Armenia - Highway Project

Document of The World Bank FOR OFFICIAL USE ONLY Report No. P-6587-AM MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT IN AN AMOUNT OF SDR 10.3 MILLION TO THE REPUBLIC OF ARMENIA FOR A HIGHWAY PROJECT AUGUST 22, 1995 This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS (as of March 17, 1995) Currency Unit=Dram 1= US$ 0.0024 US$1= 425 HISTORICAL EXCHANGE RATES per US$1 November 22, 1993 14.0 (introduction) December 18, 1993 80.0 March 17, 1995 425.0 WEIGHTS AND MEASURES Metric System ABBREVIATIONS AND ACRONYMS ADT - Average Daily Traffic ARD - The Armenian Road Directorate EBRD - European Bank for Reconstruction and Development EIRR - Estimated Internal Rate of Return EU - European Union FSU - Former Soviet Union GOA - Government of Armenia ICB - International Competitive Bidding IDA - International Development Association IFC - International Finance Corporation MNEP - The Ministry of Nature and Environmental Protection MTC - The Ministry of Transport and Communications NCB - National Competitive Bidding NEAP - National Environmental Action Plan NPV - Net Present Value NS - National Shopping ntkm - net ton-km PIU - Project Implementation Unit PMS - Pavement Management System RUR - Russian Ruble SOE - Statement of Expenditures VPD - Vehicles per day ARMENIA - FISCAL YEAR January l-December 31  FOR OFFICIAL USE ONLY REPUBLIC OF ARMENIA Highway Project Credit and Project Summary Borrower: Republic of Armenia Implementing Agency: Armenian Road Directorate Beneficiary: Armenian Road Directorate Poverty Category: Not applicable. Amount: SDR 10.3 million (US$16 million equivalent) Terms: 35 years, including ten years of grace on standard IDA terms. Financing Plan: See Schedule A. Commitment Fee: 0.5 % on undisbursed credit balances, beginning 60 days after signing, less any waiver Economic Rate of Return: The EIRR for the periodic maintenance component (57 percent of project cost) is 38 %. No EIRR has been calculated for the routine maintenance component and supporting equipment purchases (26 percent of project cost), but typically routine maintenance has produced large savings in periodic maintenance costs. Project ID Number: AM-PA-35765 Staff Appraisal Report: 14301-AM Map: IBRD 26937 This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed wiihout World Bank authorization.   MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE IDA TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT TO THE REPUBLIC OF ARMENIA FOR A HIGHWAY PROJECT 1. I submit for your approval the following memorandum and recommendation on a proposed development credit to Armenia for SDR 10.3 million, the equivalent of US$16.0 million, on standard IDA terms, with a maturity of 35 years, to help finance a project to expand the level of maintenance for Armenia's road network and to strengthen Armenia's institutional capacity to carry out road maintenance activities in the future. The project will be supported with co-financing from the Kuwait Fund, the EU and France. Country and Sector Background 2. Armenia is a small, landlocked country with a land area of 29,800 square kilometers and a population of 3.65 million (January 1992). GNP per capita was estimated at $670 in 1994. In 1990 a democratic revolution brought to power a reform minded government and parliament that is now proceeding with implementation of far reaching reforms. However, the economy has contracted severely as the result of economic disruptions due to the dissolution of the Soviet Union, the war over Nagorno- Karabakh and instability in Georgia. Despite these obstacles, the Government has achieved a sharp reduction in the rate of inflation through a stabilization program with the support of the IMF, and the economy appears to be beginning a gradual recovery. The Nagorno - Karabakh cease fire and ongoing peace negotiations bring hope of an end to the conflict and accelerated economic growth in Armenia. A functioning road network is a precondition for such growth. Road traffic levels are substantially lower than they have been for 20 years. However, because of the poor operations of the railways, an increasing proportion of goods is now hauled by road, and on some routes, the vehicle weights and axle loads have increased substantially. 