11th disbursement's bid to Millennium Challenge Corporation
approved
13-03-2009 20:00:00 | Armenia | Economy
YEREVAN, MARCH 13, NOYAN TAPAN. A sitting of the Governing
Council of the Millennium Challenge Account (MCA) - Armenia took
place at the RA government on March 13. The bid for the 11th
disbursement to be presented to the Millennium Challenge
Corporaion (MCC) was approved at the sitting conducted by the
Council's chairman, Armenian prime minister Tigran Sargsyan. As
NT was informed by the RA Government Information and PR
Department, after being ratified by the chairman of the
MCA-Armenia Governing Council, the bid will be submitted to MCC
for approval.
The CEO of MCA-Armenia Ara Hovsepian said that under the
11th disbursement bid, it is envisaged receiving 7 million 993
thousand 939 USD through the payment system of the MCC. The
quarterly expenditures will amount to 8 million 128 thousand 289
USD.
The funds envisaged by the 11th disbursement bid will be
spent on the following components: rural road rehabilitation
(about 432 thousand USD), irrigated agriculture (6.8 million
USD), monitoring and evaluation, and management and supervision.
A. Hovsepian announced that a sum equivalent to 12 million
26 thousand 778 USD was spent so far on the rural road
rehabilitation sub-project at the expense of allocations
provided by the government. The work under the first package on
road construction will continue with the remaining sum. After
the government's allocations are completly spent in April-May,
it is envisaged submitting an additional bid to MCC to receive
financing for further road construction work.
The financing under the irrigated agriculture sub-project
will be used for contruction of 6 main canals, design of pumping
stations and gravity irrigation systems, construction of canals
in 4 communities, and design of a drainage system in Ararat
Valley. It is also planned to provide 3 million USD to farmers
through credit organizations. According to A. Hovsepian, at the
end of this quarter, the total amount of actual and forecast
(for March) expenses will make 30 million 810 thousand 276 USD.