Yerevan /Mediamax/. World Bank (WB) has approved on February 24 four programs, directed to mitigating the consequences of the global crisis, within the framework of which it will allocate $85mln to Armenia.

Mediamax reports that the Head of WB Yerevan Office Aristomene Varoudakis stated today that WB will allocate $25mln within the framework of the program to reestablish roads, $2mln for additional financing of the program to develop rural enterprises and $8mln for additional financing to Social Investments Fund.

These three credits will be provided to Armenia by International Development Association, (IDA, which enters WB Group) for the term of 20 years with a 10 year preferential period.

“The fourth loan at the sum of $50mln is first the first time being provided to Armenia by another WB structure – International Bank for Reconstruction and Development (IBRD) for small and medium enterprise funding”, Varoudakis stated. IBRD loan is provided to Armenia for the term of 26.5 years with a 5 year preferential period.

“IBRD loan will be distributed by the Central Bank (CB) among commercial banks of Armenia to provide credits up to $150 thousands to small and medium enterprises”, Aristomene Varoudakis stated.

Besides loans, Armenia will also receive a grant from the Global Environment Fund (GEF) at the volume of $1.5mln to research geothermal sources in Syunik and Gegharkunik marzes of Armenia.