Armenia to request $4.8 million from U.S. Millennium Challenge for rural road rehabilitation

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Economy

22.04.2009, 03:11

Millennium Challenge Account (MCA) -Armenia plans to request $4.8mln from the U.S. Millennium Challenge Corporation, said Chief Executive of Millennium Challenge-Armenian Fund NGO Ara Hovsepyan.

YEREVAN, April 21. /ARKA/. Millennium Challenge Account (MCA) -Armenia plans to request $4.8mln from the U.S. Millennium Challenge Corporation, said Chief Executive of Millennium Challenge-Armenian Fund NGO Ara Hovsepyan.

“The funds the government earmarked for the program last year will be spent by early June and, naturally, we will need additional funds to continue the program,” he added.

The Governing Council of MCA-Armenia approved on March 13 an application to the U.S. Millennium Challenge for $8mln quarterly funds (April-June) for the rural road rehabilitation program. According to Hovsepyan, MCA-Armenia has drawn a $12.026mln government loan.

The U.S. Millennium Challenge program kicked off in Armenia on September 29, 2006. Thus, on March 27, 2006 the Millennium Challenge Corporation signed a five-year, $235.65 million Compact with the Government of Armenia. The Compact is focused on one goal: the reduction of rural poverty through a sustainable increase in the economic performance of the agricultural sector. Z. Sh. –0--

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