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WORLD BANK SUPPORTS ARMENIAN SOCIAL INVESTMENT FUND
TARGETING THE POOR
WASHINGTON, OCTOBER 27, ARMENPRESS: The World
Bank's Board of Executive Directors approved October
26 a credit of US $25 million equivalent for a Social
Investment Fund III (ASIF III) Project for Armenia.
The World Bank said in a press release this project
will assist the Government of Armenia in its efforts
to improve the living standards of the poor and
strengthen institutions at the local level.
So-called "infrastructure gaps," including schools
and primary health clinics or ambulatories that are in
need of repair or reconstruction, are most acute in
the rural areas, especially in the remote and isolated
communities. While unmet demands remain throughout
Armenia, the needs of earthquake zone communities are
large, and include potable water and special schools.
For high mountainous communities, potable water
remains a high priority, along with community centers.
The new project will help to meet these and other
needs over the medium-term.
"The main strength of ASIF is its capacity to
penetrate into remote, isolated, and poor communities,
provoke effective discussion on their perceived
priorities, and to bring the project proposals to
serve their needs," said Caroline Mascarell, Head of
the World Bank team designing the project. Thus, the
Fund will support the improvement of basic social and
economic infrastructure, short-term employment
opportunities, community participation, and local
capacity building and empowerment, she noted.
The ASIF III Project will benefit from the effective
institutional and implementation arrangements already
in place under the ASIF I and II projects. ASIF has
successfully been in operation for the last decade; so
far, 587 micro-projects in 271 rural and urban
communities have been completed under the project,
reaching up to 1.7 million beneficiaries all over
Armenia.
The ASIF III project has two main components. It
would support community investments in the poorest
communities of Armenia through basic small-scale
social and economic infrastructure rehabilitation. The
project would also compliment community investment
through local level institutional strengthening,
monitoring and evaluation. It is designed to increase
the competencies and accountability of municipal
administration in such areas as financial management,
budgeting, accounting, and asset management.
By the time the project is completed, more than a
hundred of the neediest communities (of small and
medium size, and mostly rural) would benefit from
newly constructed and renovated schools that are
warmer during the winter; specialized schools for
orphanages, handicapped children, and art students;
sports facilities; community centers; potable water in
homes; and rehabilitated irrigation systems.
The credit is provided on "hardened" IDA terms,
with a maturity of 20 years and a grace period of 10
years included. Since July 1, 2006 Armenia has been in
the process of graduating from IDA eligibility.
Since joining the World Bank in 1992 and IDA in
1993, commitments to Armenia have totaled
approximately US $952.25 million for 44 operations.
WORLD BANK SUPPORTS ARMENIAN SOCIAL INVESTMENT FUND
TARGETING THE POOR
WASHINGTON, OCTOBER 27, ARMENPRESS: The World
Bank's Board of Executive Directors approved October
26 a credit of US $25 million equivalent for a Social
Investment Fund III (ASIF III) Project for Armenia.
The World Bank said in a press release this project
will assist the Government of Armenia in its efforts
to improve the living standards of the poor and
strengthen institutions at the local level.
So-called "infrastructure gaps," including schools
and primary health clinics or ambulatories that are in
need of repair or reconstruction, are most acute in
the rural areas, especially in the remote and isolated
communities. While unmet demands remain throughout
Armenia, the needs of earthquake zone communities are
large, and include potable water and special schools.
For high mountainous communities, potable water
remains a high priority, along with community centers.
The new project will help to meet these and other
needs over the medium-term.
"The main strength of ASIF is its capacity to
penetrate into remote, isolated, and poor communities,
provoke effective discussion on their perceived
priorities, and to bring the project proposals to
serve their needs," said Caroline Mascarell, Head of
the World Bank team designing the project. Thus, the
Fund will support the improvement of basic social and
economic infrastructure, short-term employment
opportunities, community participation, and local
capacity building and empowerment, she noted.
The ASIF III Project will benefit from the effective
institutional and implementation arrangements already
in place under the ASIF I and II projects. ASIF has
successfully been in operation for the last decade; so
far, 587 micro-projects in 271 rural and urban
communities have been completed under the project,
reaching up to 1.7 million beneficiaries all over
Armenia.
The ASIF III project has two main components. It
would support community investments in the poorest
communities of Armenia through basic small-scale
social and economic infrastructure rehabilitation. The
project would also compliment community investment
through local level institutional strengthening,
monitoring and evaluation. It is designed to increase
the competencies and accountability of municipal
administration in such areas as financial management,
budgeting, accounting, and asset management.
By the time the project is completed, more than a
hundred of the neediest communities (of small and
medium size, and mostly rural) would benefit from
newly constructed and renovated schools that are
warmer during the winter; specialized schools for
orphanages, handicapped children, and art students;
sports facilities; community centers; potable water in
homes; and rehabilitated irrigation systems.
The credit is provided on "hardened" IDA terms,
with a maturity of 20 years and a grace period of 10
years included. Since July 1, 2006 Armenia has been in
the process of graduating from IDA eligibility.
Since joining the World Bank in 1992 and IDA in
1993, commitments to Armenia have totaled
approximately US $952.25 million for 44 operations.