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IFAD Grants $11mn Loan For Armenian Infrastructure, Rural Finance

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  • IFAD Grants $11mn Loan For Armenian Infrastructure, Rural Finance

    IFAD GRANTS $11MN LOAN FOR ARMENIAN INFRASTRUCTURE, RURAL FINANCE

    Kazakhstan & Central Asia Today
    November 18, 2014 Tuesday

    The International Fund for Agricultural Development (IFAD) and the
    government of Armenia have signed a $11mn loan agreement as part of the
    Infrastructure and Rural Finance Support Programme in the seven regions
    of Shirak, a province in the northwest of the country, according to
    a statement released by the Rome-based institution on November 12.

    The $52mn-programme, support by IFAD, is co-financed by the OPEC
    Fund for International Development ($25mn), the Armenian government
    ($10.1mn) and other national and international institutions. The
    programme will target more than 66,000 beneficiaries, with a specific
    focus on women-headed households which are now more prominent as
    increasing numbers of men and young people are leaving rural areas
    in search of job abroad. The seven regions covered (Lori, Tavoush,
    Gegharqunik, Vajots Dzor, Sjunik and Aragatsotn) have the highest
    incidence of poverty in rural Armenia, but also have high agricultural
    potential to lift beneficiaries out of poverty.

    According to IFAD data, over 70% of the land area in Armenia is used
    for agriculture which provides employment to 44% of the country's
    population, including 65% of people living in rural areas. Agriculture
    activities such as horticulture, viticulture and livestock production
    are favoured due to the high altitude of the land, small sizes of
    farms and abundant labour.

    Since 1995, IFAD has invested a total of $78.2mn in six programmes and
    projects in Armenia reaching approximately 394,000 rural households.



    From: Emil Lazarian | Ararat NewsPress
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