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Armenian Parliament Ratifies Compact With MCC

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  • Armenian Parliament Ratifies Compact With MCC

    ARMENIAN PARLIAMENT RATIFIES COMPACT WITH MCC

    Armenpress
    May 24 2006

    YEREVAN, MAY 24, ARMENPRESS: The Armenian National Assembly has
    ratified today an agreement between the government of Armenia and
    the Millennium Challenges Corporation (MCC), signed on March 25
    in Washington by the Executive Officer of the Millennium Challenge
    Corporation, Ambassador John Danilovich and Armenia's Minister of
    Finance and Economy, Vartan Khachatrian.

    The $235 million Compact consists of two investments: a Rural Road
    Rehabilitation Project and an Irrigated Agriculture Project. The
    program will directly impact 75% of the rural population and is
    expected to significantly increase the annual incomes of rural
    poor. The Compact includes a $67 million project to rehabilitate
    up to 943 kilometers of rural roads, more than a third of Armenia's
    proposed Lifeline road network.

    The Compact also includes a $146 million project to increase the
    productivity of approximately 250,000 farm households (34% of
    which are headed by women) through improved water supply, higher
    yields, higher-value crops, and a more competitive agricultural
    sector. Administrative and monitoring and evaluation costs of the
    Program are budgeted at approximately $23 million.

    From: Emil Lazarian | Ararat NewsPress
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