EFSD contributes to modernization of Armenia`s irrigation system

ArmInfo.The Eurasian Fund for Stabilization and Development (EFSD) has financed a number of projects in Armenia. Another project totaling $100 million is being prepared. The Fund supports the most important, strategic investment areas.

According to a reportage aired on the Rossiya24 TV channel,  preparations are now underway for another financial loan of $100  million. In total, the Fund's Armenian portfolio  includes 10  projects totaling $500 million. The construction of the fourth stage  of the International North-South Transport Corridor (INSTC) as  already been financed.  Another $40 million was spent to modernize  the country's irrigation system. The work is at its final stage.

As Andrey Shirokov, the Executive Director of the Project Block at  the Eurasian Fund for Stabilization and Development (EFSD), managed  by the Eurasian Development Bank, said, the irrigation system is one  of the most important sectors of economic development in Armenia.   "More than 10% of GDP is generated precisely thanks to Armenian  agriculture. About 300 thousand households are involved in  agriculture. Another large and very important project that we are  financing in Armenia is several sections of the INSTC, which is an  important transit corridor for the Republic. We have a number of  projects in the social sector - this includes healthcare and energy  efficiency of social facilities," added Shirokov.

The Eurasian Fund for Stabilization and Development (the former  EURASEC Anti-Crisis Fund) is a regional financial arrangement in the  amount of US$ 8.513 billion established by Armenia, Belarus,  Kazakhstan, Kyrgyz Republic, Russia, and Tajikistan to overcome  negative crisis consequences, to provide long-run sustainability and  to foster economic integration of EFSD member countries. The Fund  provides the following assistance to the member states: financial  credits for budget support and (or) balance-of-payments support,  available to governments only;investment loans, provided either to  EFSD member states or to companies;grants to finance government  programmes in the social sector.