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Armenia Signs Educational Credit For $25 Million With World Bank

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  • Armenia Signs Educational Credit For $25 Million With World Bank

    ARMENIA SIGNS EDUCATIONAL CREDIT FOR $25 MILLION WITH WORLD BANK

    ArmInfo
    2009-06-05 13:18:00

    ArmInfo. Armenia signed a credit agreement fir $25 million approved
    by the World Bank Board of Directors. The agreement is aimed to reform
    the educational system of Armenia. Finance Minister of Armenia Tigran
    Davtyan and Director of WB Office in Yerevan Aristomene Varoudakis
    signed the agreement Friday. Afterwards Minister Davtyan said at
    a press conference that the credit program 'Education Quality and
    Conformity' is already the third educational program of the World
    Bank in Armenia. It is a 5-year program aimed to improve the quality
    of education at pre-school, general education and higher education
    establishments. It will involve 8700 children. In addition, 400 general
    educational schools will be equipped with computer rooms and connected
    to Internet.

    For his part Aristomene Varoudakis said that the quality of education
    in Armenia will be brought in conformity with European standards
    within 5 years. Investments in the sphere will help Armenia increase
    economic competitiveness in future.

    The credit will be provided for 20 years at 0.75% annual interest
    and 10-year grace period. The program is designed for 5 years
    and costs $31 million including the co-financing by the Armenian
    Government. The first educational program of the WB for $15 million
    drams was implemented in 1997-2007, and the second one for $19 million
    was launched in 2004 and completed in late2008. Since 1992 the WB
    has provided Armenia with over $1.187 billion.
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