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Millennium Challenge Corporation Allocates $19 Mln For Armenia In Ja

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  • Millennium Challenge Corporation Allocates $19 Mln For Armenia In Ja

    MILLENNIUM CHALLENGE CORPORATION ALLOCATES $19 MLN FOR ARMENIA IN JAN-MAY 2008

    ARKA
    June 2, 2008

    YEREVAN, June 2. /ARKA/. The Millennium Challenge program allocated
    some $19mln for Armenia in January-May 2008, Executive Director of
    the Millennium Challenge-Armenia Foundation Ara Hovsepyan reported.

    "The program implementation is running according to the schedule,"
    he said. "We had difficulties in implementing the road construction
    program which is now being agreed with the corporation."

    The foundation plans to submit an application to the Millennium
    Challenge Corporation for further financial assistance for
    July-September programs, according to Hovsepyan. However, he did not
    mention the exact sum.

    The Executive Director of Millennium Challenge-Armenia pointed out
    the corporation has partly satisfied the foundation's application
    on financing $11mln worth April-June programs by allotting $4mln
    for Armenia.

    The corporation said it needs time to study thoroughly the application.

    Under the agreement signed on March 27, 2006, the Millennium Challenges
    Corporation is to allocate $235.65mln for irrigation systems and
    community roads in Armenia.
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