Arminfo
2007-02-23 15:25:00
Armenia has already received $3mln under Millennium Challenge program
Armenia has already received $3mln under the Millennium Challenge
program, says the CEO of Millennium Challenge Fund-Armenia Ara
Hovsepyan.
He says that the money has been spent on preparatory work and
administrative expenses. The assistance will be provided in quarterly
tranches. In Mar Armenia will get $0.5mln and by the end of this year
– up to $12mln. The active stage will begin in 2008 when farmers will
get the first credits worth a total of $8.5mln.
Today the managers of Millennium Challenge Fund-Armenia met with the
council of the program beneficiaries. He told them about the
program. He noted that today Armenia meets most of the 16 economic and
political criteria of the program.
To remind, the total cost of the Millennium Challenge program is
$235.65mln. it was launched Sept 29 2006 and will last for five
years. The authorized bank is Cascade bank, who has been selected
through a tender from among 18 Armenian banks. The program will cover
750,000 farmers or 75% of the agricultural population of the
country. The goal of the program is to reduce poverty by 6% and to
increase the incomes of farmers by 34% a year. The two key directions
of the program is road building and irrigation.