Armenia to receive $670-700 million from the World Bank in coming 4 yearsJune 12, 2009 - 17:09 AMT 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. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. |