Armenia, World Bank ink $55 mln loan agreement

Armenia, World Bank ink $55 mln loan agreement

PanARMENIAN.Net - Armenia's Minister of Finance Gagik Khachatryan and World Bank’s Regional Director for the South Caucasus Mercy Tembon sealed an agreement Tuesday, February 23, envisaging a $55 million loan with a 25 year maturity period and a 14.5 year of grace period.

The Local Economy and Infrastructure Development Programme loan agreement signed with the International Bank for Reconstruction and Development (IBRD) is set to improve infrastructure and institutional capacities to further boost tourism development in Armenia's Ararat, Vayots Dzor and Lori provinces.

 Top stories
Azerbaijan’s aggression against Nagorno Karabakh failed to strike a blow to Armenia’s economy, the Minister of Economy said.
Total underground mineral resources comprised 4.3 million tons of ore, averaging 4.2 grams per ton for 0.6 mln ounces of gold equivalent.
For those with a monthly consumption of 10 thousand cubic meters or more, the current price of $276.98 would be reduced to $257.56.
Azerbaijan is highly dependent on oil revenues and its preliminary 2016 budget indicates reductions in military spending, the report says.
Partner news