YEREVAN, November 12. / ARKA /. The Armenian government has approved today a loan agreement signed October 19, 2015 with the Asian Development Bank to the tune of $85.5 million. The money is to be used to improve the seismic safety of schools.
Minister of finance Gagik Khachatryan said payments on the loan will be made once every six months. The interest rate is 2%, the repayment term is 25 years of which 5 years is a grace period. He said the agreement is now in the process of ratification.
The loan will be used to improve 370 schools across the country in the period from 2015 to 2030, which will meet all the standards of seismic resistance construction. -0-
