Tue, 1 July
18.1 C
Yerevan
USD: 384.47 RUB: 4.90 EUR: 450.83 GEL: 141.25 GBP: 526.80

Armenia’s Finance Ministry and WB sign $45-mln credit agreement for rural roads restoration

YEREVAN, February 11. /ARKA/. Armenia’s Finance Minister Vache Gabrielyan and Head of World Bank Yerevan Office Jean-Michel Happi signed Monday a $45-million credit agreement.
The loan will be provided by the International Bank for Reconstruction and Development (IBRD) for rural roads restoration.

The loan will be given for 25 years with a ten-year grace period at six-month LIBOR plus spread.
Since 2009 the World Bank has injected $101.6 million for restoration of 433 km of rural roads in the framework of “Lifeline Road Network Improvement” project.

The loans make it possible to restore nearly 170 km of roads in 31 communities in Aragatsotn, Armavir, Gegharkunik , Kotayk, Lori and Syunik regions of Armenia.

Moreover, Armenia’s government intends to contribute nearly $11 million.

In the framework of its cooperation with Armenia the World Bank has allocated $1,669,6 million in financing 57 projects since 1992.

Partnership strategy between Armenia and the WB, defined in 2009 after the global economic crisis, expires in mid-2013. The total amount of deductions are expected to stand at $640.6 million (IDA/IBRD).

Currently, 14 projects in Armenia are funded by WB : “Lifeline Road Network Improvement,” “Municipal Water and Municipal Water and Wastewater,” “Irrigation Development Additional Financing,” “Electricity Supply Reliability,” “Energy Efficiency,” and others. —0-

spot_img

POPULAR

Armenia to receive EUR 26 million loan from KfW bank for renewable energy development

Armenia will receive a loan and a grant from the German KfW bank for the implementation of the "Renewable Energy and Energy Efficiency Development" program.

Euro falls by 0.62 points to 450.23 drams

The average market exchange rate of the US dollar against the Armenian dram as of June 27, 2025, decreased by 0.59 points compared to June 26 and amounted to 384.32 drams.

Ratio of loans to deposits in commercial banks of Armenia has improved – WB review

In April 2025, deposits and loans of commercial banks of Armenia increased by 1.5% y/y and 0.8% y/y, respectively, slightly improving the ratio of loans to deposits compared to the figures for the previous year.

AMX Reaffirms Compliance with International ISO Standards

The Armenia Stock Exchange and Central Depository (AMX) have successfully completed their compliance certification with ISO 27001:2022 for Information Security Management and ISO 9001:2015 for Quality Management Systems.

Armenia’s budget remained in surplus through April, despite a projected deficit

Armenia’s budget remained in surplus through April, despite a projected deficit, according to World Bank's Armenia Monthly Economic Update – June 2025.

LATEST NEWS

spot_imgspot_imgspot_img