did not meet the official requirements.
"Ara Hovsepyan is really a strong contender and fitted most for this
post," Avetisyan said.
In his turn, Hovsepyan expressed gratitude for the trust in him,
and pointed out that he realizes the whole responsibility that this
post imposes on him.
"The program of the Millennium Challenge Account Corporation in Armenia
is a unique opportunity to improve the infrastructure in the Armenian
regions," he said.
Ara Hovsepyan holds a Master’s Degree of the Oxford University and the
American University of Armenia. He worked as a representative of the
British Ministry of Development in Armenia, and also at the Department
of International Organizations of the Armenian Foreign Ministry.
On March 27, 2006, Armenian Minister of Finance and Economy Vardan
Khachatryan and Executive Director of the American Millennium Challenge
Account Corporation John Danilovich signed an agreement in Washington,
DC.
According to the agreement, the corporation will give Armenia
$235.65mln loan for five years for implementation of projects on
restoration of irrigation systems and regional roads.
The Millennium Challenge Account Corporation was founded at the
beginning of 2004 under the U.S. State Department program, aimed at
developing economy and poverty reduction in the world.