Development bank of Japan to extend $70-$100 million rural roads rehabilitation loan to Armenia

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Economy

11.09.2009, 22:23

Armenian Transport and Communications Minister Gurgen Sargsyan said today the Development Bank of Japan (DBJ) would extend a $70- $100 million loan to Armenia to help its government rehabilitate rural roads.

YEREVAN, September 11, /ARKA/. Armenian Transport and Communications Minister Gurgen Sargsyan said today the Development Bank of Japan (DBJ) would extend a $70- $100 million loan to Armenia to help its government rehabilitate rural roads.

Speaking at a news conference he said the talks with the DBJ were in the final phase. The loan agreement is expected to be signed in December, he added. The minister said the loan will be spent on rural roads rehabilitation project that will last 2-3 years.

According to him, the DBJ loan will spur up the implementation of the government-designed rural road rehabilitation project for 2008-2012. When this project is fulfilled every rural community across Armenia will have at least one good road connected with the country’s major highways. -0-

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