World Bank to provide Armenia with a fresh $118 million worth credits

17.02.2012 15:47
World Bank to provide Armenia with a fresh  $118 million worth credits

YEREVAN, February 17. /ARKA/. The World Bank may provide Armenia with a fresh $12 million credit as an assistance to the government in its efforts to reform taxation administration, and with another $15 million loan to help it improve water supply systems in urban communities, World Bank Country Director in Armenia, Jean-Michel Happi, said to a news conference today.

On February 14 the World Bank's Board of Executive Directors had approved a US $11 million credit, the Third Additional Financing for the Social Investment Fund III (ASIF III) Project for Armenia that will further assist the government of Armenia in its efforts to improve the living standards of the poor and vulnerable groups by expanding labor-intensive infrastructure projects in response to critical needs of the local communities and another $80 million credit (Third Development Policy Operation - DPO) designed to help Armenia to protect its poorest children, women and men, support greater human capital development, and reinforce competitiveness by providing a more favorable private sector environment and strengthening governance.

Mr. Happi said today the discussions of the release of $12 and $15 million credits are expected to be completed in the coming weeks. He said also the World Bank continues consultations and discussions with the government of Armenia on funding other projects.

"As part of our strategic partnership, we agreed to promote programs and policies of the government in the context of economic development and poverty reduction," he said.

According to Mr. Happi, the World Bank is assisting in the implementation of other projects in the fields of irrigation, rehabilitation and construction of roads. He said a special attention is paid to educational projects because it is not accessible to all Armenians.

"Only 4% of the poorest families are able to give their children higher education in contrast to 40% among well-to-do families," he said.

Since joining the World Bank in 1992 and IDA in 1993, the total IDA and IBRD commitments to Armenia amount to US $ 1, 517 million. -0 -


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