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Armenia To Receive First Instalment Of WB Credit Intended For Recove

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  • Armenia To Receive First Instalment Of WB Credit Intended For Recove

    ARMENIA TO RECEIVE FIRST INSTALMENT OF WB CREDIT INTENDED FOR RECOVERY OF IMPORTANT ROADS SOON

    ARKA
    May 7, 2009

    YEREVAN, May 7. /ARKA/. Armenia is expected to receive the first
    instalment ($7.5 million) of the WB credit intended for recovery
    of important roads on May 16, Armenian Transport and Communication
    Minister Gurgen Sargsyan said at a governmental session on Thursday.

    The minister said the money would be transferred within two days
    after enforcement of the co-financing decision to be unveiled on
    May 13. Sargsyan said that the program implies $25 million for road
    recovery. Armenia's co-financing will make 30% of this amount.

    "The first installment will be spent by our constructors quickly",
    the minister said. He said that Armenia is likely to receive extra
    $36 million for road recovery and added that the matter is under
    negotiation now.

    Armenian Prime Minister Tigran Sargsyan, in his turn, said that the
    World Bank provides $85 million, of which $25 million targets the road
    recovery program, another 50 million is intended for supporting small-
    and mid-scale business, $2 million for developing agricultural business
    and $8 million for implementation of Social Investment Fund's programs.

    On February 24, World Bank approved the $85-million package of four
    programs aimed at mitigation of the impact of the global crisis.

    From: Emil Lazarian | Ararat NewsPress
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