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Millennium Challenges Foundation Stopped Financing Construction Work

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  • Millennium Challenges Foundation Stopped Financing Construction Work

    MILLENNIUM CHALLENGES FOUNDATION STOPPED FINANCING CONSTRUCTION WORKS IN ARMENIA

    Noyan Tapan
    Apr 10, 2009

    Yerevan, April 10, Noyan Tapan. Millennium Challenges Foundation
    regards two spheres: implementation of Armenia's program and its
    correspondence to requirements of the corporation, including the
    fight against corruption, told Alex Rasin, Director of the Millennium
    Challenges Corporation (MCC) "Armenia at the meeting organized
    on April 8. Speaking about the relevance of the goals and works
    carried out in the country to the standards and requirements of MCC,
    Rasin particularly mentioned: "In respect of these several indicators
    Armenia has fallen short. After the last years events on March 1 the US
    representatives have had a permanent dialog with Armenia's government
    representatives of in order to understand, what kind of tangible
    measures have been taken to change the situation". According to Rasin,
    having concerns in this respect the corporation suspended financing
    all construction works, particularly the rehabilitation of rural
    roads. The government of Armenia offered to invest about 16..8 million
    USD to complete the reconstruction of roads, mentioned Rasin. 16..8
    million USD provided by the government have not been spent yet and
    the construction works continue and are projected to be completed by
    January 2010. The program of the "Millennium Challenges Corporation"
    started in Armenia on September 29, 2006. Under the agreement signed
    in March 2006 the Armenia's Government receives a grant of 5million
    within five years. The resources are intended for reduction of rural
    poverty in the country, rehabilitation of roads and water systems.
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