YEREVAN, November 10. /ARKA/. Armenia will receive a $90 million budget support loan from the Manila-based Asian Development Bank (ADB) to back the stability of infrastructures, minister of finance Vardan Aramyan said today at a Cabinet session.
The draft loan agreement was approved today by the government. Aramyan noted that the loan will be provided in two installments – $60 million and $30 million. It will be used to improve the management and stability of roads, as well as water and electricity supplies.
The minister said the loan is repayable within 15 years and is provided with a three year grace period and variable six-month Libor + 0.5% margin rate, which is now about 1.7%.
“All the issues have already been agreed and we are ready to sign the loan agreement as early as next week” – Aramyan said. -0-
