IBRD Loan: US$30 million
Terms: Maturity = 27 years; Grace Period = 5 years
Project ID: P116681
Project Description: The Irrigation Rehabilitation Emergency Project (IREP) for Armenia aims to: (i) to improve water use efficiency in two selected irrigation schemes; and (ii) to foster immediate rural employment. The loan will help finance the costs associated with the rehabilitation of the two main irrigation canals of Armavir and Talin as well as provide a short term stimulus to the labor market in the two Marzes resulting from the rehabilitation works. This project is one of several in Armenia to respond to the Government's request for assistance to mitigating the impact of the global financial crisis. As part of its response the Bank has proposed: (a) to increase funding on several of its operations with additional financing; (b) to accelerate the implementation of existing operations; and (c) to introduce a number of emergency interventions with the aim of creating short term employment while simultaneously tackling some of the country's most serious infrastructure needs.