World Bank to provide Armenia with $55 million loan for infrastructure development

Economy
Министерство финансов Армении, минфин
Министерство финансов Армении, минфин

YEREVAN, February 23. /ARKA/. The World Bank will provide Armenia with a $55 million loan for infrastructure development, the Armenian Ministry of Finance said today.

It said a corresponding loan agreement was signed by Armenian Minister of Finance Gagik Khachatryan and World Bank Regional Director for the South Caucasus Mercy Tembon. It said also the maturity of the loan is 25 years. The grace period is 14.5 years.

The Local Economy and Infrastructure Development Program loan agreement signed with the International Bank for Reconstruction and Development (IBRD) is designed to help improve infrastructure and institutional capacities to boost tourism in Armenia’s Ararat, Vayots Dzor and Lori provinces. -0-

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