YEREVAN, Feb. 26 (Xinhua) -- The World Bank will provide a loan of 70.4 million euros (about 83.1 million U.S. dollars) to Armenia to upgrade the country's water supply and irrigation services, NEW.am reported on Thursday.
The announcement came during a session of the country's Standing Parliamentary Committee on Financial, Credit and Budgetary Issues, where lawmakers discussed the ratification of the loan agreement for the Armenia Water and Irrigation Services Enhancement Program -- Phase 1 Project.
The project seeks to strengthen climate-resilient infrastructure and improve service delivery in rural areas, said Aramazd Galamkaryan, chairman of Armenia's Water Committee.
The Armenian government will co-finance the project by covering taxes, duties, operational expenses and other costs not financed by the loan.
The program includes reforms to enhance governance and institutional capacity in the water sector, modernization of irrigation infrastructure, improvement of rural water supply and sanitation systems, and strengthened project management, reported NEW.am. ■