WB to Grant $25 Million Credit to Armenia

The World Bank will allocate a $25 million credit to Armenia within the Social Investment Fund third project, Yerevan Office Head Roger Robinson told a news conference October 27. The credit will be granted for a 20-year term with initial 10 years of preferential payment. The program is targeted at assistance to communities and covers Armenian regions. Funds will be allotted to some 300 communities (1/3 of the total number of the RA communities). The program consists of two major parts – contribution to community investments in the poorest communities and encouragement of economic infrastructures as well as institutional development, monitoring and assessments, reports IA Regnum.