IBRD and ADB to provide Armenia with $124 million loans
YEREVAN, November 27. / ARKA /. The International Bank for
Reconstruction and Development (IBRD), a member of the World Bank
Group and the Asian Development Bank (ADB) will provide Armenia with
budget loans totaling $124 million, Deputy Finance Minister Pavel
Safaryan told a Cabinet session today.
The government has approved today an agreement signed 19th November
2014 by the government and the IBRD and another agreement signed
October 3, 2014 with the Asian Development Bank.
“Under the agreement, the International Bank for Reconstruction and
Development will provide Armenia with a budget loan of $75 million
repayable in 25 years, while the Asian Development Bank will provide
the government with $49 million loan,” said Safaryan.
According to him, the ADB loan is repayable in 25 years and is given
at the rate of 2%. It will be provided in two instalments – the first
in the amount of $20 million this year and the second in the amount of
$29 million in 2015. -0-