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WB Approves Additional $36.6 Financing To Armenia

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  • WB Approves Additional $36.6 Financing To Armenia

    WB APPROVES ADDITIONAL $36.6 FINANCING TO ARMENIA

    ARMENPRESS
    Aug 31, 2009

    YEREVAN, AUGUST 31, ARMENPRESS: The World Bank's Board of Executive
    Directors approved a credit of US $36.6 million equivalent Additional
    financing for the Lifeline Road Improvement Project (LRIP-AF)
    for Armenia. This project will assist the Government of Armenia in
    its on-going efforts to drastically improve accessibility of the
    country's main road network for the rural population and to create
    mid-term employment. It will also help Armenia mitigate the impacts
    of global economic crisis on the country's economy and well-being of
    its population.

    Head of the WB Armenian Office Aristomene Varudakis said today that
    the construction works of the additional funds will kick off in late
    September. By the time the project is completed, rural communities
    would benefit from travel time reductions on the newly rehabilitated
    roads and increased local employment opportunities. The LRIP-AF has
    two main components. It would support rehabilitation of approximately
    140 km of the lifeline roads, located in seven regions. The technical
    assistance component will enhance the capacity development in
    alternative pavement designs, a road safety audit manual, as well
    as "safe village" pilot for further scaling up safety standards in
    other areas.

    Varudakis said the rehabilitation of roads will create about 800
    temporary jobs in rural areas.

    This project is part of the overall World Bank Group Country
    Partnership Strategy (CPS) for 2009-2012 which was approved in early
    June. The IBRD Flexible Loan has 25 years of maturity with 10 years
    grace period. Since joining the World Bank in 1992 and IDA in 1993,
    commitments to Armenia total approximately US$1, 313, 6 million.

    From: Emil Lazarian | Ararat NewsPress
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