WB grants loan
The World Bank will grant 670-700 million dollars in loans to Armenia in 2009-2012, informed today Head of the World Bank Armenia Office Aristomene Varudakis.
The WB Board of Directors made the decision after discussing the WB "Country Support Strategy" with Armenia, which is aimed at mitigating the impact of the crisis for the needy and support Armenia by restoring stable economic development and and having a more competitive, diversified economy.
According to Aristomene Varudakis, nearly 20% of loans will be steered towards the 2009-2011 state budget and the rest will be used for various programs, including improvement of the business environment, development of infrastructures, improvement of the irrigation system and other spheres. The bank will also grant loans for programs that will provide short-term and mid-term jobs.
