A multilateral mission visits a site of the Irrigation System Modernisation Project in the Republic of Armenia
Yerevan, 7 December 2015. A multilateral mission has visited a site of the Irrigation System Modernisation Project in the Republic of Armenia. The mission consisted of representatives of the Ministry of Finance of the Republic of Armenia, the Ministry of Finance of the Russian Federation, the EFSD Resource Manager, and the World Bank.
During the visit, the team of experts met representatives of Masis water user association and examined the pump unit in Masis to be replaced with a gravity irrigation system. Implementation of this component of the project will enable irrigation of additional 100 ha, as well as electricity savings of 1.1 million kWh or USD 115,000 annually.
The loan agreement for the Irrigation System Modernisation Project was signed on 16 October 2015. The procedures required for the agreement to come into force are currently underway. Under the signed agreement, implementation of the five-year Irrigation System Modernisation Project totalling USD 50 million (EFSD concessional loan of USD 40 million and co-financing by Armenia of USD 10 million) will be launched in 2016. If implemented, the Project will generate electricity, network operation and maintenance cost savings of up to USD 2 million annually. Some preliminary estimates show that the expected expansion of irrigated area will reach 10,433 ha, with about 114,000 people benefiting from the project.
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
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The Eurasian Fund for Stabilisation and Development (EFSD) amounting to US$8.513 billion was formed as the EurAsEC Anti-Crisis Fund on 9 June 2009 by the governments of six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The objectives of the EFSD are to assist its member countries in overcoming the consequences of the global financial crisis, ensure their economic and financial stability, and foster integration processes in the region. The member states of the EFSD appointed EDB as its manager.
Read more at http://efsd.eabr.org/