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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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At a meeting with representatives of the tourism industry, Karayan said the sector is capable of creating inclusive added value.
The first stage of work on extending the life of Metsamor NPP for another 10 years until 2026 has also been performed.
This operation will help improve the country’s competitiveness and business environment, said World Bank Country Manager for Armenia.
The financing will be directed to energy efficiency, renewable energy, agribusiness, food processing, education and healthcare projects.
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