World Bank to lend $122.67 million to Armenia under three projects

06.08.2014 18:45
World Bank to lend $122.67 million to Armenia under three projects

YEREVAN, August 6. /ARKA/. Armenian Finance Minister Gagik Khachatryan and World Bank’s Country Manager for Armenia Jean-Michel Happi signed a $122.67-million agreement on financing three programs, the press office of the finance ministry reports.

In particular, International Bank for Reconstruction and Development (a member of the World Bank) and Armenia have sealed a $50-million lending contract under Trade Promotion and Quality Infrastructure Project.

The objective of the project is to provide adequate incentives to ensure improved effectiveness of the government in delivering trade promotion and quality infrastructure services to firms.

Another $32.67 million will be provided to Armenia under Community Agricultural Resource Management and Competitiveness Project in accordance with agreements with IBRD and IDA (International Development Association). IBRD will lend $23 million and IDA $6.26 million SDR equivalent to $9.67).

The objectives of the project are to improve productivity and sustainability of pasture and livestock systems in targeted communities and increase the marketed production from selected livestock and high value agri-food value chains.

The remaining $40 million will be lent by the IBRD as additional financing for Electricity Supply Reliability Project.

The project is aimed at strengthening reliability of Armenia’s electricity-supplying network.
The objective of the additional financing is to scale up project activities to enhance the impact of the ongoing Electricity Supply Reliability Project and finance the cost of rehabilitation of three substations essential for Armenia’s power transmission network.

The World Bank and International Development Association have lent about $1 961.73 million to Armenia since 1993. ---0----

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Tags: , , Новости Армении АМИ Новости-Армения

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