YEREVAN, January 27 (RIA Novosti, Gamlet Matevosyan) - The government of Armenia and the World Bank signed a $20-million loan program to fight poverty, the finance ministry said Friday.
The three-year loan, the second under the Poverty Reduction Support Credit (PRSC) program, was approved on January 19, the ministry's press service said.
"These funds will be directed to the improvement of macroeconomic discipline and the strengthening of property rights, the development of agriculture and a competitive environment, as well as alleviating social and economic risks," the press service said.
The IDA loan was granted for 40 years at 0.75% interest per year with a deferment for the first 10 years.
The credit program will also feature a 4.7-million euro grant by the government of the Netherlands.
Since 1992, the World Bank has awarded Armenia 41 loans with a total worth of $916 million.
