ADB disburses $21.4 million to Armenia of a $48 million loan

13.11.2009 09:17
ADB disburses $21.4 million to Armenia of a $48 million loan

YEREVAN, November 13, /ARKA/. The Asian Development Bank (ADB) has provided Armenia with the first $21.4 million tranche of a $48 million loan earmarked for a three year program for rehabilitation of Armenia’s rural roads, the ADB said to ARKA.

The funds will be spent on rehabilitation of 220 km long roads which is expected to be completed in 2010 December.

As of September 30, 2009 the Asian Development Bank provided Armenia with $21.4 million for rehabilitation of rural roads, the ADB said.

The Asian Development Bank was established in 1996. It has 67 members. Armenia joined it in 2005 September. The ADB and the government of Armenia concluded a number of memoranda and agreements. The total cost of ADB-funded projects in Armenia encompassing rural roads rehabilitation and water supply improvement is $83.9 million. -0-

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