January 26, Armenian Minister of Finance Vache Gabrielyan and Head of the WB Armenian office Jean-Michel Happi signed three credit agreements of the credit package of the WB policy of developing partnership with Armenia in 2009-2012.

The sides signed the 2nd policy development program, innovation program for electronic society and competitiveness and additional financing for the healthcare modernization, the Ministry of Finance told Armenian News-NEWS.am.

Under the 2nd development policy program the Armenian Government met a number of WB-set requirements to reduce poverty and boost the economy. As a result, the WB issued a U.S. $25 million loan to the Armenian Government, with U.S. $21 million to be allocated on easy terms (a 20-year repayment term, with a 10-year grace period, the annual interest rate being 0.75%). The rest U.S. $4 millions will be provided on commercial terms (a 25-year repayment term, with a 10-year grace period).

A U.S. $24 million loan will be issued under the innovation program for electronic society and competitiveness. The program has three components: development of the e-community infrastructure, promotion of innovations at enterprises and program management. The loan will be issued on commercial terms (a 25-year repayment term, with a 10-year grace period).

A total of U.S. $19 million are to be allocated under the additional financing for the healthcare modernization program on commercial terms (a 25-year repayment term, with a 10-year grace period).