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WB to provide additional financing of $7 and $5 millions to Armenia

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  • WB to provide additional financing of $7 and $5 millions to Armenia

    WB to provide additional financing of $7 and $5 millions to Armenian programs

    2010-02-26
    http://www.armenpress.am/news /more/id/592057/lang/en

    YEREVAN, FEBRUARY 26, ARMENPRESS: The Board of Directors of the World
    Bank approved the provision of 7 million USD loan as an additional
    financing of the `Social Investment Fund in Armenia' program and the 5
    million USD loan for the additional financing of `Social Insurance
    Administration' program.

    Director of the WB Armenia Office Aristomene Varudakis said today at a
    press conference that the two loan programs are aimed at assisting to
    the efforts of the RA government directed toward improving the social
    condition of the Armenia's population.

    He said the first program will promote the increase of the living
    conditions of socially insecure and vulnerable groups of people.
    `Armenia has infrastructural gaps - schools, kinder-gartens, water
    pipelines, clinics need repair and reconstruction. The program is
    mainly for rural areas,' Varudakis said. With the implementation of
    the program new jobs will be created, with initial calculations
    annually 200.

    The second program is aimed at expanding the works directed toward
    improving the social services in Armenia. The main target group are
    the job seekers, young people wanting to make a career, unemployed
    population of rural areas as well socially insecure and vulnerable
    families, handicapped people, pensioners. The additional financing
    will support in the restoration of county offices providing social
    services, as well as in works directed toward the reforms in the
    pensions system.
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