Yerevan /Mediamax/. Board of Executive Directors of the World Bank (EB) approved on January 11 the allocation of a loan at the sum of USD 25mln for Armenia. It will replenish the budgetary expenses for social needs, and will contribute to adoption of a new code on subsoil. 

Mediamax reports that, speaking at a news conference in Yerevan today, newly-appointed Director of WB Yerevan representative office Jean-Michel Happi informed that the social part of the loan will be directed at realization of the government’s programs to combat poverty, improve pre-school establishments in rural communities and increase efficiency of non-infectious illnesses’ treatment. 

Concerning the legislation on using the subsoil, Jean-Michel Happi stated that assistance is directed at adoption of the new code on subsoil by Armenia, which will meet the best international experience in the sphere of taxation, ecology, social sphere and provision of licenses to extraction companies. 

The WB loan is provided to Armenia within the framework of the second “Policy Development Operation” (the first was approved in July, 2009, at the volume of USD 60mln) by the International Development Association (USD 21mln, for the term of 20 years with 10 years’ period of grace) and the International Bank for Reconstruction and Development (USD 4mln, for the term of 25 years with 10 years’ period of grace”).