WB TO ALLOCATE US $25MLN TO ARMENIA FOR 2ND EDUCATION QUALITY AND RELEVANCE PROJECT
ARKA
June 5, 2009
YEREVAN, June 5. /ARKA/. The World Bank (WB) will issue a US $25mln
credit to Armenia for the 2nd Education Quality and Relevance
Project. A relevant agreement was signed by Head of the WB office
in Yerevan Aristomene Varoudakis and RA Minister of Finance Tigran
Davtyan.
The WB Board of Directors approved the credit for Armenia on May 13.
The credit will be issued on the terms of the International Development
Association (IDA) for 40 years at an annu8al interest rate of 0.75%,
with a 10-year grace period.
The project is aimed to improve education methods, preparation of
children for primary school, integration of the Armenian higher
education system with the European one.
"The project is a logical continuation of the previous credit program,"
Davtyan said.
The WB issued the first, US $19mln, credit for the Education
Quality and Relevance Project for 2004-2008. The project consisted
of four components: improvement of the comprehensive education and
assessment system, application of new education technologies in
schools, retraining of teachers and enhancement of the management
efficiency of the education system.
Head of the WB office in Yerevan Aristomene Varoudakis stressed
that the elaboration of an education improvement program by the RA
Government and the WB amid the global crisis is praiseworthy.
Since 199 2, when the WB established cooperation with Armenia, it
has issued US $1.187bln credits to the country.