U.S. to extend Armenia $700 mln

U.S. to extend Armenia $700 mln

June 11 2004

Yerevan. INTERFAX – Armenia expects to receive $700 million in aid
from the United States in 2004-2008 under the Challenges of the
Century program, Armenia’s Finance Minister Vardan Khachatryan said
on Thursday.

Armenia hopes to receive $100 million of the aid before the end
of 2004.

The government is currently developing specific projects in order to
receive this money. It is anticipated that the money will be used in
education, healthcare and social services, and to rebuild the country’s
infrastructure, such as irrigation systems and rural area roads.

Armenia also expects to receive $20 million – $25 million from the
World Bank under a program to fight poverty, Khachatryan said.