[Armenia] Millennium Challenge Account will Allow 6% Reduction of Poverty in Rural Areas

From Pan Armenian

“Implementation of the Millennium Challenge Account is a continuous process,” stated Deputy Minister of Finance and Economy of Armenia Tigran Khachatryan during a news conference in Yerevan over the approval of the Millennium Challenge Corporation Board of Directors of a 5-year program that will provide $235.65 million to Armenia. T. Khachatryan reported that 6 representatives from non-state structures will control implementation of the program. The Millennium Challenge Account goal is rural poverty reduction. The program provides for strategic investments in building of rural roads and irrigation systems, as well as financial and technical assistance to rural economy and agricultural business.

The program will directly affect 750 thousand residents of Armenia or 75% of rural population. The poverty level in Armenia is expected to reduce 6%. A sum of $67.1 million will be allocated for Rural Road Rehabilitation Project, while $145.67 for an Irrigated Agriculture Project. $5.08 million will be spent on monitoring and $17.79 - on management and control of program implementation. Within the framework of the program 943km roads are planned to be restored, which makes 45% of all rural roads of Armenia. 21 regional irrigation systems are also planned to be restored.