Armenia seeks $8mln from MCC for 2009 second quarter
Millennium Challenge Account - Armenia administrative board meeting was held today under chairmanship of RA Prime Minister Tigran Sargsyan. The meeting participants focused on discussion and ratification of 11th application to Millennium Challenge Corporation. Millennium Challenge Account General Director Ara Hovsepyan indicated that the 11th application stipulated financing of $7 million 993 thousand in the second quarter of 2009 (Apr.-Jun.).
The means will be allocated to rural roads reconstruction ($432 000), irrigation ($6.8 mln.) and monitoring. Ara Hovsephan stressed that the government had already provided $12 mln. for rural roads reconstruction to be continued with the moneys provided by the Fund.
An application for new investments will be filed after the termination of the second quarter.
According to Ara Hovsepyan, by the end of the third quarter the total volume of expenditures will comprise $30,8 million. The means received will be spent to lay water channels and project drainage system in 4 communities. The Council has scheduled providing $3 mln. credit to farmers.
The application is awaiting discussion by the Millennium Challenge Corporation Council.
The means will be allocated to rural roads reconstruction ($432 000), irrigation ($6.8 mln.) and monitoring. Ara Hovsephan stressed that the government had already provided $12 mln. for rural roads reconstruction to be continued with the moneys provided by the Fund.
An application for new investments will be filed after the termination of the second quarter.
According to Ara Hovsepyan, by the end of the third quarter the total volume of expenditures will comprise $30,8 million. The means received will be spent to lay water channels and project drainage system in 4 communities. The Council has scheduled providing $3 mln. credit to farmers.
The application is awaiting discussion by the Millennium Challenge Corporation Council.
