World Bank lends over 6m dollars to Armenia for irrigation

Arminfo
10 Aug 04

YEREVAN

The Armenian government and World Bank today concluded a 6.75m-dollar
credit agreement for irrigation, Arminfo news agency has learnt from
the press service of the Ministry of Finance and Economy of Armenia.

These funds are to be spent on restoring 47 dikes, which are part of
the irrigation system, with the aim of ensuring their safe use, the
source reported. The programme is planned for four years. The first
credit programme of the World Bank to restore 20 dikes in the
irrigation system, worth 26.6m dollars, began in Armenia in 1999 and
will be finished in March 2005. Overall in Armenia there are 87 dikes,
of which 77 are situated in reservoirs used for irrigation, three in
drinking water reservoirs, six are used for hydro-electric
power-stations and one for restoration work.

The World Bank credit will be allocated on the preferential terms of
the International Development Association for 40 years, with an annual
interest rate of 0.75 per cent and a grace period for the first 10
years. Since 1992, 36 World Bank programmes have been implemented in
Armenia, worth 820.8m dollars