ArmInfo. The World Bank will grant Armenia a 22.6 million euro loan for Additional Financing of the Education Improvement Project (EIP) in Armenia. The Standing Committee on Financial-Credit and Budgetary Affairs has approved the draft agreement submitted to ratification by Armenia's Government.
Armenia's Deputy Minister of Education and Science Zhanna Andreasyan said that the agreement was signed on June 9, 2022, with the document to be ratified within six months. All the components of the programme are to be finalized by December 31, 2025.
The loan has been issued for 25 years with a grace period of 14 years and six months. The repayment period will start from February 15, 2037 to last until 2047, at an annual interest rate of 0.25%.
Ms Andreasyan said that the funds will be allocated to the capital renovation of at least 300 schools throughout Armenia, as well as to the opening of laboratories in 200 schools. Under the government programme, all the Armenian schools must be equipped with laboratories under the new project by the year 2025.
One of the components is aimed at improving the situation in Armenia's preschool education institutions. Specifically, 80 preschool institutions will be established under the government programme of construction and renovation of 500 new kindergartens until 2026. Eighty settlements will have new kindergartens.
As regards the component involving higher schools, Ms Andreasyan said that higher schools will receive grants to implement innovation and development projects.
The Armenian government's share in the project is $6.25mln. The programme was launched in 2015, with 136 preschool institutions opened since, 13 schools renovated and 107 schools reequipped. Moreover, 4,475 teachers and administrative staff members have been retrained, and 15 Armenian higher schools received grants for 18 research projects.
