Armenia and World Bank sign two loan agreements worth $51.2 million

Armenia and World Bank sign two loan agreements worth $51.2 million

YEREVAN, May 23. / ARKA /. Armenian Finance Minister Gagik Khachatryan and head of the World Bank Yerevan Office, Jean-Michel Happi, have signed today two loan agreements worth a total of $51.2 million, which will be used to finance educational and social programs.

The Ministry of Finance said under the Second Social Protection Administration Project signed with the International Development Agency (IDA), Armenia will receive a credit of $ 21.2 million (13.9 million SDR). This program aims to improve social protection service delivery and strengthen analytical and monitoring and evaluation functions of the agencies delivering.

Under the Education Improvement Project in Armenia the country will receive a loan of $30 million, half of which will be provided by the International Bank for Reconstruction and Development  (IBRD), and the second half, an equivalent of 9 8 million SDR, will be provided by the IDA.

This project will support the improvement of school readiness for children entering primary education and the physical conditions in upper-secondary schools. It will also promote greater links between higher education institutions and labor market in Armenia.

Since joining the World Bank in 1992 and IDA in 1993, the commitments to Armenia total approximately US$ 1.839.06 billion. -0-

18:18 23.05.2014

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