Announcement

Collapse
No announcement yet.

Armenia may cease receiving priviledged loans from WB in 4 years

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Armenia may cease receiving priviledged loans from WB in 4 years

    ArmenPress
    May 5 2004

    ARMENIA MAY CEASE RECEIVING PRIVILEGED LOANS FROM WORLD BANK IN 4
    YEARS

    YEREVAN, MAY 5, ARMENPRESS: Armenia has received so far some $788
    million in loans from World Bank for implementation of 33 projects.
    World Bank Armenia Resident Representative, Roger Robinson, told a
    news conference today that cooperation between the Bank and Armenian
    government encompasses education, health, road-building, agriculture
    development and other sectors.
    He said loans are allocated to Armenia with a 35 year maturity
    period, 10 year grace period and 0.5 percent annual interest rates.
    Robinson said if the current economy growth rate continues into next
    four years, the country will no longer be eligible to privileged
    loans from World Bank, which are given to poor countries. Robinson
    said Armenia has enough resources to utilize World Bank loans
    effectively. He also said Armenia will not feel the lack of
    development funds in upcoming years and that the main problem will be
    to efficiently use them.
    He said on June 10 World Bank Board of Directors will discuss a
    set of credit projects for continuing health and other reforms. Some
    $20 million are expected to come for implementation of a long-term
    health project.
    Another loan in the amount of $5 million may be released to
    Armenian employment and social issues ministry to improve employment
    services. This will be followed by another loan for improving the
    security of water reservoirs. Overall, the anticipated amount of new
    loans may amount to $30 million.
    In conclusion Robinson said that despite a substantial progress in
    improvement of business environment Armenian authorities still have a
    lot to do to bring it in compliance with international standards.
Working...
X