EBRD TO PROVIDE ADDITIONAL FINANCING OF 36.6 MILLION DOLLARS FOR REHABILITATION OF ARMENIAN ROADS
Oct 28, 2009
YEREVAN, OCTOBER 28, NOYAN TAPAN. The RA National Assembly on October
28 discussed the credit agreement on additional financing of the
Lifeline Roads Improvement Project which was signed between the
Republic of Armenia and the European Bank for Reconstruction and
Development (EBRD) on 4 September 2009.
The main speaker, RA Minister of Transport and Communication Gurgen
Sarsgyan said that additional financing of 36.6 million USD will be
provided for rehabilitation of a total of 140 km of lifeline roads
located in 7 marzes and ensuring connection with highways adjacent
to 52 communities. The loan will be given on preferential terms: it
has an annual interest rate of 0.79% and is to be repaid in 2019-2034.
According to the minister, the bank’s loan makes up 80% of the cost of
the indicated project. The remaining 20% or 9.1 million USD will be
allocated as co-financing by the Armenian government. The project’s
closing date is 2011. It is envisaged rehabilitating roads of 41.53
km in Syunik, Kotayk, and Gegharkunik Marzes (Provinces) this year,
and another 100 km will be rehabilitated in 2010.