Yerevan/Mediamax/. The Board of Directors of the World Bank (WB) approved the allocation of a $18mln credit to Armenia as additional financing for the “Emergency Irrigation Rehabilitation Project”.

The initial sum of the project ($30mln) was approved in 2009. The head of WB Yerevan Office Jean-Michel Happi said in Yerevan today that the additional financing is conditioned by the priority of development of agriculture for the Armenian government and effective use of the basic amount of the program, Mediamax reports.

According to Jean-Michel Happi, the additional financing will help restore 50km of main irrigation channels and 63 km of minor irrigation networks, due to which it will be possible to annually spare about 44,2 million cubic meters of water  (in the amount of $1.4mln) and resume the irrigation of 6500 hectares of lands.

The basic amount was used to restore about 89.4 km of irrigation channels and water losses decreased by 96.9 million cubic meters. The total amount of the additional financing will make $21.6mln, $3.4 of which will be allocated by the Armenian government and $0.2 by program beneficiaries.

The program involves 7 marzes. The maturity date of WB credit is 25 years, with a 10-year preferential period.