ARMENIA SIGNS EDUCATIONAL CREDIT FOR $25 MILLION WITH WORLD BANK
ArmInfo
2009-06-05 13:18:00
ArmInfo. Armenia signed a credit agreement fir $25 million approved
by the World Bank Board of Directors. The agreement is aimed to reform
the educational system of Armenia. Finance Minister of Armenia Tigran
Davtyan and Director of WB Office in Yerevan Aristomene Varoudakis
signed the agreement Friday. Afterwards Minister Davtyan said at
a press conference that the credit program ‘Education Quality and
Conformity’ is already the third educational program of the World
Bank in Armenia. It is a 5-year program aimed to improve the quality
of education at pre-school, general education and higher education
establishments. It will involve 8700 children. In addition, 400 general
educational schools will be equipped with computer rooms and connected
to Internet.
For his part Aristomene Varoudakis said that the quality of education
in Armenia will be brought in conformity with European standards
within 5 years. Investments in the sphere will help Armenia increase
economic competitiveness in future.
The credit will be provided for 20 years at 0.75% annual interest
and 10-year grace period. The program is designed for 5 years
and costs $31 million including the co-financing by the Armenian
Government. The first educational program of the WB for $15 million
drams was implemented in 1997-2007, and the second one for $19 million
was launched in 2004 and completed in late2008. Since 1992 the WB
has provided Armenia with over $1.187 billion.