Thursday, August 18 2011 14:03
World Bank to increase its financing of Armenia for 2011-2014 by $55mln
ArmInfo. The World Bank will increase its financing of Armenia for 2011-2014 by $55mln, Prime Minister of Armenia Tigran Sargsyan said during a government meeting on Thursday referring to a letter received from WB Country Director for the South Caucasus Asad Alam.
"The World Bank has given a high mark to our work under its projects and will increase its allocations for Armenia," the Premier said.
He said that having a total portfolio of $305mln Armenia should decide how to use the new resources. "We should specify our plan of action for building new facilities and should draft and coordinate with relevant agencies all necessary documents," the Premier said.
He instructed the ministers and the heads of the agencies responsible for road construction, irrigation, health care, education, agriculture, automated financial management in the taxation and customs systems to coordinate, jointly with the WB, a specific plan of action and to submit it for approval by late Sept.
"We already know that in the new fiscal year - starting from July 2012 - we will have $122mln. So, we need a specific schedule and an agreement with the WB so as to be able to start spending the money in July," the Premier said.
Earlier the World Bank said that it would lend Armenia $200mln for 2012-2014. The WB has decided to prolong its support strategy till 2012. Armenia will use this money for stimulating its economic growth, restoring infrastructure (rural roads and irrigation systems) and implementing social projects in the fields of health care and education.
Almost half of the money is supposed to be provided upon IDA terms: for 20 years at 0.75% with 10-year grace period, the rest - upon IBRD terms: for 25 years at LIBOR with 10 year grace period.
Since 1992 the WB has lent Armenia a total of $1.499bln.
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