3. Overall, Armenia has the basis for a relatively good road infrastructure considering its present traffic level. The national road network (7,800 km) is divided into: Interstate Highways - 1,440 km, of which 97 percent have concrete, asphalt concrete, or other hard cover surfaces; Regional Roads- 2,621 km; and District Roads - 3,727 km, with the last two categories 77 percent paved. The sharp reduction of financial resources and key physical resources such as bitumen since 1990 has drastically curtailed road maintenance activity. As a result, parts of the main road network are showing signs of distress and a major maintenance and rehabilitation backlog is building up. An increasing amount of the main road network requires costly resurfacing or structural strengthening, and that portion is expanding rapidly in the absence of adequate maintenance on a timely basis. Part of the highway network crosses high altitude mountainous terrain, commonly with steep gradients, deep cuttings and high embankments. The severe winter climate with frequent snow storms makes winter maintenance to ensure the roads are kept open of high priority. 4. The Armenian Road Directorate (ARD), which operates under the authority of the Ministry of Transport and Communications (MTC), has the responsibility for the construction and maintenance of the national road network. Road construction and maintenance is carried out through 37 state-owned District Enterprises, which at present are under the jurisdiction of the ARD. The road maintenance budget has been drastically reduced since 1990. In 1993 only 15 percent of the ARD's estimated needs were covered by the road budget, and in 1994, only about one percent of the 1990 level was actually  -2- made available for road maintenance. Furthermore, because of the blockade by neighboring countries, the importation of essential materials such as bitumen, fuel and spare parts for equipment has become difficult and expensive. 5. Manually prepared highway inventory data exist, but the data is often not up-to-date and most information appears to be of limited value for maintenance planning. Regular visual highway inspections are carried out on parts of the network in the spring and autumn of each year, but the quality of the survey system is poor. Roughness surveys have also been carried out but the equipment used has not been calibrated. The pavements are designed to FSU traffic volume standards, with a legal axle limit of 10 tons. However, no information is collected on actual axle loads, and presently no traffic data is recorded. Accident data is collected but lacks essential information for road accident analysis. The Armgiprodor Institute has a number of pieces of Russian-made highway survey equipment, but much of the equipment has never been used. The Institute also has a limited amount of laboratory equipment for testing cement, concrete, aggregate, soil and rudimentary bitumen analysis. No working equipment is available for measuring pavement strength, pavement deflections or rutting. 6. In the recent past, all funding for ARD's operations came from the national budget, and no road user charges were levied. The Government is aware of the need to impose user charges, and recently presented a package of revenue measures to the Parliament that includes a 10 percent import duty on petroleum products from non-CIS countries and a vehicle registration tax that is graduated by engine size. Also, on June 23, 1995 the Government issued a decree authorizing the imposition of fees and charges to be paid by private and public enterprises on their revenues, with the collections to be made available for the maintenance of national and local roads, and is in process of implementing these charges. In addition, the Government has under study the longer term financial requirements for adequate road maintenance and other possible sources of revenue and collection mechanisms to finance these requirements, which will be the basis for future Government decisions regarding road user charges. 7. In accordance with the Government's policy regarding privatization, it has put ARD's 37 District Enterprises on the list of enterprises to be privatized in 1995. This process, carried out under the supervision of the Privatization Commission, will result in the District Enterprises becoming fully private companies with at least 20 percent of the shares made available to the employees. The privatization process will take some months to carry out, and in the meantime the Government is treating the District Enterprises as if they were private operations already by making them rely on income that they can secure through contracts with either public or private sources. Project Objectives 8. The project would have the following five interrelated objectives, to: (i) help preserve the Armenian national road network and reduce transport operating costs by expanding maintenance