YEREVAN, April 14. / ARKA /. Areg Barseghian, head of the Asian Development Bank (ADB) office in Armenia, said today the Manila-based bank will disburse the first trance to the tune of $50 million to finance ‘Armenia: Sustainable Urban Development’ investment program.

Speaking to local journalists he said talks to that end had been completed and the tranche is expected to be approved by ADB Board on April 19.

Barseghian said the program had been discussed in detail with the Armenian government in 2010 December. He said the funds will be directed at developing Armenia’s small towns. The cost of the program is $400 million.

The Asian Development Bank is based in Manila, Philippines and has 67 member countries. Armenia joined it in 2005. -0-