On 8 April, loan agreements were signed by the RA Minister of Finances Gagik Khachatryan and Head of the Yerevan office of World Bank Lora Beily.
Within the framework of the “Electricity Transmission Network Improvement Project “International Bank for Reconstruction and Development will provide Armenia with a $52mln loan. The project will be implemented by the “Yerevan TPP” CJSC and by “High-Voltage Electricity Network” CJSC. It is directed to the reconstruction of the “Ashnak” and “Yerevan TPP” substations for the strengthening of electricity transmission network. The project of construction of gas and steam turbine with new combined cycle. IBRD will provide the loan on privileged conditions: 14.5-year grace period and the total repayment term of 25 years.
Within the framework of “Social Investment and Local Development Project” IBRD will provide Armenia with a $30mln loan. The project aimed to improve the quality and availability of community and intercommunity infrastructure consists of 3 parts. It is directed towards the support of social-economic development of the communities and creation of abilities, such as construction, restoration, installation of water supply and drainage of basic social infrastructures ensuring education, healthcare and social services. The project will also assist the intercommunity development initiatives supporting the RA territorial reforms by the implementation of innovative development initiatives, which will include two or more communities. The project will also promote institutional empowerment and will provide the Armenia Social Investment Foundation with technical support. The total repayment term of loan is 25 years with 14.5-year grace period.
The Information and Public Relations Division of the Ministry of Finance of RA.
