World Bank approved to grant Armenia credit worth $ 85 million

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On February, 25, the World Bank approved a package of four operations, for a total amount of $ 85 million, to help Armenia mitigate the impacts of the global economic crisis.  The credit was granted for 20 years, with 10 years of tax concession period.

Three of the operations — the Lifeline Roads Improvement Project ($ 25 million), the Additional Financing for the Social Investment Fund ($ 8 million), and the Additional Financing for the Rural Enterprise and Small Scale Commercial Agriculture Development Project ($2 million) — were processed under the International Development Association (IDA) financial crisis response Fast Track Facility, which will help Armenia mitigate the impacts of global economic crisis on the country’s economy and the well-being of its population, a REGNUM correspondent was informed at the press service of the World Bank. 

The fourth operation — Access to Finance for Small and Medium Enterprises Project ($ 50 million) – is provided through the International Bank for Reconstruction and Development (IBRD) to support local businesses in the current environment, and is the first IBRD loan to Armenia.

“These projects will support urgent local works that can be implemented largely over this year, to provide immediate employment opportunities,” said Asad Alam, Regional Director for the World Bank’s South Caucasus Country Department. “They will also help strengthen infrastructure connectivity particularly in rural areas, meet business needs, and upgrade social infrastructure that will foster medium-term growth and improvement in living standards.