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ARMENIAN PARLIAMENT RATIFIES TWO LOAN AGREEMENTS WITH IDA AND IBRD WORTH $30 MILLION
YEREVAN, September 11 / ARKA /. The Armenian parliament has ratified
on Thursday two loan agreements with the International Development
Association (IDA) and the International Bank for Reconstruction and
Development (IBRD) worth $30 million. The funds are designed for the
modernization of the education system.
On May 23 Armenian Finance Minister Gagik Khachatryan and then head
of the World Bank Yerevan Office, Jean-Michel Happi, signed two loan
agreements worth a total of $51.2 million, which will be used to
finance educational and social programs.
Under the Second Social Protection Administration Project signed with
the International Development Agency (IDA), Armenia will receive a
credit of $ 21.2 million (13.9 million SDR). This program aims to
improve social protection service delivery and strengthen analytical
and monitoring and evaluation functions of the agencies delivering.
Under the Education Improvement Project in Armenia the country will
receive a loan of $30 million, half of which will be provided by the
International Bank for Reconstruction and Development (IBRD), and
the second half, an equivalent of 9 8 million SDR, will be provided
by the IDA.
This project will support the improvement of school readiness for
children entering primary education and the physical conditions in
upper-secondary schools. It will also promote greater links between
higher education institutions and labor market in Armenia.
Presenting the Education Improvement Project, Minister of Education and
Science Armen Ashotyan, said the loans are repayable in 25 years with
15 and 5 years grace periods and an interest rate of 1.33% to 3 33%.
Since joining the World Bank in 1992 and IDA in 1993, the commitments
to Armenia total approximately US$ 1.839.06 billion. -0-
http://arka.am/en/news/society/armenian_parliament_ratifies_two_loan_agreements_w ith_ida_and_ibrd_worth_30_million/#sthash.tvWxE3aL.dpuf
YEREVAN, September 11 / ARKA /. The Armenian parliament has ratified
on Thursday two loan agreements with the International Development
Association (IDA) and the International Bank for Reconstruction and
Development (IBRD) worth $30 million. The funds are designed for the
modernization of the education system.
On May 23 Armenian Finance Minister Gagik Khachatryan and then head
of the World Bank Yerevan Office, Jean-Michel Happi, signed two loan
agreements worth a total of $51.2 million, which will be used to
finance educational and social programs.
Under the Second Social Protection Administration Project signed with
the International Development Agency (IDA), Armenia will receive a
credit of $ 21.2 million (13.9 million SDR). This program aims to
improve social protection service delivery and strengthen analytical
and monitoring and evaluation functions of the agencies delivering.
Under the Education Improvement Project in Armenia the country will
receive a loan of $30 million, half of which will be provided by the
International Bank for Reconstruction and Development (IBRD), and
the second half, an equivalent of 9 8 million SDR, will be provided
by the IDA.
This project will support the improvement of school readiness for
children entering primary education and the physical conditions in
upper-secondary schools. It will also promote greater links between
higher education institutions and labor market in Armenia.
Presenting the Education Improvement Project, Minister of Education and
Science Armen Ashotyan, said the loans are repayable in 25 years with
15 and 5 years grace periods and an interest rate of 1.33% to 3 33%.
Since joining the World Bank in 1992 and IDA in 1993, the commitments
to Armenia total approximately US$ 1.839.06 billion. -0-
http://arka.am/en/news/society/armenian_parliament_ratifies_two_loan_agreements_w ith_ida_and_ibrd_worth_30_million/#sthash.tvWxE3aL.dpuf