operations, including bridge and tunnel rehabilitation; (ii) help develop an institutional framework adapted to the requirements of the road sector of a market economy; (iii) expand the resource base for road maintenance by encouraging appropriate road user charges; (iv) assist in developing an effective private road construction and engineering industry; and (v) improve road safety. Project Description 9. The proposed Highway Project, designed to accomplish the above objectives over a four year period, would have the following components: (i) surface dressing, overlays, and reconstruction of  -3- portions of the 1440 km Interstate road network; (ii) repairs of priority road bridges and tunnels; (iii) material support for routine and winter maintenance of the national road network; (iv) equipment and spare parts essential to improve the quality of road maintenance operations in Armenia; (v) consultant services, equipment and training to assist ARD to reshape its organization and operational procedures so that both routine and periodic maintenance are carried out on a contract basis with private contractors instead of on a force account basis, to introduce cost benefit techniques, to improve quality control, to strengthen the country's road research capabilities, to develop and start implementing a road safety plan, to install a system of axle weight controls, to carry out a study on financing of road maintenance, and generally to improve the efficiency of operations for road maintenance; and training for the private road construction industry in contracting procedures, business administration, and project management; and (vi) office equipment and supplies, vehicles, generator and office operating costs to assist the Project Implementation Unit (PIU) within ARD to manage and coordinate project activities. 10. The total project cost would be US$36.9 million, net of duties and taxes. IDA would provide US$16 million, equal to 43 percent of total project costs, the Kuwait Fund, US$15 million, the EU and France would provide a total of US$2 million in grant financing, and the Government would finance the remaining US$3.9 million. Also, the Government would provide a reasonable amount of financing on an increasing basis for maintenance of the balance of the national road network and for winter maintenance. A breakdown of costs and the financing plan are shown at Schedule A. Amounts and methods of procurement and disbursements and the disbursement schedule are shown at Schedule B. 11. A Project Preparation Facility (PPF) of US$300,000 has been made available in order to complete project preparation, including additional pavement investigations, preparation of specifications and bidding documents for the civil works components and establishment of a Project Implementation Unit (PIU) so that the physical work can be started as soon as the credit is effective. The credit also includes a retroactive financing provision of US$1.0 million so that essential materials and spare parts can be bought prior to effectiveness. Project Implementation 12. The project would be implemented by ARD. A Project Director, with qualifications and expertise satisfactory to IDA, would be responsible for project management and coordination. The Director, who would report directly to the Director-General of ARD, would be in charge of the PIU, with a staff for project administration, procurement and contracting, accounting and institutional strengthening. IDA and the Kuwait Fund would finance the civil works and equipment components of the project, the Ministry of Public Works, Transport and Tourism of France would provide assistance to facilitate the introduction of new technologies, and the European Union (EU) would finance part of the institutional strengthening component. ARD would carry out the civil works components through contractual arrangements with ARD's former District Enterprises and other private contractors. A timetable of key project processing events and the status of Bank/IDA operations in Armenia are given in Schedules C and D, respectively. A map (IBRD No. 26937) is also attached. The Staff Appraisal Report (No. 14301-AM), dated August 22, 1995, is being distributed separately. 