28 July 2004
Source: ARKA News Agency Armenia

Yerevan, July 28. /ARKA/. IFAD program on provision of agriculture services totaling $20 million will be completed in October, IFAD Project Director Gagik Matevosian told ARKA. According to him, the program started in October 2001 will be completed a year earlier the envisaged period, because at present it is 95% fulfilled. Of total cost of the program, $15.5 million makes IFAD credit provided for 40 years at the rate of 0.75%. Besides, via Fund Aniv (Wheel) credits for development of small business were provided in amount of $15-25 thousand for 3 years at the rate of 12% annually.

The other component of the program is development of community infrastructures and this time the program was realized with Social Fund at 10% financial participation of communities.

The third program was targeted on increase of incomes and growth of life level of rural population and distant areas of the republic in Tavush, Shunic, Gegharkunik regions, in Vayots Dzor and Kotayk. L.D.