YEREVAN, February 24. / ARKA /. The Anti-Crisis Fund of the Eurasian Development Bank (EDB) will provide the Armenian government with a $40 million loan to fund a project designed to modernize and develop the institutional capacity of the national irrigation systems, EDB board chairman Dmitry Pankin said today during an online news conference.
The project is being financed currently by the World Bank. The EDB will finance one of its next stages. Pankin said the final decision on the loan will be made later this year.
The Anti-crisis Fund in the amount of US$8.513 billion was established in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyz Republic, Russia and Tajikistan to assist member countries in overcoming the consequences of global financial crisis, to ensure their long-run economic stability and to foster economic integration.
The Fund has two main instruments: financial credits and investment loans. Financial credits are granted to finance budget deficits as well as to support balance of payments or national currencies. Investment loans can be used to finance the interstate investment projects.-0-
