World Bank To Increase Funding For Armenia By $55 Million

18.08.2011 13:21
World Bank To Increase Funding For Armenia By $55 Million

YEREVAN, August 18. / ARKA /. Armenian prime minister Tigran Sarkisian said today the World Bank has decided to increase funding for Armenia in the amount of $55 million.

"This is primarily due to the quality of our loan portfolio and high level management," the prime minister said before a regular Cabinet session.

Sarkisian said he was notified about the World Bank’s decision by its director for the South Caucasus and Central Asia Region Assad Alam. Tigran Sarkisian said the World Bank commended the Armenian government for effective implementation of all WB-funded projects, which was instrumental in its decision to increase the low-rate lending to Armenia by $55 million

The prime minister said with a loan portfolio of $305 million the government needs to clarify the timetable for the use of these funds. In this regard, he instructed the heads of departments responsible for irrigation, road building, health, education and agriculture, as well as automation, taxes, customs and financial sectors, to submit a clear timetable for implementation of projects by the end of September.

"We already have a clear idea that by July 2012 we will have about $122 million in loan funds, so you must have clear timetables and arrangements with the World Bank so that we could begin the disbursement of these funds from July 2012," Sarkisian said.

Earlier, the head of WB Yerevan Office, Jean-Michel Happi, told reporters that World Bank’s additional financial assistance to Armenia for 2012-2013 in the amount of more than $200 million will be directed at strengthening the post-crisis economic recovery and growth, as well as addressing the low-income populations.

Since its inception in Armenia in 1992 the World Bank has provided loans totaling $1.318 billion for implementation of 70 projects, 52 of which have already been completed, and 18 are underway. -0-


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