Kocharian Meets with World Bank Representative

YEREVAN (Noyan Tapan)–President Robert Kocharian met Monday with Vahram Nersissiants–World Bank special representative to Armenia–who is completing his five-year diplomatic mission in Armenia.

Nersissiants discussed with Kocharian the numerous World Bank programs currently being implemented and prospects for future cooperation.

At a Monday press conference–Nersissiants reported that he will leave his position on June 9–when Oveis Sadat of Pakistan will take over. He added that special representatives hold office from two to three years–however he has been working as representative since 1993.

Nersissiants reported that upon personal initiative–he had been living in Armenia’since 1990. He expressed his intent to come back to Armenia in the near future with a different status–perhaps a private consultant to the government.

According to Nersissiants–there were no unsuccessful World Bank loan programs–with only a few null and void decisions.

The World Bank has implemented 18 programs in the form of loans and gran’s since March 1993.

Nersissiants said that a Municipal Social Credit for the restoration of the water-supply and sewage systems of Yerevan will be submitted to the World Bank Supreme Body on June 11 and that it is likely to be approved. The World Bank will allocate $25-30 million for the restoration of the water-supply system.

Nersissiants also reported that two loan programs are also in discussion–including the third stage of the "structural reform credit" ($30 million) and the restoration of the energy system ($47 million). According to Nersissiants–these will probably become the last grace credits to be allocated to Armenia by the World Bank. Nersissiants felt that the stage of granting aid to Armenia is drawing to a conclusion and that Armenia would have to find another source of investment.

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