Eurasian Development Bank (EDB) and World Bank (WB) signed a cooperation agreement on drafting and implementing  “Modernization of Irrigation Systems and Development of Institutional Opportunities” investment project in Armenia at an overall cost of USD 40 million.

The funds will be allocated within the framework of EurAsEC Anti-Crisis Fund.

“The necessity to sign the agreement is dictated by the endeavor of the parties to further support the introduction of high standards and achievement of an effective long-term national program on the restoration and reconstuction of irrigation and drainage systems in Armenia.

“The first projects worked out within the national program and implemented through the financial support of WB registered positive results and were highly assessed by the Armenian government,” the statement notes.

“The cooperation between World Bank and Eurasian Development Bank is aimed at the development of the best international practice and more profound study of the specific features of the countries in the region,” World Bank Vice-President Laura Tak noted.