EDB to offer Armenia $40 mln for irrigation systems
YEREVAN. Dec 10 (Interfax) - The Eurasian Development Bank (EDB) plans to offer a $40 million loan to Armenia for an irrigation system upgrade project, the EDB told Interfax.
The money will come from the EurAsEC Anti-Crisis Fund. The EDB manages the Fund's resources. The EDB is working with the World Bank on the project.
The EDB says on its website that on December 4 the World Bank and EDB signed a deal on working together to finance irrigation system development and institutional expansion in Armenia with a $40 million loan. The money is to be offered within the framework of the Anti-Crisis Fund.
World Bank Vice President for Europe and Central Asia Laura Tuck signed the agreement with EDB Chairman Igor Finogenov.
The EDB is an international financial organization founded by Russia and Kazakhstan in 2006 to aid the development of its member states' market economies and to expand trade and economic ties. The current members are Russia, Kazakhstan, Kyrgyzstan, Armenia, Tajikistan and Belarus. It manages the Eurasian Economic Community (EurAsEC) Anti-Crisis Fund.