Announcement

Collapse
No announcement yet.

World Bank Approves New Credits For Armenia, Georgia

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • World Bank Approves New Credits For Armenia, Georgia

    WORLD BANK APPROVES NEW CREDITS FOR ARMENIA, GEORGIA
    Venla Sipila

    World Markets Research Centre
    Global Insight
    November 3, 2008

    The Board of Directors of the World Bank has approved new loans
    of $20US million for both Armenia and Georgia for infrastructure
    projects. In Armenia, the new credit is allocated to additional
    financing of the Municipal Water and Wastewater Project for
    rehabilitation and improvement of the water system. Meanwhile, the
    Georgian credit was approved for additional financing of the Second
    East-West Highway Improvement Project, aiming to reduce road transport
    costs and improve ease of transit and safety on the East-West Highway
    from Tbilisi to Ricoti, and to strengthen the government's capacity
    to develop and implement a traffic safety programme. Both credits
    carry a maturity of 20 years and have a grace period of 10 years.

    Significance:Both Caucasian countries have earned good relations
    with international creditors with the solid reform progress, while
    both of them also still face considerable challenges in restructuring
    their economy. Furthermore, financing needs in Georgia have naturally
    recently increased still further after the damage to infrastructure
    caused by the war in August between Georgia and Russia. World Bank
    has earlier announced that it will support Georgia's post-war recovery
    with additional financing worth $80US million within the frameworks of
    the Georgian Poverty Reduction Support Operation and the Regional and
    Municipal Infrastructure Development Project (see Georgia: 6 October
    2008: ).

    From: Emil Lazarian | Ararat NewsPress
Working...
X