Alex Russin: MCC Executive Board "Has Not Made Any New Decisions Reg

ALEX RUSSIN: MCC EXECUTIVE BOARD "HAS NOT MADE ANY NEW DECISIONS REGARDING ARMENIA"

ArmRadio.am
15.05.2007 18:04

Armenia Resident Country Director of the US Millennium Challenge
Corporation (MCC) Alex Russin stated in an interview to Mediamax
that the Executive Board of the Corporation "has not made any new
decisions regarding Armenia," Mediamax reports.

Alex Russin reminded that "the authority to make decisions as to
whether Armenia remains eligible for Millennium Challenge Corporation
funding resides with the MCC Executive Board, in Washington."

Alex Russin stated that the General Director of the "Millennium
Challenge Account- Armenia" Corporation Ara Hovsepian "should not
have made any comments regarding eligibility" and expressed regret
in connection with the " confusion regarding this matter."

The day before, Ara Hovsepian stated that by the end of the year
Armenia may receive $12mln from the USA within the framework of the
MCC program. He noted that the schedule of fund allocation will not
change, as the parliamentary elections in Armenia were successful.

In December of 2005, the US Millennium Challenge Corporation (MCC)
approved a five-year $235.65 million Compact with the Republic
of Armenia. MCC announced that the funds would be directed to the
reduction of poverty in rural areas, where over one million Armenians,
about 35% of the population, live.

The Compact consists of two investments: a Rural Road Rehabilitation
Project and an Irrigated Agriculture Project. It includes a $67
million project to rehabilitate up to 943 kilometers of rural roads,
and a $146 million project for irrigation.

The program will directly impact 75% of the rural population of
Armenia and is expected to increase annual incomes by $36 million in
2010 and over $113 million in 2015.