Armenia To Start $30.4mln Worth Loan Program For Rehabilitation Of R

ARMENIA TO START $30.4MLN WORTH LOAN PROGRAM FOR REHABILITATION OF RURAL ROADS IN APRIL 2009

ARKA
March 30, 2009

YEREVAN, March 30. /ARKA/. As from April 2009 Armenia is to start
implementation of a $30.4mln worth loan program for rehabilitation of
rural roads, the country’s Minister of Transport and Communications
Gurgen Sargsyan told journalists Saturday.

Of this amount, $25mln will be provided by the World Bank (WB) with
the remaining funds to be allocated by the government in a form
of co-financing.

Sargsyan stressed that the WB met the wishes of the country and
approved the loan promptly – within two months.

Under the program, a total of 100 kilometers of rural roads are to
be rehabilitated.

"The global financial crisis had an impact on Armenian economy,
including the fields of transport, road construction and
communication. In this respect, we plan to use all financial
opportunities available for rural construction to somehow mitigate
the crisis effects," the Minister said.

Sargsyan pointed out that the negotiations with some financial
organizations have already produced results. The programs under
discussion may provide serious financing for road construction in
Armenia in particular.

The World Bank will extend $25mln to Armenia for repair and
modernization of vitally important roads in rural areas (total length
of 100 kilometers). The funds are to be allocated in the scope of an
$86.5mln wo rth WB assistance program in Armenia.

From: Emil Lazarian | Ararat NewsPress

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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