Armenia’s National Assembly on Friday, December 16 ratified a $55 million loan agreement with the International Bank for Reconstruction and Development (IBRD), ARKA reports.

Deputy Minister of Economic Development and Investments Tigran Khachatryan introduced the agreement to the lawmakers and said the IBRD will extend the loan for the development of tourism in Armenia’s provinces.

He said the loan will be extended for 25 years with a 14.5-year grace period.

According to him, these financial resources, which will be provided within five years, will be spent to improve infrastructural services and institutional opportunities of Armenia as well as to develop tourism in Ararat, Vayots Dzor, Lori and Kotayk provinces.

The aim of the program is to attract tourists to Armenia.