13. Three Bank supervision missions each year, each staffed by a senior highway engineer and such specialists as may be appropriate for each aspect of the project (such as procurement, training, traffic safety, and financial analysis) would be required over the life of the project, each of about one week duration. Missions would assist in project startup, would review physical progress, and would assist in coordinating the cofinanced elements of the project. Cofinanciers would be invited to participate in all  -4- supervision missions. A mid-term review would be held not later than November 1, 1997, to assess the effectiveness of the project arrangements, to review the adequacy of Government budget allocations for road maintenance and of road user charges, and for the reallocation of funds between project categories if necessary. Project Sustainability 14. Project sustainability will depend on the Government's ability to mobilize an adequate level of resources for road maintenance after the end of the project period and to adjust Government pay to reasonable levels after project disbursements are no longer available. This in turn will depend on the level and kind of road user charges that are enacted. The Government appears committed to the enactment of road user charges, and the kinds of charges that are under consideration are appropriate ones. The efficiency improvements expected from the improved systems, technical assistance and training components are likely to have a sustained impact on ARD's future operations, if salary levels can be increased to levels adequate to retain its technical staff. Also, the development of the private road construction and engineering industries is likely to have a lasting impact. Lessons Learned from Past Operations in the Sector/Country 15. The proposed project would be the first highway operation with Armenia. The Bank and IDA have had considerable experience in financing highway projects in other parts of the world, including Eastern Europe, and in financing highway rehabilitation and maintenance projects in Estonia and the Russian Federation. The lessons learned from this related experience include the need to ensure an adequate level of maintenance expenditures, create strong and effective road maintenance organizations, improve the road planning and programming process, and establish an adequate level of road user charges to help assure the availability of financing for maintaining the road network. The first Bank/IDA project for Armenia was approved only in March 1993. The Government went through the usual learning process required to become familiar with the Bank/IDA procedures, with some delays in project implementation. This phase has largely been passed, and the earlier projects now serve as models for the implementation of the later ones. Also, IDA and the Government have learned valuable lessons about how to create competitive conditions in the construction industry in Armenia through the implementation of the Earthquake Reconstruction Project during the past two years. These lessons have been incorporated into the design of this project. Country Strategy and Rationale for IDA Inivolvement 16. This project is consistent with the limited Country Assistance Strategy as discussed by the Board of Directors during the presentation of the Rehabilitation Credit (P-6519-AM) on February 28, 1995. The key objectives of the Bank's country assistance strategy for Armenia are to deepen structural reforms to complete the transition to a market economy and to alleviate the large pockets of poverty that have emerged over the last few years. In terms of structural reforms, emphasis is being placed on promoting private sector development and establishing a targeted system of social protection. Sector specific interventions to complement the economy-wide efforts will focus on the delivery of social services, on energy efficiency and on the rehabilitatiorn of critical infrastructure. While overall transport infrastructure is generally considered adequate to meet the short term requirements of the economy, there is an urgent need to prevent the further deterioration of the road network, particularly for those routes that connect Armenia to its sources of essential imparts and to its export markets. In the longer run, there is a need to improve the efficiency and adequacy of road maintenance operations, and to build an effective  -5- maintenance organization that can develop a road network adequate to meet the needs of the expected expansion of road traffic as the economy expands. 