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World Bank approves $35 mln in loans for Armenia

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  • World Bank approves $35 mln in loans for Armenia

    Interfax
    May 5 2004

    World Bank approves $35 mln in loans for Armenia

    Yerevan. (Interfax) - The World Bank board of directors on Tuesday
    approved three new credit programs for Armenia totaling about $35
    million, Roger Robinson, director of the World Bank office in
    Yerevan, said at a press conference Wednesday.

    The World Bank will allocate $10.15 million for public sector
    modernization, $23 million for water supply and sewage system
    restoration in 300 municipalities, and $1.74 million on agriculture
    reform and compensation for industry losses caused by bad weather, he
    said.

    The programs are planned to last four to five years. Loans will be
    disbursed according to the standard easy terms offered by the
    International Development Association (IDA) with repayment in 40
    years at 0.5% per year with a 10-year grace period, Robinson said.

    From: Emil Lazarian | Ararat NewsPress
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