Armenian parliament ratifies $7.4 million loan agreement with IBRD

YEREVAN, June 3. /ARKA/. The Armenian Parliament has ratified today a loan agreement between the Republic of Armenia and the International Bank for Reconstruction and Development on Additional Financing for the Disease Prevention and Control Project, approved by the World Bank’s Board of Executive Directors in February 2021. The agreement was endorsed by 68 lawmakers.

The additional financing to the tune of $7.4 million will assist Armenia’s health system's response to COVID-19 and potential future pandemics, including hospitals’ capacity for case management and intensive care.

The project will support the government of Armenia in closing financing gaps for the construction and equipment of Martuni Medical Center in Gegharkunik region, and for the construction and equipment of a new medical center in Vayots Dzor region.

The challenges experienced in providing hospital care are acute, especially in Vayots Dzor region, which has not received investments to upgrade the hospital infrastructure for several decades.

Due to limitations in hospital capacity during the pandemic for clinical management of COVID-19 cases in Vayots Dzor region, cases requiring intensive care were transferred to hospitals in surrounding regions, introducing delays in accessing services and increasing the risk of mortality.

The $7.4 million in Additional Financing is an BIRD loan of variable-spread, with a 14.5-year grace period and a total repayment term of 25.5 years.

Since joining the World Bank in 1992, and IDA in 1993, commitments to Armenia have totaled approximately $2,434,734 million. -0-