Armenia to receive $670-700 million from the World Bank in coming 4 years

PanARMENIAN.Net - Country Partnership Strategy-CPS for 2009-2012 was adopted at the sitting of the Board of Directors of the World Bank, according to which Armenia will receive $670-700 million within coming 4 years from the WB, told Aristomene Varoudakis , head of WB Yerevan office, to news conference today.



"Elaboration of the strategy coincides with the period, when Armenia undergoes the crises, therefore the strategy is aimed at recovery of the economic growth in Armenia and mitigation of the influence of the crisis on the socially vulnerable strata of population, " he said. 



According to Mr. Varudakis, CPS is also aimed at raising Armenia's competitiveness level, conditioned by economy's diversification and sustainable economic growth.



According to Mr. Varudakis, around $545 million will be directed to specific program in health, education, rural roads construction, institutional reforms in the tax sphere and other programs, and some $120-160 million will be provided to credit small and medium business development. 20 per cent of the WB funds will go to the state budget for 2009 - 2011, the rest 80 per cent will address specific tasks.



There is an opportunity of revision of the strategy by the end of 2010, which can result in the increased amount of the credit.