Monday, November 26 2018 12:58

ArmInfo. Hydrological expertise is carried out in the framework of the construction project of Mastara reservoir in Armenia, Executive Director of the Eurasian  Foundation for Stabilization and Development (EFSD) Andrey Shirokov  told ArmInfo's correspondent.

According to him, a feasibility study has been prepared for this  project. However, given the changes in the hydrological situation,  most likely caused by climate change, it has become necessary to  revise some components of the program. "What was originally planned  now has to be changed. The results of the hydrological examination  may affect the scheme of the project's implementation," the EFSD  Executive Director noted. Moreover, according to him, in Armenia the  possibilities for increasing the state debt of the country are  limited. "Most likely, the Mastara project is considered precisely in  this light, and not directly in the details of the project itself,"  Andrey Shirokov emphasized.

To recall, on December 8, 2015, the EFSD Council approved the  preliminary application of Armenia for providing $ 25.2 million for  the implementation of "Construction of the Mastara Reservoir"  program, which is planned to be built on the Mastara River. It will  collect free flow from the Akhuryan reservoir to the Talin irrigation  system.

To note, initially it was planned to implement a large-scale program  for the construction of four reservoirs in Armenia - Yeghvard, Vedi,  Kaps and Mastara. The total cost of the program was estimated at  about $ 350-400 million. Funding was mainly provided by the credit  resources of international donors such as the Japan International  Cooperation Agency (JICA), the Eurasian Development Bank, the French  Development Agency, the German KFW bank, etc. However, after a change  of government the country has begun the process of revising some of  these projects, caused by the intention of the new government to  limit the attraction of new credit resources in order to increase the  effectiveness of state debt control.  The EFSD (formerly the EurAsEC  Anti-Crisis Fund) is a regional financial mechanism in the amount of  $ 8.5 billion. In 2009, it was founded by Armenia, Belarus,  Kazakhstan, Kyrgyzstan, Russia and Tajikistan.  In particular, the  fund provides financial loans to governments to support the budgets  or balance of payments of member states. The funds of the EFSD are  managed by the Eurasian Development Bank (EDB). The EDB is an  international financial organization established by Russia and  Kazakhstan in January 2006 with the aim of promoting the development  of the market economy of the participating states, their sustainable  economic growth and the expansion of mutual trade and economic ties.  The Bank's member states are the Republic of Armenia, the Republic of  Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian  Federation, and the Republic of Tajikistan.