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.