YEREVAN, SEPTEMBER 16, NOYAN TAPAN. The National Assembly of Armenia on September 16 ratified 4 international credit agreements discussed the day before. Under the agreement on financing the first action of the development policy signed between Armenia and the International Development Association on July 7, 2009, Armenia will receive a loan of 40.4m SDR and about $61 million. In the words of the main speaker, RA Deputy Minister of Finance Vardan Aramian, the loan is provided for 20 years, with a 10-year grace period. Under the loan agreement "the program on rehabilitation of irrigation systems" signed between Armenia and the International Bank for Recostruction and Development (IBRD) on July 31, 2009, Armenia will receive $30 million for 27 years, with a 5-year grace period. The program aims to improve the efficiency of irrigation in the selected areas and promote immediate employment in rural areas. The main speaker, Chairman of the State Committee of Water Industry Andranik Andreasian said that it is envisaged reconstructing main canals of 83.31 km, including in the irrigation systems of Talin (59.01 km) and Armavir (24.8 km) regions within two years. $590 thousand will be allocated for advisory services under the agreement on preparation of the second program of the development policy loan signed between Armenia and the International Development Association on July 21, 2009. The credit agreement "the assistance program for overcoming the crisis" signed between Armenia and the Asian Development Bank on July 15, 2009 envisages the provision of 51.378m SDR or $80 million for 24 years, with a 8-year grace period. According to the main speaker, RA Minister of Economy Nerses Yeritsian, the purpose of the agreement is to assist Armenia in mitigating the impact of the global financial and economic crisis.

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