YEREVAN (Armenpress)–The Board of Directors of the World Bank approved the release of a $12.2 million loan to the Armenian justice ministry to get a legal reforms program started–World Bank Armenia representative Oweiss Saadat announced at a news conference.
Around $800,000–earmarked by the Armenian government for this purpose–will be added to the loan. The loan is to be given for 40 years term at 0.75% interest year with a ten year grace period.
According to Saadat–this program is of great importance to Armenia–since it is the first time that the World Bank made an investment in a legal system. "We have designed this program to make the legal system of Armenia independent and efficient," said Saadat.
The program consists of six components–including strengthening of institutional facilities of the legal system–restoration of its substructures where around 20 court-buildings are to be restored–construction of a new court building in Armenia’s second largest town of Gyumri and retraining courses for the staff.