ARMENIA ELIGIBLE FOR US MILLENIUM CHALLENGE CORPORATION FUNDING

PanARMENIAN.Net - Armenia is among the 63 countries eligible to compete for funds from the new U.S. Millennium Challenge Corporation (MCC). The first candidate countries for the Millennium Challenge Account (MCA) funding are those that have a maximum average per capita income of $1,415 and are eligible for assistance from the World Bank's no-interest lending arm, the International Development Association. Next, the MCC will evaluate the countries based on their commitment to development. The MCA will be used to support projects "that encourage long-run, sustained economic growth" necessary for achieving "lasting poverty reduction," said Under Secretary of State, MCC's interim chief executive officer Alan Larson. As reported by the Armenian Assembly of America, the corporation, initiated by President Bush, is chaired by Secretary of State Colin Powell. It should be noted that out of the former countries of the USSR Azerbaijan, Georgia, Kyrgyzstan, Moldova and Tajikistan are among the countries, pretending to the assistance.