World Bank to lend $35 to 40 million to Armenia this year for recovering roads

24.03.2010 21:40
World Bank to lend $35 to 40 million to Armenia this year for recovering roads

YEREVAN, March 24. /ARKA/. The World Bank will lend $35 to 40 million to Armenia this year for recovering roads, Aristomene Varoudakis, the head of the WB’s Yerevan office, said Wednesday at his meeting with Transport Minister Manuk Vardanyan.

The press office of the ministry told ARKA News Agency that new programs of road construction were discussed at the meeting.

Varoudakis said that the loan will be extended for construction of 171 kilometers of roads as part of the suspended Millennium Challenges Program, and also for construction of a Syunik section of the highway.

He said the construction of this section is planned to be completed in October 2010.

Varoudakis said that the road recovery program launched in 2009 will be completed this year.

He said $25 million was earmarked for it initially, and extra $36.6 million were allocated later.

Under this program, 240 kilometers of roads will be recovered in Armenia’s provinces.

The WB representative finds this program quite effective, since it targets those sections connecting rural areas with the highway and creates new jobs for local residents.

Manuk Vardanyan appreciation of the WB program saying it will contribute a great deal to the country’s development and will increase living standards.

He also stressed the importance of coordinated efforts of the World Bank and Asian Development Bank in this area.

The minister said that the two programs should supplement each other to make the work productive.

The World Bank has lent $1.318 billion to Armenia since started cooperating with the country in 1992.

The WB has provided this money to Armenia under 70 programs, of which 52 are already completed, and the remaining 18 are being implemented now.-0--


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