The World Bank Board of Executive Directors on Friday announced approval of a $30 million loan to Armenian communities through the Social Investment and Local Development Project.
The project aims to improve social infrastructure with renovations and restructuring, specifically in rural areas. These improvements will help modernize waste management, water supplies, schools, educational and community centers, and other projects.
The program's roots began with the Armenian Social Investment Fund (ASIF). This is one of the longest-running projects funded by the World Bank, and the project will initially support socio-economic development following the ASIF model. In this stage, 120 communities will have micro-projects implemented.
“I am particularly happy that this project will create much-needed jobs, thus contributing to income generation in participating communities," World Bank Country Manager for Armenia Laura Bailey said. "We estimate that approximately 300 permanent and 1,100 temporary jobs will be created, with more than $8 million in wage income generated in vulnerable communities.”
The second phase will have intercommunity projects with longer-term development impacts. The third phase will support ASIF's transformation into the Armenian Territorial Development Fund with larger projects implemented.