Armenia owes $1.2 billion to World Bank

11.01.2013 19:15
Armenia owes $1.2 billion to World Bank

YEREVAN, January 11. /ARKA/. Armenia's outstanding debt to the World Bank is $1.2 billion which accounts for 32 percent of the country's total external debt, Jean-Michel Happi, the World Bank’s Country Manager for Armenia, said in an interview with ARKA News Agency.

“Despite the sizable share of the outstanding debt, public spending for servicing loans provided by the World Bank account for only 17 percent of total interest payment which speaks about high degree of concessionality of WB loans,” he said. “Thus the debt service burden is not high, is served without delays and is projected to decline after peaking in 2015.”

The World Bank has committed $1.6 billion to Armenia over two decades of its cooperation with the country for implementation of 57 projects.

The term of the strategy of partnership with Armenia, which was developed in 2009 after the global economic recession, expires in the middle of 2013.

The total amount earmarked by the World Bank for Armenia as assistance to the government is $640.6 million (IDA/IBRD).

Some 14 WB-funded projects are being implemented in Armenia now. The projects address needs in various sectors including roads, energy, education, health, irrigation, rural development, public administration, and judiciary, etc. -0---


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