YEREVAN, February 24. /ARKA/. The Armenian Finance Minister, Vache Gabrielyan, and the head of World Bank Yerevan Office, Jean –Michelle Happi, endorsed Friday an agreement ensuring IBRD’s lending to Armenia on the water supply program, the Finance Ministry’s press service reported to “ARKA”.

According to the sub-loan agreement the loan amount will be allocated to “Armenian Water and Sewerage” CJSC to improve water supply in a number of communities.

The program will be targeted, in particular, at restoration of water supply network in Ashtarak, Echmiatsin, Masis, and the nearest to them communities. The loan is granted for 25 years with a 10-year grace period on an annual interest rate of 6-month rate LIBOR USD + variable margin. The final implementation of the program is planed for June 30, 2015.

As the World Bank earlier reported , the total budget of the program is amounted $18 million, $3 million of which will be contributed by the government of Armenia. As Armenia joined WB in 1992 and International Development Association in 1993, the total amount of these structures’ liabilities to Armenia reached over $1.6 billion.—0--