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EXTRAORDINARY PARLIAMENT SESSION RATIFIES AGREEMENT BETWEEN ARMENIA AND ASIAN DEVELOPMENT BANK
/ARKA/
June 23
YEREVAN
An extraordinary session of the Armenian parliament has ratified
today a framework agreement between the government of Armenia and
the Asian Development Bank (ADB) whereby the ADA has committed to
provide Armenia with a $400 million loan to finance a sustainable
urban development program. The agreement was signed on March 24, 2011.
Economy minister Tigran Davtyan, who presented the agreement, said
the loan will be disbursed in tranches on request of the government
for implementation of specific projects - repair and reconstruction of
roads, introduction of modern management systems and urban transport
development, in the capital city Yerevan and other towns. He said
the program will run until 2021.
The parliament has also ratified a loan agreement with ADB under the
same program, which provides for the issuance of the first tranche
to Armenia within the framework agreement.
According to Davtyan, the first tranche will be worth 30.9 million SDR
(about $48 million), which will be channeled into renovation of road
junctions, parking lots and transport infrastructures in Yerevan.
"The bulk of the funds will be used for reconstruction of two
major transportation hubs on the outskirts of Yerevan which will
significantly improve the condition of roads in these areas,," the
minister said.
The loan is repayable in 32 years with an 8 year grace period at the
interest rate of 1% per annum. The government co-Financing share is
20%.
/ARKA/
June 23
YEREVAN
An extraordinary session of the Armenian parliament has ratified
today a framework agreement between the government of Armenia and
the Asian Development Bank (ADB) whereby the ADA has committed to
provide Armenia with a $400 million loan to finance a sustainable
urban development program. The agreement was signed on March 24, 2011.
Economy minister Tigran Davtyan, who presented the agreement, said
the loan will be disbursed in tranches on request of the government
for implementation of specific projects - repair and reconstruction of
roads, introduction of modern management systems and urban transport
development, in the capital city Yerevan and other towns. He said
the program will run until 2021.
The parliament has also ratified a loan agreement with ADB under the
same program, which provides for the issuance of the first tranche
to Armenia within the framework agreement.
According to Davtyan, the first tranche will be worth 30.9 million SDR
(about $48 million), which will be channeled into renovation of road
junctions, parking lots and transport infrastructures in Yerevan.
"The bulk of the funds will be used for reconstruction of two
major transportation hubs on the outskirts of Yerevan which will
significantly improve the condition of roads in these areas,," the
minister said.
The loan is repayable in 32 years with an 8 year grace period at the
interest rate of 1% per annum. The government co-Financing share is
20%.