Thursday, April 14 2011 16:44

Asian Development Bank to approve first tranche for development of municipal facilities of Armenia on April 19


ArmInfo. The Asian Development Bank (ADB) will approve the decision on providing Armenia with the first trance for implementation of the program on development of municipal facilities on April 19, ADB Representative in Armenia Areg Barseghyan told journalists. "The negotiations on provision of the given tranche have already been completed, all the relevant documents have been submitted for approval of the Bank's Council and are to be approved on April 19", he said. Barseghyan recalled that within the frames of the first tranche, the ADB will provide 50 mln USD to Armenia.

To note, the total value of the program on development of municipal facilities is 300 mln USD. Barseghyan recalled under an agreement with the government, ADB has already provided Armenia with $223.9 mln from the Asian Development Fund.

170 mln USD more will be provided to Armenia under the program on construction of the North-South highway. The given program has already been approved by the ADB Board of Directors. In Armenia ADB is also implementing a program on improving the water economy of the country. Under this program, the volume of financing is not determined yet, but it is supposed not to exceed 100 mln USD.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members - 48 from the region. In 2010, ADB approvals, including co-financing, totaled $17.51 billion. In addition, ADB's ongoing Trade Finance Program supported $2.8 billion in trade.
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