WB will help Armenia and Kongo overcome financial crisis consequences

PanARMENIAN.Net - Armenia and Kongo will become the first countries to receive prompt assistance from the World Bank. A special program aims to alleviate the impact of the global economic crisis in developing countries.



Armenia will be granted $35 million and Kongo - $100 million. According to WB statement, the grant, aimed at the initiation of road construction and small business investments, will secure 280 000 new job positions, Radio Svoboda reports.



Earlier the WB Executive Directors Board has approved a $85 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 ($50 million).