ArmInfo. The Eurasian Development Bank (EDB) has provided assistance to Armenia to help overcome the consequences of the natural disaster that occurred on 25-26 May 2024, the Bank's press service reports.
As the source notes, heavy rains resulted in a month's worth of precipitation, affecting local residents, transport and energy infrastructure, as well as rail and road communications. "In view of the severe consequences of the flooding that affected Armenia's northern regions, the EDB decided to provide ADM 100 million in financial support. These funds will be transferred to Armenia's Ministry of Finance for further distribution," said Nikolai Podguzov, Chairman of the EDB Management Board.
In 2024, the EDB also provided financial aid to Kazakhstan for those who suffered from the worst floods in 80 years.
On May 26, heavy rains hit northern Armenia, causing the Debed and Aghstev rivers to overflow their banks and flooding in the Lori and Tavush regions. As a result, many roads and bridges were destroyed, houses were flooded, and many problems arose in terms of communication infrastructure, power lines, gas pipelines, drinking water and irrigation systems. More than 400 people were evacuated, and the death toll reached. Already on June 11, during a press conference, Governor of the Central Bank of Armenia Martin Galstyan, referring to the results of discussions with the Ministry of Finance, stated that the government does not yet have the final data for the damage caused by the flood in the Lori region, which would allow to more clearly assess the volume of expenses and understand how to respond to the disaster. Galstyan noted that as a result of the natural disaster, 53 road sections were damaged, more than 20 bridges were destroyed.
The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
