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 | Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. Russia: Armenia’s frozen membership weakens CSTO position in Caucasus A Russian envoy said any step that could alienate the CSTO member states from each other is “deeply wrong”. Prosecutors to appeal Armenia ex-President’s acquittal Sargsyan was acquitted on Friday, May 31 more than four years after going on trial on corruption charges. Armenia: 28 protesters arrested after clash with police The Investigative Committee of Armenia has announced the arrest of 28 participants of an opposition demonstration. |