World Bank Offers $385 335 000 for Reform Programs

YEREVAN (Noyan Tapan)–The total cost of the 18 programs the World Bank approved for implementation in Armenia is $385,335,000–reported World Bank foreign relations agent Babken Babajanian. He noted that six programs–among which is the program on restoration of the earthquake area–have already been completed or are at the stage of completion.

Among the largest World Bank programs are two loans SAC 1 and SAC 2 ($60 millions each) and the economic restoration loan. All these programs are aimed at stabilizing the economy and developing reforms.

According to Babajanian–a SAC 3 loan is likely to be provided in the future. In addition to these loans–the World Bank has also financed projects on technical equipment for government structures–with SATAC 1 and SATAC 2 ($3.8 and 5 million respectively). Those loans helped government structures become computerized–and customs department and tax inspection agencies technically equipped. In total–the World Bank has funded six structural reform programs in Armenia.

Other World Bank programs aim at developing the power sector–industrial enterprises–social infrastructure–road restoration–education–health care–agriculture–as well as environmental measures.

In addition to loan programs–currently–the World Bank finances research to assess poverty and the number of citizens in need of monetary assistance. The results of the research will be presented to the Ministry of Social Welfare.

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