World Bank loans $16m to Armenia
Struggling cattle and sheep farmers in Armenia are to receive a $16 million loan from the World Bank, it was announced on 23 March, 2011. The loan is to be distributed among 55 villages, and will be supplemented by $5.3 million from the Armenian government as part of Prime Minister Tigran Sargsyan’s efforts to shore up the country’s agriculture and livestock production.
The project plans to finance the construction of roads and production storage facilities and other infrastructure improvements in the villages, home to about 78,000.
“Agriculture continues to be a key sector for the Armenian economy, and it has to revitalise its role and contributions to the country’s economic growth and employment,” Asad Alam, the bank’s regional director, said in a statement.
