World Bank approves $35 mln in loans for Armenia

May 5 2004

World Bank approves $35 mln in loans for Armenia

Yerevan. (Interfax) – The World Bank board of directors on Tuesday
approved three new credit programs for Armenia totaling about $35
million, Roger Robinson, director of the World Bank office in
Yerevan, said at a press conference Wednesday.

The World Bank will allocate $10.15 million for public sector
modernization, $23 million for water supply and sewage system
restoration in 300 municipalities, and $1.74 million on agriculture
reform and compensation for industry losses caused by bad weather, he

The programs are planned to last four to five years. Loans will be
disbursed according to the standard easy terms offered by the
International Development Association (IDA) with repayment in 40
years at 0.5% per year with a 10-year grace period, Robinson said.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS