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WB to extend $60-mil credit to Armenia as part of first development

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  • WB to extend $60-mil credit to Armenia as part of first development

    WB to extend $60-million credit to Armenia as part of first development
    policy operation

    YEREVAN, July 4. /ARKA/. The World Bank's directorial board has
    approved extension of $60-million credit to Armenia as part of First
    Development Policy Operation ` DPO-1, of three similar operations to be
    provided to Armenia within three years, Aristomene Varoudakis, head of
    the World Bank's Yerevan Office, said at a press conference on Friday.

    Relevant programs would be worked out for two years and their cost will
    be estimated, but their total cost is limited to $100 million,
    Varoudakis said answering the question ARKA News Agency put to him.

    He added that this sum is a part of the WB's $545-million credit to be
    extended to Armenia over 2009/2012.

    The head of WB Yerevan Office said that two key aims of the DPO-1 are
    to mitigate adverse impact of the global crisis on insecure social
    strata and to support Armenia in its efforts to retain economic growth
    in post-crisis period by strengthening the country's competitive
    ability and attracting investments in all the sectors of the economy.

    Varoudakis said that the World Bank plans to enlarge funds for social
    programs, including system of family benefits, pension system and
    social security network.

    The program will also enhance social security of low-income families in
    healthcare and education areas.

    Varoudakis said that to restore economic growth pace by enhancing
    Armenia's competitive ability, DPO-1 will imply reduction in expenses
    for organization of business, modernization of Armenian State Revenue
    Committee and adoption of a new law on public services. This law will
    include a provision about collision of interests.

    The head of the WB Yerevan office also said that $8 million of the
    $60-million credit must be used for funding the programs focused on
    family and unemployment benefits as well as healthcare for low-income
    families, consulting services in agriculture and equipment for high
    schools.

    The money will be lent at 0.75% interest for 20 year with a decade-long
    preferential period.

    The World Bank has lent $1.25 billion to Armenia since 1992. M.V.-0---

    From: Emil Lazarian | Ararat NewsPress
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