ANCA Welcomes Millennium Challenge Corporation Granting $235 Million to Armenia

PanARMENIAN.Net - The Armenian National Committee of America (ANCA) today welcomed the announcement by the Millennium Challenge Corporation (MCC) of a five-year, $235.65 million dollar grant to help reduce rural poverty in Armenia. "On behalf of all Armenian Americans, we welcome today's news that our government will be investing nearly a quarter of a

billion dollars over the next five years in reducing rural poverty in Armenia," said ANCA Chairman Ken Hachikian. "This important milestone in the growing partnership between the U.S. and Armenian governments reflects the shared values, enduring ties, and unshakable friendship between the American and Armenian peoples." The agreement between the Armenian government and the MCC is designed to accomplish one goal - reducing rural poverty through a sustainable increase in the economic performance of the agricultural sector. In a press release issued earlier today, the MCC explained that "the compact consists of two investments: a Rura Road Rehabilitation Project and an Irrigated Agriculture Project. The program will directly impact 75% of the rural population and is expected to increase annual incomes by $36 million in 2010 and over $113 million in 2015."