YEREVAN. - Armenia will get $30 million from the World Bank for village development programs, Vache Terteryan, First Deputy Minister of Territorial Administration and Emergency Situations said in the parliament, introducing the agreement on credit program of social investments and local development.

The funds will be provided by the International Bank of Reconstruction and Development (IBRD, part of World Bank) for 25 years, with exemption period of 24,5 years, at the 6-month Libor rate. Considering the current Libor, an annual rate of 1,25% is expected in the future.

The Armenian government and municipalities will co-finance the program by $11 and $1,92 million respectively. The program will be implemented by the Territorial Development Fund of Armenia.

$24,3 million of the allocated funds will be spent on the support of the social and economic development of Armenia. 120 micro-programs with the funding of $310 thousand each are planned to be implemented by these means.

The second component will be aimed at the implementation of joint programs between the municipalities. The funding of this component will be $13,5 million, which will be allocated between 25-30 programs of $500 thousand each.