IFAD Grants $11mn Loan For Armenian Infrastructure, Rural Finance

IFAD GRANTS $11MN LOAN FOR ARMENIAN INFRASTRUCTURE, RURAL FINANCE

Kazakhstan & Central Asia Today
November 18, 2014 Tuesday

The International Fund for Agricultural Development (IFAD) and the
government of Armenia have signed a $11mn loan agreement as part of the
Infrastructure and Rural Finance Support Programme in the seven regions
of Shirak, a province in the northwest of the country, according to
a statement released by the Rome-based institution on November 12.

The $52mn-programme, support by IFAD, is co-financed by the OPEC
Fund for International Development ($25mn), the Armenian government
($10.1mn) and other national and international institutions. The
programme will target more than 66,000 beneficiaries, with a specific
focus on women-headed households which are now more prominent as
increasing numbers of men and young people are leaving rural areas
in search of job abroad. The seven regions covered (Lori, Tavoush,
Gegharqunik, Vajots Dzor, Sjunik and Aragatsotn) have the highest
incidence of poverty in rural Armenia, but also have high agricultural
potential to lift beneficiaries out of poverty.

According to IFAD data, over 70% of the land area in Armenia is used
for agriculture which provides employment to 44% of the country’s
population, including 65% of people living in rural areas. Agriculture
activities such as horticulture, viticulture and livestock production
are favoured due to the high altitude of the land, small sizes of
farms and abundant labour.

Since 1995, IFAD has invested a total of $78.2mn in six programmes and
projects in Armenia reaching approximately 394,000 rural households.

From: Emil Lazarian | Ararat NewsPress