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Published:March 24th, 2006 03:20 EST
Republic of Armenia to Sign $235 Million Millennium Challenge Compact

Republic of Armenia to Sign $235 Million Millennium Challenge Compact

By Judyth Piazza CEO (Editor)

Secretary of State Condoleezza Rice, Chair of the Board of the Millennium Challenge Corporation (MCC), will make remarks at the signing of the Millennium Challenge Compact between the United States and the Republic of Armenia, on Monday, March 27, 2006 at 4:00 p.m., in the Benjamin Franklin Room, at the Department of State.

MCC Chief Executive Officer Ambassador John Danilovich and Armenian Foreign Minister Vartan Oskanian will also make remarks. The $235.65 million Compact will be signed by Ambassador Danilovich and Armenia’s Minister of Finance and Economy, Vardan Khachatryan.

Armenia’s Millennium Challenge Compact aims to reduce rural poverty through a sustainable increase in the economic performance of the agricultural sector. The Compact consists of two investments: a Rural Road Rehabilitation Project and an Irrigated Agriculture Project. The program will directly impact 75 percent of the rural population and is expected to significantly increase the annual incomes of the rural poor.

The Millennium Challenge Corporation, a U.S. government corporation designed to work with some of the poorest countries in the world, is based on the principle that aid is most effective when it reinforces good governance, economic freedom, and investments in people that promote economic growth and elimination of extreme poverty.

This event will be open to the press.

Pre-set time for cameras: 3:15 p.m. from the 23rd Street entrance.

Final access time for all press: 3:30 p.m. from the 23rd Street entrance.

Media representatives may attend this briefing upon presentation of one of the following: (1) a U.S. Government-issued identification card (Department of State, White House, Congress, Department of Defense, or Foreign Press Center), (2) a media-issued photo identification card, or (3) a letter from their employer on letterhead verifying their employment as a journalist, accompanied by an official photo identification (driver’s license or passport).

Source: US State Dept.