ARMENIA PLANS TO GET $70MLN FROM MILLENNIUM CHALLENGES CORPORATION

ARKA
March 2, 2009

YEREVAN, March 2. /ARKA/. The planned funding under the program of
the Millennium Challenges Corporation in Armenia is $70mln.

Ara Hovsepyan, Director General of the Millennium Challenge
Account-Armenia, reported that the funds will be provided in quarterly
portions. A total of $$6.8mln are to be received in January-March. "On
March 13, we plan to apply for $12mln funding for April-June,"
Hovsepyan said.

He said that construction work is to get under way under all the
programs to be implemented in Armenia. Hovsepyan pointed out that
the construction has been started under the irrigation program. As
regards the road construction program, the construction got under
way last year and is to be resumed on March 15.

Hovsepyan also reported that the road construction program provides
for the renovation of 273 km of roads. He pointed out that 26.5km of
roads have been renovated.

Under a compact signed on March 27, 2006, the US Millennium Challenges
Corporation is to allocate $235.65mln to Armenia for irrigation and
rural road renovation programs.

Last year Armenia actually received a total of $28mln from the
Corporation.