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IBRD and ADB to provide Armenia with $124 million loans

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  • IBRD and ADB to provide Armenia with $124 million loans

    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-


    http://arka.am/en/news/economy/ibrd_and_adb_to_provide_armenia_with_124_million_l oans/#sthash.B6iuCyLZ.dpuf


    From: Baghdasarian
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