IDA Credit: US$8 million
TERMS: Maturity = 20 years; Grace = 10 years
Project Description: The Additional Financing for the Social Investment Fund III Project for Armenia is consistent with the development objectives for the Armenia Social Investment Fund III Project and aims to support the Government’s policy to raise the living standards of the poor and vulnerable groups through: (i) improving the quality and access, and increasing the coverage of community infrastructure and services in poor communities, and for the most vulnerable groups in response to critical needs; and (ii) promoting complementary institutional capacity building at the community and municipal level so as to improve the quality and sustainability of community investments and service delivery, increase accountability, and enhance greater stakeholder empowerment at the local level. These objectives remain relevant, however, a third objective is being added to reflect activities under the Additional Financing. The additional objective is the creation of employment associated with the provision of community infrastructure and services.