Armenia seeks $18.5 million from millennium challenges corporation

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Economy

11.09.2010, 20:57

The Armenian government will ask the U.S. government-run Millennium Challenges Corporation for an $18.5 million disbursement to direct part of that money- $17.8 million- to implementation of irrigation projects and the remaining part to monitoring, assess

YEREVAN, September 11, /ARKA/. The Armenian government will ask the U.S. government-run Millennium Challenges Corporation for an $18.5 million disbursement to direct part of that money- $17.8 million- to implementation of irrigation projects and the remaining part to monitoring, assessment and management as well as to supervision of the implementation of the program.

A relating application was approved September 10 by the meeting of the Millennium Challenges Armenia Fund chaired by prime minister Tigran Sarkisian.

In 2006 March the Millennium Challenge Corporation signed a five-year, $235.65 million Compact with the Government of Armenia. The Compact is focused on reduction of rural poverty through a sustainable increase in the economic performance of the agricultural sector. Armenia plans to achieve this goal through a five-year program of strategic investments in rural roads, irrigation infrastructure and technical and financial assistance to improve the supply of water and to support farmers and agribusinesses. The program embraces 750,000 farmers or 75 % of Armenia’s rural population.-0-

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