World Bank gives Armenia extra $ 55 million
Experts from the World Bank made the decision to increase financial aid to Armenia. As reported by the "Georgia-News", it was announced today to reporters by Prime Minister of Armenia Tigran Sargsyan. According to him, the funding will be increased by $ 55 million. "This is primarily due to the quality of our loan portfolio and high level management" - Sarkisian said before the cabinet meeting. He added that he was informed about such a decision of the World Bank by the head of the department of South Caucasus of region of Europe and Central Asia of World Bank Asad Alam.
The bank praised fulfilment of programs financed by WB in Armenia. That made it possible to increase the amount of allocated funds, said the Premier.
He noted, that having a portfolio of 305 million dollars, it is necessary to clarify the timetable for the use of these funds. "We already have a clear idea that from July 2012 we will have about 122 million dollars, so we must have a clear timetable and arrangements with the World Bank to begin disbursement of these funds already from July" - said Sarkisian in conversation with members of the government.
Earlier, the head of the Yerevan WB office Jean-Michel Hapi promised to Armenia an additional $ 200 million in 2012 - 2013. The funds should be expended for the post-crisis recovery of the Armenian economy.