YEREVAN, NOVEMBER 28, NOYAN TAPAN. At the November 28 special sitting, the RA National Assembly ratified the Agreement on Financing of the Third Program of the Social Investment Fund signed between the Republic of Armenia and the International Development Association (IDA) on November 1, 2006. According to the RA First Deputy Minister of Finance and Economy Pavel Safarian, the purpose of the agreement is to ensure the continuity of the measures and activities of the two previous credit programs implemented by the fund. It aims to improve the quality of community infrastructures and services, and increase the living standard of the poor and vulnerable groups of the population through promotion of additional institutional capacity at the community and city level. The total cost of the credit program is 33.3 million USD, with the IDA's allocation to Armenia making 25 million USD or 75% of the program's cost. The co-financing of the Armenian government will make 6.7 million USD or 20% of the total cost, the community investments - 1.5 million USD or 4.5%, and various investments in the form of grants - 0.13 million USD or about 0.4%. The program's operation term is from 2007 to June 30, 2011. The credit is provided for 20 years, with a 0.75% annual service payment. Its payment is envisaged for 2017-2026.

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