YEREVAN, NOVEMBER 26, NOYAN TAPAN. The RA Minister of Finance Tigran Davtian and the Head of the World Bank Yerevan Office Aristomene Varudakis signed the World Bank-approved 20 million dollar credit for additional financing of the Armenia Municipal Water and Wastewater Project. The additional financing will help the Armenian government to take steps on rehabilitation of the water supply system and extension of the measures of the current program of reforms, including the extension of the Management Contract signed between Armenia Water and Wastewater Company responsible for the project and the international operator of the water supply system. According to the press service of the RA Ministry of Finance, the three major components will receive assistance within the framework of additional financing: 1) Strengthening the management of Armenia Water and Waste Water Company through financing of the continuation of the Management Contract for two more years, 2) investments in Armenia Water and Waste Water Company by financing structural and financial capacity development, purchase of equipment and machines for improving the work of Armenia Water and Wastewater Company, reconstruction and improvement of chemical and biological laboratories, as well as training and retraining of the staff of Armenia Water and Wastewater Company, 3) investments in the branch system by financing the replacement of cleaning and chlorination equipment, purchase and installation of pressure loggers and pipes, and construction work. Reference: Armenia joined the World Bank in 1992 and the International Development Association in 1993. Commitments so far made about 1.076 billion dollars under 49 programs. The credit has been provided on "hardened" conditions at 0.75% annual interest rate for a 20-year period, with a grace period of 10 years.

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