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