WB and Armenia Sign Loan Agreement
Minister of Finance of the Republic of Armenia Gagik Khachatryan and World Bank’s Regional Director for the South Caucasus Mercy Tembon signed a loan agreement on February 23. As “Armenpress” was informed from the press service of the Ministry of Finance, the WB will provide Armenia with 55 million USD loan with 25 years maturity date 14.5 of which is a grace period.
The loan agreement “Local Economy and Infrastructure Development Project” signed with the International Bank for Reconstruction and Development is planned to improve Armenia’s infrastructural services and institutional capacities, fostering tourism flows to Ararat, Vayots Dzor, Kotayk and Lori Provinces.
The project will promote tourism in the selected provinces which will take place as a result of infrastructural investments, urban revival, rehabilitation of cultural heritage, as well as by fostering investment in the private sector.
