On 19 October 2015, the Republic of Armenia signed a loan agreement of “Seismic Safety Improvement Program, Results-based Lending,” with the Asian Development Bank. The RA Minister of Finance Gagik Khachatryan told about this at today’s session of the government. According to him the agreement provides a loan of 63.259.000 AMD on special drawing rights equivalent to $85.5 million USD to the Republic of Armenia. The program aims to contribute to the implementation of the project on recovery, strengthening the seismic safety of the school buildings.
The program covers the following scopes:
a) Improving school seismic safety.
b) Strengthening of seismic disaster preparedness and response capacities.
c) Improvement of supporting policies and systems promoting the seismic disaster risks management and reduction.
d) Increasing capacities for implementation and realization of the program.
The interest rate for the loan is 2%, the repayment term is 25 years of which 5 years is a grace period.
The government approved this program.
