25/02/2009 18:48
Armenia to be allocated long-term loans
The World Bank will render assistance to Armenia to mitigate the impact of the world economic crisis. For the implementation of 4 programs Armenia will be allocated 85 million US dollars. Three loans will be provided in the frames of International Development Partnership Fast Reaction Fund. The International Bank for Reconstruction and Development (IBRD) will provide 50 million AMD to small and medium business for implementation of financial availability program.
«Programs will provide interconnection of subconstructions in rural regions, will promote activities of social subconstructions,» the World Bank regional director to the South Caucasus Asad Alam said.
Fast reaction Fund provides loan on 20-year term and IBRD - on 26.6-year term.
The World Bank is conducting 16 programs in Armenia now. For the implementation of these programs Armenia is going to be allocated 94 million US dollars.
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