EDB provides AMD 100 million to help overcome flood consequences in  Armenia

ArmInfo. The Eurasian Development Bank (EDB) has provided assistance to Armenia to help  overcome the consequences of the natural disaster that occurred on 25-26 May 2024, the Bank's press service reports.

As the source notes, heavy rains resulted in a month's worth of  precipitation, affecting local residents, transport and energy  infrastructure, as well as rail and road communications.  "In view of  the severe consequences of the flooding that affected Armenia's  northern regions, the EDB decided to provide ADM 100 million in  financial support. These funds will be transferred to Armenia's  Ministry of Finance for further distribution," said Nikolai Podguzov,  Chairman of the EDB Management Board.

In 2024, the EDB also provided financial aid to Kazakhstan for those  who suffered from the worst floods in 80 years.

On May 26, heavy rains hit northern Armenia, causing the Debed and  Aghstev rivers to overflow their banks and flooding in the Lori and  Tavush regions. As a result, many roads and bridges were destroyed,  houses were flooded, and many problems arose in terms of  communication infrastructure, power lines, gas pipelines, drinking  water and irrigation systems. More than 400 people were evacuated,  and the death toll reached.  Already on June 11, during a press  conference, Governor of the Central Bank of Armenia Martin Galstyan,  referring to the results of discussions with the Ministry of Finance,  stated that the government does not yet have the final data for the  damage caused by the flood in the Lori region, which would allow to  more clearly assess the volume of expenses and understand how to  respond to the disaster. Galstyan noted that as a result of the  natural disaster, 53 road sections were damaged, more than 20 bridges  were destroyed.

  The Eurasian Development Bank (EDB) is a multilateral development  bank investing in Eurasia. For more than 18 years, the Bank has  worked to strengthen and expand economic ties and foster  comprehensive development in its member countries. The EDB's charter  capital totals US $7 billion. Its portfolio consists principally of  projects with an integration effect in transport infrastructure,  digital systems, green energy, agriculture, manufacturing and  mechanical engineering. The Bank adheres to the UN Sustainable  Development Goals and ESG principles in its operations.