17. The project is directly supportive of the Bank's strategy by providing for expanded road maintenance operations, with priority given to the main connecting routes that link Armenia to its sources of supply and its export markets, and for improvements in operational procedures and techniques used in road maintenance activities that will increase the capacity and reduce the cost of future road maintenance operations. The project would also help to coordinate the activities of the other donors in the subsector. Agreed Actions 18. The main agreements reached during negotiations include the following: (i) ARD will use cost benefit analysis, in accordance with the principles agreed between ARD and IDA, to determine the actual road segments to be repaired under the project, as well as for all investments in the road sector during execution of the project, and shall only undertake projects with a positive Net Present Value, based on an assumed cost of capital of 12 percent; (ii) Prior to inviting bids for civil works, ARD will make public the list of equipment available on a rental basis for work to be carried out by contractors under the project, with uniform rental rates for all bidders; the rental rates will be set at a level adequate to cover the depreciation of equipment, its maintenance and a reasonable rate of return on the investment; (iii) The Borrower will make available to ARD each year during the life of the project the level of budget resources needed to finance its share of project activities; the Borrower will provide to ARD, promptly as needed, the budgetary resources for road maintenance not covered by the project activities, at an increasing level not less than the rate of increase in the Borrower's overall revenues; not later than January 1, 1997, the Borrower will carry out a study on (a) the required level of financing needed to maintain the Borrower's road network, and (b) the possible financing and collection mechanisms for road maintenance; not later than January 1, 1997, the Borrower will review with IDA the results and recommendations of the above-mentioned study and not later than July 1, 1997, the Borrower will implement the recommendations on financing and collection mechanisms agreed with IDA; (iv) ARD will maintain and suitably staff the Project Implementation Unit and will operate it in accordance with the implementation arrangements agreed between ARD and IDA; (v) Before November 15 of each year during execution of the project, ARD shall prepare annual work programs for the next calendar year and review these programs with IDA before implementing them; (vi) Before November 15 of each year until completion of the project, the Borrower shall submit to IDA an annual financing plan for the next fiscal year which shall include ij :iln: (a) budget allocations for ARD to finance its share of project activities; and (b)  -6- budget allocations for ARD to tinance road maintenance not covered by the project activities. yii) The Borrower shall (a) maintain policies and procedures adequate to enable it to monitor and evaluate on an ongoing basis, in accordance with indicators satisfactory to IDA, the carrying out of the project and the dc;hievement of the objectives thereof; and (b) review with IDA, by November 1, 1997, the progress made in the implementation of the project; and shall take all necessary measures to execute the actions identified and agreed upon between IDA and the Borrower during such review. 19. There are no conditions of Board Presentation. As a condition of effectiveness, the Borrower will have adopted a revised schedule of road user charges acceptable to IDA. Poverty Category 20. Not applicable. Environmental Aspects 21. The project is designated as Category B in view of the limited environmental issues. Project preparation included an environmental review to make certain that the operational procedures to be followied by ARD are environmentally acceptable and that the proposed activities do not create environmental hazards. The Ministry of Nature and Environmental Protection (MN!P) is in the process of preparing a National Environmental Action Plan (NEAP). Program Objective Categories 2'.. The project would contribute directly to the sustainable development of Armenia by preserving the road network, which is an important part of the country's essential infrastructure. It would also make a significant contribution to the development of the private sector in Armenia through the privatization of the road construction industry, and would assist small farmers and tradesmen in their efforts to begin to develop private business ventures by assuring that they have access to markets for their products. Participatory Approach 23. The project would involve a number of the important stakeholders in the road sector, including the extensive network of persons employed by the District Enterprises, the design institutes, the Traffic Police and the various Ministries involved in the sector. Several workshops have been held during project preparation to inform the stakeholders of the issues involved in a transition to a market-related style of operations, with emphasis on competitive bidding and improved methods of quality control, and to seek reactions and comments from the participants as to the problems that they foresee in this transition. The reaction to these efforts has been favorable and informative, and the comments and reactions have been taken into account in the design of the project.  -7 - Benefits and Risks 24. The principal benefits would be: (i) avoidance of costly reconstruction expenditures at a later date through more timely maintenance; (ii) reducing road accident risks by improved road maintenance, repair of bridges presently in risk of collapse and by the introduction of a Road Safety Program; (iii) reduced user operating costs through lower vehicle maintenance costs and improved access to user destinations; (iv) improved efficiency and effectiveness in the operations of the ARD; (v) improved cost recovery and financial support for future road maintenance operations; (vi) development of an effective private road construction and engineering industry; and (vii) facilitation of external trade through the improvement in access to Armenia's markets and suppliers. 25. The project would greatly increase ARD's capacity to carry out periodic highway maintenance of Armenia's public road network during a four year period (1996-1999). An additional project benefit would be the experience that would be gained by the private construction industry in carrying out road maintenance work on a competitive basis. The Estimated Internal Rate of Return for the periodic maintenance component, which accounts for 57 percent of total project costs, is expected to be 38 percent compared to not carrying out the project, based on savings in vehicle operating costs and avoided costs of reconstruction. A sensitivity analysis was carried out with variable estimates of traffic growth The results showed that the economic returns are relatively insensitive to quite large variations in as timed traffic growth, with most variations making no more than a two percent difference in the EIRR compared to the medium traffic growth estimate used in the basic calculation. The tunnel and bridge rehabilitation component will only go forward if the calculated results show a positive Net Present Value, based on an assumed capital cost of 12 percent. No EIRR has been calculated for the routine maintenance component, but typically routine maintenance has produced large savings in periodic maintenance costs. It would also result in the development of an effective road construction and engineering industry. The introduction of road user charges would result in an increased ability of the Government to provide financing for road maintenance in the future, thus putting the road network on a more sustainable basis. The maintenance of the main highway links to Armenia's external markets and suppliers would increase Armenia's prospects for economic growth and development. This is especially vital for a landlocked country with limited geographic access to other markets and with a railway system in serious need of rehabilitation. 26. The principal risks are: (i) the capability of ARD to carry out the project activities, including contracting on a competitive basis with which presently neither ARD nor the road construction industry in Armenia is familiar; (ii) the ability of ARD to absorb all improved practices being introduced, considering that much experienced staff has left ARD; (iii) difficulties in increasing road user charges in the present depressed economic conditions; and (iv) difficulties in importing materials and accurately estimating costs because of supply shortages due to recent international tensions in the area. These risks are minimized by the consultant services and training provided under the project, the Government's awareness that increased revenue generation is essential for the maintenance of the roads, and the improving import situation as peace negotiations go forward.  -8- Recommendation 27. 