The Eurasian Development Bank (EADB) has provided aid to the Republic of Armenia for disaster relief following the natural calamity that occurred on May 25-26, 2024, according to the bank's press service.
The heavy rains that hit the country resulted in a month's worth of precipitation in just two days, affecting local residents, transportation, and energy infrastructure, and disrupting rail and road traffic.
"In light of the severe flooding that impacted the northern regions of Armenia, EADB has decided to provide financial support amounting to 100 million Armenian drams (over $250,000). This amount will be allocated to the Ministry of Finance of the Republic of Armenia for further distribution," stated Nikolai Podguzov, Chairman of the EADB Board.
The emergency situation in Tavush and Lori was caused by heavy rains on May 25-26 and the overflow of the Debed, Aghstev, and Tashir rivers. The disaster claimed the lives of four people, with more than 440 people rescued and evacuated. The flood-affected communities in these two regions have been declared disaster zones, with 300 million drams allocated for restoration work.
The Eurasian Development Bank (EADB) is a multilateral development bank engaged in investment activities across the Eurasian region. For over 18 years, EADB has been promoting the strengthening and expansion of economic ties and comprehensive development of its member states. The authorized capital of EADB is $7 billion.
The majority of EADB's portfolio comprises projects with an integrative effect in the fields of transportation infrastructure, digital systems, green energy, agriculture, industry, and engineering. In its activities, the Bank adheres to the UN Sustainable Development Goals and ESG principles.
