World bank intends to assist Armenia in developing agricultural sector
11.03.2009,
16:50
At its sitting on Tuesday, the Constitutional Court of Armenia recognized the agreement with International Development Association of the World Bank (WB) on sponsoring 1.3mln SDR worth development programs for agricultural enterprises and small commercial
YEREVAN, March 10. /ARKA/. At its sitting on Tuesday, the Constitutional Court of Armenia recognized the agreement with International Development Association of the World Bank (WB) on sponsoring 1.3mln SDR worth development programs for agricultural enterprises and small commercial agricultural entities.
The agreement was signed this February 26 and the Armenian side was represented by RA Minister of Finance Tigran Davtyan. The agreement aims at assisting to development of small and medium agricultural enterprises in Armenia.
RA Ministry of Finance believes ratification of the agreement is expedient and it will impose additional financial commitment on the country.
Ministry of Justice submitted a paper to the court, according to which the agreement does not contain any norms contrary to the Armenian legislation and does not provide for any law revisions.
IDA issues interest-free loans with 30-40 years time to run and ten-year delay of main payments.
During the 17 years of cooperation with Armenia, the World Banks has allocated credits to the amount of $1.162bln.
Currently 16 programs are being implemented and their completion requires 94mln USD. –0--
The agreement was signed this February 26 and the Armenian side was represented by RA Minister of Finance Tigran Davtyan. The agreement aims at assisting to development of small and medium agricultural enterprises in Armenia.
RA Ministry of Finance believes ratification of the agreement is expedient and it will impose additional financial commitment on the country.
Ministry of Justice submitted a paper to the court, according to which the agreement does not contain any norms contrary to the Armenian legislation and does not provide for any law revisions.
IDA issues interest-free loans with 30-40 years time to run and ten-year delay of main payments.
During the 17 years of cooperation with Armenia, the World Banks has allocated credits to the amount of $1.162bln.
Currently 16 programs are being implemented and their completion requires 94mln USD. –0--
