YEREVAN, June 10. /ARKA/. Armenian Finance Minister Tigran Khachatryan and Carolin Geginat, World Bank Country Manager for Armenia, signed June 9 a 22.6 million euro loan agreement for Additional Financing of the Education Improvement Project (EIP) in Armenia. 

The agreement is signed between the government of Armenia and the International Bank for Reconstruction and Development (IBRD), the press service of the Ministry of Finance said.

This project is designed to  further assist the Armenian government in improving school readiness of children entering primary education, the physical condition and availability of educational resources in general education, and quality and relevance in higher education institutions in Armenia.

Under the loan agreement, the government has until 2026 to build or renovate at least 300 schools, ensuring they are fully equipped with the necessary equipment and supplies; to create modern science and engineering laboratories and in all 1,400 schools in the country, which will significantly improve the quality of education; build or renovate at least 500 kindergartens and preschools, ensuring they are fully equipped with the necessary equipment and supplies; implement innovative projects and development programs at universities, promote learning environments.

"The projects implemented with the World Bank are not only financial means for us to build critical educational infrastructures and environments, but also an opportunity to continuously cooperate with the WB's experienced team and create similar valuable projects," said Khachatryan.

“With this project, the government will aim to improve the relevance and quality of, and access to, educational services at all levels, including in the early years of a child and for higher education. The project contributes in important ways to strengthening Armenia’s human capital and to enhancing the competitiveness of the economy," said Carolin Geginat.

The IBRD loan is provided with a 14.5-year grace period and a total repayment term of 25 years. Since joining the World Bank in 1992, and IDA in 1993, commitments to Armenia have totaled approximately $2,502,870 million. -0-