ArmInfo. At a meeting on March 12, the Armenian government recognized the agreement with the World Bank on the second, additional financing of the program for the restoration of vital roads as urgent for ratification. The document in accordance with established procedure will be sent to the country's parliament.
It should be noted that in May of last year, the Board of Directors of the Bank approved additional funding of 13.4 million euros for the "restoration of the vital road network" program. Resources will be provided through the WB structure - the International Bank for Reconstruction and Development. With these funds, 61 km of vital roads in Aragatsotn, Ararat, Gegharkunik, Lori and Syunik regions will be additionally repaired. The loan is provided on a variable spread basis, with a grace period of 14.5 years with a total repayment term of 25.5 years. The total cost of the program is estimated at 16.76 million euros, of which financing of 3.35 million euros will be provided with the participation of the government. The total length of the road section within the framework of additional financing will increase to 450 km, of which 299 km have already been restored. From the moment the program was launched (2009), to this day the level of employment in these areas has increased, travel time has been reduced by an average of 40%, and a total of 433 km of vital roads have been repaired in the country. To recall, in the first stage of the program to improve the vital road network, a vital road with a total length of 170 km was restored. Moreover, due to the saved funds of the program, it was possible to restore more than envisaged - roads with a total length of 41.1 km. According to the World Bank, despite significant improvements in the road network over the past 10 years, 40% of Armenia's roads still remain in poor condition and for one third of the rural population the road is not accessible at all times of the year. The country still needs significant investment in restoration and conservation. Limited market connections and poor road conditions impede the development of trade in rural areas, which in the case of some communities can result in significant losses. Additional funding will also help Armenia improve road safety and assess the real cost of road accidents for people and the economy. Being a member of the World Bank since 1992 and since 1993, the International Development Association (IDA), the total value of the allocated funds of Armenia amounted to about $ 2,379,734 million.
