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World Bank extends Armenia $34.3 mln for three programs

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  • World Bank extends Armenia $34.3 mln for three programs

    Interfax
    Aug 2 2004

    World Bank extends Armenia $34.3 mln for three programs

    Yerevan. (Interfax) - The Armenian government and World Bank signed
    three credit programs on Friday for an overall $34.3 million.

    At a briefing after the signing, Finance and Economics Minister
    Vardan Khachatrian said that $10.15 million will be used in
    overhauling the state management system for the country and $19
    million for modernizing its healthcare system. The other credit of
    $5.15 will be used to finance the social security sphere.

    The credits will be extended on easy International Development
    Association terms for 40 years at an annual rate of 0.75% with a
    ten-year grace period.

    Khachatrian said the World Bank is the first to allocate money for
    the reformation of Armenia's state management sector. The funds are
    slated for introducing an electronic digital signature system, which
    will improve the state management system's operation and the
    transparency of its actions.

    The healthcare credit money will be used to overhaul medical
    institutions, buy new equipment, retrain doctors and develop the
    institution of family doctors. An additional $1.25 million grant will
    be attached to this credit.
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