1 am satisfied that the proposed credit would comply with the Articles of Agreement of the Association, and I recommend that the Executive Directors approve it. James D. Wolfensohn President by Richard H. Frank Washington, D.C. August 22, 1995 Attachments: Schedules A - D  -9- Schedule A REPUBLIC OF ARMENIA Highway Project Summary Proiect Cost Estimate (Net of Duties and Taxes) (US$ million) Foreign as % of Total Local Foreign Total Periodic Road Maintenance 4.9 13.7 18.6 74 Bridges and Tunnels 0.7 2.1 2.8 75 Routine and Winter Maintenance 2.6 2.6 100 Equipment and Spares 5.7 5.7 l00 Consultant Services and Training 0.4 1.8 2.2 82 Project Administration 0.4 0.2 0.6 33 Base Cost 6.4 26.1 32.5 80 Physical Contingencies 0.6 2.3 2.9 79 Price Contingencies 0.3 1.2 1.5 80 TOTAL 7.3 29.6 36.9 80 Financing Plan (Net of Duties and Taxes) (US$ million) Local Foreign Total IDA 3.2 12.8 16.0 Kuwait Fund 15.0 15.0 France 0.1 0.9 1.0 EU 0.1 0.9 1.0 Government 39. 3-9 TOTAL 7.3 29.6 36.9  -10- Schedule B Page 1 of REPUBLIC OF ARMENIA Highway Project Summary of Proposed Procurement Arrangements (USS million equivalent) Procurement Method Project Elementl Project _______Element_____ ICB NCB Other NIFa' Total Cost 1. Civil Works a. overlays, surface dressing, 1.8 8.9 12.8 23.5 reconstruction, bridges & (1.5) (7.6) (9.1) tunnels 2. Equipment, goods a. bitumen, fuel 1.0 0.3b/ 1.7 3.0 (1.0) (0.3) (1.3) b. equipment, spare parts, 3.1 0.8c1 2.8 6.7 office equipment & supplies (3.1) (0.8) (3.9) 3. Consultant services & training 1.0 2.0 3.0 (1.0) (1.0) 4. Miscellaneous a. operating expenses 0.4 0.4 (0.4) (0.4) b. refinancing of PPF 0.3 0.3 (0.3) (0.3) TOTAL 5.9 8.9 2.8 19.3 36.9 (5.6) (7.6) (2.8) (16.0) Noe: Aniouns in pare ses are nancd by IDA ' Non IDA Financed, financed by the Govermnent (3.9); Kuwait Fund (15.0); EU (1.0); Fance (1.0) International Shopping (0.3) v Interational Shopping (USS 0.6), and Direct Contractins (USS 0.2)  -I 1- Schedule B Page 2 of 2 Estimated Disbursements Disbursement Categories Category Amount of Credit Percent of Expenditures to | _________________________________ (US$ million) be Financed 1. Civil Works 8.0 85% 2. Equipment, Materials & Supplies 4.6 100% of foreign expenditures, 100% of local expenditures (ex-factory) and 85% of local expenditures for other items procured locally 3. Consultant Services & Training a. Misc. Consult. Serv. & Trng. 0.2 100% b. Engineering Design & Super. 0.8 100% 4. Project Administration 0.4 100% 5. Project Preparation Facility 0.3 Amount due pursuant to Section 2.02(c) of the Credit Agreement 6. Unallocated 1.7 TOTAL 16.0 Disbursement Schedul (US$ million) IDA FY l IDA FY 1997 - | Annual 2.2 5.0 5.0 3.2 0.6 Cumulative 2.2 7.2 12.2 15.4 16.0  -12- Schedule C REPUBLIC OF ARMENIA Highway Project Timetable of Key Project Processing Events (a) Time taken to Prepare: 9 months (b) Prepared by: Anders Bonde, Task Manager; Robert H. Nooter, Consultant; Philip Moeller, Consultant (c) First Bank Mission: October, 1994 (d) Appraisal Mission Departure: March 3, 1995 (e) Negotiations: July 17, 1995 (f) Planned Date of Effectiveness: November 15, 1995  -13- Schedule D ARMENIA Status Of Bank Group Operations In ARMENIA PFDBR25 - Summary Statement Of Loans and IDA Credits (LOA data as of 7/31/95 - MIS data as of 08/18/95) By Country Country: ARMENIA Amount in USS mitlion (Less cancellations) Loan or FiscaL Undis- Closing Credit No. Year Borrower Purpose Bank IDA bursed Date Credits 0 Credits(s) closed C25620-AN 1994 ARMENIA EARTHQUAKE RECONSTRU 28.00 17.63 06/30/96 C26660-AM 1995 ARMENIA POWER MAINTENANCE 13.70 14.12 07/31/98 C26670-AM 1995 ARMENIA IRRIGATION REHAB. 43.00 41.62 06/30/99 C26830-AM 1995 ARMENIA REHABILITATION 60.00 .00 06/30/96 TOTAL number Credits = 4 144.70 73.38 Loans 0 Loans(s) cLosed L35850-AM 1993 ARMENIA INSTITUTION BUILDING 12.00 8.14 11/30/96 TOTAL number Loans = 1 12.00 8.14 TOTAL*** 12.00 144.70 of which repaid TOTAL held by Bank & IDA 12.00 144.70 Amount sold of which repaid TOTAL undisbursed 81.52 Notes: * Not yet effective * Not yet signed * Total Approved, Repayments, and Outstanding balance represent both active and inactive Loans and Credits. (R) indicates formally revised Closing Date. (S) indicates SAL/SECAL Loans and Credits. The Net Approved and Bank Repayments are historicaL vaLue, all others are market value. The Signing, Effective, and Closing dates are based upon the Loan Department officaL data and are not taken from the Task Budget fiLe.   IBRD 26937 ~~~7 rO~~~~~~~T Sh.lW-l S {4 l51 41 o GEORGIA T. D--n,, B.9.t.,hogroI.he ' \. GEORGIA > xrO 5a~T~ gd..-k.r Dzorr 4 r , _) Z 41 1'~~~~~~~~~~~~~~~~~~~~I4: MINGECHAU/RSKYE RESERVOIR 'As } .Jtflsokhkrr.hk.,h % -~s%_sl\ i J j) 3Aftik t ()S- r ;k OAtwse Ap~~~~~~~' 6-h ~~~~~~~~~~~ARMENIA r- ki_kadzsokhk AZERBAIJAN HIGHWAY PROJECT MAIN ROAD NETWORK L( l + Altrr7lS r-<,d3g - > Korno&( ) C5\.A. PROJECT ROADS M."Z 2 2 t \ o\ X eh * sJ AGRO CUMATtC ZONES A4m , MOUNTAINOUS - MEADOW ZONE IDESERT - STEPPE ZONE Voldeni -STEPPE ZONE M FOREST AND FOREST -STEPPE ZONE REDROCK RESERVOIRS O TOWNS/1UAGES o MAIN CMTES