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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.

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“The investments will be spent to build a canning factory and slaughterhouses, expand greenhouse farms,” Ignati Arakelyan said.
The funding will go to a subsidiary of ContourGlobal, an international power-generation company that acquired the Vorotan Cascade in 2015.
"We are yet unable to disclose the names of companies we are conducting negotiations with," Satenik Hovhannisyan said.
1,259,657 tourists have arrived in Armenia in January-December 2016, the National Statistical Service said, up by 5,7% on the year before.
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