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World Bank Gives Additional 20 Million Dollar Credit For Restoration

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  • World Bank Gives Additional 20 Million Dollar Credit For Restoration

    WORLD BANK GIVES ADDITIONAL 20 MILLION DOLLAR CREDIT FOR RESTORATION OF ARMENIA'S WATER AND WASTE WATER INFRASTRUCTURES

    Noyan Tapan
    Oct 31, 2008

    YEREVAN, OCTOBER 31, NOYAN TAPAN. The World Bank's Board of
    Directors made a decision to provide a 20 million dollar credit for
    additional financing of the Armenia Munisipal Water and Waste Water
    Project. According to a press release of the WB Yerevan Office,
    the credit is provided on "hardened" terms of the International
    Development Association (IDA) with a maturity period of 20 years,
    including a grace period of 10 years. Armenia has been in the process
    of graduating from IDA since July 1, 2006.

    Additional financing by the WB for expanding the current project was
    expected at the time of the project's assessment, and the management
    contract was prepared based on a six-year program. So the additional
    financing will be used to extend the management contract and the
    additional investments determined previously. It will help meet the
    huge invetsment needs for improving the water supply network.

    The head of the WB team designing the project Jonathan Kamkwalala
    said that the the investment program is being implemented according
    to the shedule, and the repair and rehabilitation program for the
    Armenia Water and Wastewater Company's water supply systems has
    resulted in improved water quality and increased the availability of
    clean and safe water: the weighted average daily hours of drinking
    water availability have grown from 6 hours in 2004 to 12.2 hours in
    2008. The structural and financial activity of the Armenia Water and
    Wastewater Company has improved thanks to the projects.

    However, according to him, there is still a significant need for
    investments in the sector, and for that reason the World Bank will
    continue to assist the Armenian government in improving the water
    and waste water services.
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