Armenia’s Finance Ministry and WB sign $45-mln credit agreement for rural roads restoration

11.02.2013 17:42
Armenia’s Finance Ministry and WB sign $45-mln credit agreement for rural roads restoration

YEREVAN, February 11. /ARKA/. Armenia’s Finance Minister Vache Gabrielyan and Head of World Bank Yerevan Office Jean-Michel Happi signed Monday a $45-million credit agreement.
The loan will be provided by the International Bank for Reconstruction and Development (IBRD) for rural roads restoration.

The loan will be given for 25 years with a ten-year grace period at six-month LIBOR plus spread.
Since 2009 the World Bank has injected $101.6 million for restoration of 433 km of rural roads in the framework of “Lifeline Road Network Improvement” project.

The loans make it possible to restore nearly 170 km of roads in 31 communities in Aragatsotn, Armavir, Gegharkunik , Kotayk, Lori and Syunik regions of Armenia.

Moreover, Armenia’s government intends to contribute nearly $11 million.

In the framework of its cooperation with Armenia the World Bank has allocated $1,669,6 million in financing 57 projects since 1992.

Partnership strategy between Armenia and the WB, defined in 2009 after the global economic crisis, expires in mid-2013. The total amount of deductions are expected to stand at $640.6 million (IDA/IBRD).

Currently, 14 projects in Armenia are funded by WB : “Lifeline Road Network Improvement,” “Municipal Water and Municipal Water and Wastewater,” “Irrigation Development Additional Financing,” “Electricity Supply Reliability,” “Energy Efficiency,” and others. —0-


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