WORLD BANK TO DEVELOP NEW COOPERATION PROGRAM WITH ARMENIA FOR 2010

ARMENPRESS
Aug 31, 2009

YEREVAN, AUGUST 31, ARMENPRESS: World Bank will develop new cooperation
program with Armenia for 2010, Aristomene Varudakis, head of the WB
Armenian Office, said today at a press conference. He said that by
the end of the year half of the loan money will be transferred to
Armenia. Moreover, steps are being undertaken to provide sums as soon
as possible.

Varudakis noted that the WB provided to Armenia means for renovation of
rural roads of vital importance, about 50 million USD for increasing
the level of providing credits particularly to small and medium-sized
enterprises, about 30 million USD for restoration of irrigation
network, about 25 million USD for implementation of educational
reforms. In late June agreement on providing 60 million USD loan to
Armenia as budget assistance has been provided to close the financial
gap created as a result of crisis.

Referring to the Armenian government's anti-crisis events, Varudakis
did not share the viewpoint that the Armenia's executive body is
conducting sponsorship policy. He said the government tries to avoid
such phenomena as much as possible.