WB to grant $86.5 million loan to Armenia

PanARMENIAN.Net - The World Bank Board of Executive Directors has approved a $86.5 million loan to Armenia to alleviate impact of the global economic crisis.



The loan maturity is 20 years with 10 years of grace period.



The loan targets implementation of 4 projects: social investments fund ($8 million), small agricultural and rural business ($2 million), rural roads repair ($25 million) and Access to Finance for Small and Medium Enterprises Project.



The Access to Finance for Small and Medium Enterprises Project for Armenia totaling $50 million with a 26.5 year maturity and a 5 year grace aims to improve Armenian small and medium enterprises' access to medium-term finance in an increasingly unstable global financial environment, by improving the ability of farmers and rural entrepreneurs to access markets and by stimulating market-oriented private and public investments in rural areas. The major focus will be to support the continued development of commercial activities in the rural areas by improving market linkages, product quality, competitiveness and capacity of Armenian rural entrepreneurs and producers, the WB press office reports.