YEREVAN, January 26. /ARKA/. On Tuesday, Jean-Michel Happi, head of the World Bank’s office in Yerevan, signed three loan agreements with Vache Gabrielyan, Armenian finance minister, as part of the credit package of the 2009-2012 policy of strategic partnership with Armenia, the finance ministry’s press office reports.
These loan agreements – “The Second Development Policy Program”, “The Innovation Program of E-Society and Competition” and “Additional Financing on the Second Program of Healthcare System Modernization” (APL-2) total $68 million.
Under “The Second Development Policy Program”, the Armenian government has fulfilled some preconditions on reduction of poverty and stimulation of economy.
As a result, the World Bank will lend $25 million to Armenia. Of this amount, $21 million will be lent on preferential terms – at 0.75% interest rate for 20 years with a ten-year grace period, and $4 million will be lent on commercial conditions – for 25 years with a ten-year grace period and at a six-month LIBOR in dollars + floating margin.
Under “The Innovation Program of E-Society and Competition” program, a $24-million loan will be extended for removing factors hobbling introduction of competitive e-society innovations to strengthen key infrastructures and create favourable environment.
The loan will be extended on commercial conditions – 25-year maturity term with 10-year grace period and a six-month LIBOR interest in dollars + floating margin.
The third agreement envisages additional funding for the healthcare system’s second program. The allocated sum under the project is $19 million which will be spent on strengthening the healthcare system and making it more effective.
The program is also aimed at broadening the primary healthcare through the involvement of family doctors, as well as modernizing healthcare services in the regions, making them accessible to the population. The loan is provided on commercial conditions.-0—
