Saturday, August 8 2020 13:23

ArmInfo. The Territorial  Development Fund of the Ministry of Territorial Administration and  Infrastructures of Armenia has provided agricultural machinery to the  Shnokg community of the Lori region of the republic.

According to the press service of the ministry, within the framework  of the program, financed with loans from the World Bank, aimed at  local economic development, 20 communities of the republic will be  provided with agricultural machinery with 5% co-financing from the RA  government. The day before the Shnogh community of Lori region  received the equipment, the total investment value in which amounted  to about 86.5 million drams. 41.9 million drams were allocated for  the purchase of the combine. In addition, the community received two  tractors, a circular saw, a plow, an overhead cultivator and other  equipment. In the conditions of an active agricultural season, the  purchase of new equipment will greatly facilitate the work of the  villagers and increase the efficiency of work.

To note, on March 20, 2020, the World Bank Board of Executive  Directors approved the provision of a loan of 17.9 million euros to  Armenia for additional financing of the program  "Social Investments  and Local Development". The program will assist the Armenian  government in improving the quality, accessibility and  applicability  of intercommunal infrastructures and services.  The program has three  components. In the first component, ssistance is provided to the  socio-economic development of communities and capacity building.  Additional funding will continue to fund micro- programs that target  20 vulnerable communities. Under the second component of inter-  community social and  economic development initiatives, 35  initiatives that will have a longer-term impact will be funded and  bring together two or more communities.  Through this new approach to  engagement, communities will be provided with additional incentives  to make full use of the connections and development opportunities in  line with the concept of territorial reforms. In the third component,  assistance will be provided for the institutional strengthening of  the Territorial Development Fund of Armenia. In accordance with the  territorial reforms, the Fund is gradually moving from micro-  programs related mainly to social infrastructures to the  implementation of sustainable territorial development programs by  enlarged communities.  The loan will be provided through the  International Bank for  Reconstruction (IBRD) with a floating spread,  repayment term of 25.5  years with a 14.5-year interest-free period.   The Government of  Armenia and the beneficiary communities will  provide co-financing in  the total amount of EUR 7.52 million.  

Since Armenia joined the World Bank in 1992 and IDA in 1993,  commitments to it have amounted to about $ 2,434,734 million