Armenian parliament to consider WB $55-million loan proposal this autumn
18.07.2016,
13:46
The World Bank’s $55-million credit program for development of tourism and infrastructures will be put on the Armenian National Assembly’s floor in autumn, Artsvik Minasyan, Armenian economy minister, told journalists on Friday.
YEREVAN, July 18. /ARKA/. The World Bank’s $55-million credit program for development of tourism and infrastructures will be put on the Armenian National Assembly’s floor in autumn, Artsvik Minasyan, Armenian economy minister, told journalists on Friday.
In his words, the program will make it possible to restore infrastructures along the southern and northern sections of Armenia’s border, and this will allow developing trans-border tourism with Georgia and Iran.
The program also implies recovery of infrastructures in Garni.
“We expect a high economic effect from implementation of the program, and all studies show a high productivity with a high degree of recurrence of financial resources – only in 5.5 years,” Minasyan said.
“After the money will return to the government budget, it can be spent on the country’s defense.”
The economy minister stressed that the program ism based on the concept of development of local economies, which will create new jobs and intensify flow of financial resources into the government budget from services.
The WB board decided on December 22, 2015 to lend $55 million to Armenia as part of the program of development of its national economy and infrastructures.
The loan will be extended through the International Bank for Reconstruction and Development for 25 years with a 14.5-year grace period at a floating interest rate.
The total cost of the five-year program is $68 million, of which $13 million will be provided from the Armenian government’s resources.
The aim of the project is to expand tourist opportunities in Ararat, Vayots Dzor, Syunik, Lori and Kotayk by improving infrastructures and institutions. --0----
In his words, the program will make it possible to restore infrastructures along the southern and northern sections of Armenia’s border, and this will allow developing trans-border tourism with Georgia and Iran.
The program also implies recovery of infrastructures in Garni.
“We expect a high economic effect from implementation of the program, and all studies show a high productivity with a high degree of recurrence of financial resources – only in 5.5 years,” Minasyan said.
“After the money will return to the government budget, it can be spent on the country’s defense.”
The economy minister stressed that the program ism based on the concept of development of local economies, which will create new jobs and intensify flow of financial resources into the government budget from services.
The WB board decided on December 22, 2015 to lend $55 million to Armenia as part of the program of development of its national economy and infrastructures.
The loan will be extended through the International Bank for Reconstruction and Development for 25 years with a 14.5-year grace period at a floating interest rate.
The total cost of the five-year program is $68 million, of which $13 million will be provided from the Armenian government’s resources.
The aim of the project is to expand tourist opportunities in Ararat, Vayots Dzor, Syunik, Lori and Kotayk by improving infrastructures and institutions. --0----
