WB LOAN FUNDS TO REDUCE HARVESTING LOSSES UP TO 40 PER CENT

PanARMENIAN.Net
31.08.2009 13:06 GMT+04:00

/PanARMENIAN.Net/ Additional WB funding, intended for the rural roads
reconstruction will help reduce harvesting losses to 40 per cent ,
Aristomene Varoudakis , the head of WB Yerevan office, told a press
conference on Monday. "The program will help farmers to reduce crop
losses up to 40 per cent on the way of delivering products to the
market, reduce transport costs, which will result in increased income,"
he said, adding that Armenia's rural roads in the regions are in poor
condition, which result in significant losses in the economy.

The Executive Board of the World Bank on August 27 approved an
additional loan funds for Armenia in the amount of 36,6 million USD for
"Lifeline Roads Improvement Project". Credit funds will be provided at
the 25- year period, with a 10-year grace period with the crediting
rate Libor. Construction works, he said, will be launched in late
September 2009 and will be completed by November 2010. "Upon completion
of construction works about 140km of rural roads in seven regions of
Armenia will be repaired," the head of WB Yerevan office said.

Mr. Varoudakis stressed that the restoration of rural roads will
facilitate the creation of temporary jobs that will mitigate the
impact of the global crisis on the Armenian economy.