Loan funds from ADB and FDA will be spent on improving infrastructures and covering expenses of state budget

ArmInfo. Armenia will receive  loans from the Asian Development Bank (ADB) amounted to $30 mln and  from the French Development Agency (FDA) amounted to 40 mln EUR for  strengthening of infrastructures and covering the needs of state  budget.

Armenia's Finance Minister Vardan Aramyan stated at the government's  session on November 24 that the loan raised from the ADB will be  aimed at strengthening of infrastructures, particularly development  of energy sector and city road networks. Financial assistance from  FDA will be used for covering part of budgetary expenses. 

To note, under ADB's country partnership strategy, 2014-2018, Armenia  will receive about $500 million financial assistance to develop  infrastructures, energy and social services that will ensure  flexible, comprehensive and sustainable development of the country.   In the transport sector, ADB will continue to support improving the  north-south road corridor, and promoting transport links between and  within secondary towns, especially those with the highest poverty  rates.  To promote regional cooperation and integration, ADB will  coordinate with Georgia to help improve roads linking Armenia and  Georgia.  ADB will support urban development in towns with the  highest poverty rates by helping local governments prepare integrated  urban development plans, and financing modernization of  infrastructures, including in water supply, urban roads, and solid  waste management.  Armenia's aging electricity infrastructure and  heavy dependence on imported fuels affect its energy security. ADB  will help addressing this issue by supporting the development of  renewable energy resources and helping to rehabilitate and upgrade  energy infrastructure. Armenia joined ADB in 2005. ADB, based in  Manila, is dedicated to reducing poverty in Asia and the Pacific  through inclusive economic growth, environmentally sustainable  growth, and regional integration.

To recall, on October 18 during the meeting with Armenian Prime  Minister Karen Karapetyan French Ambassador to Armenia Jean-Francois  Charpentier said that the French Development Agency is set to make  new investments in Armenia's infrastructures to a total amount of  about USD 40 million. A number of French companies are interested in  deploying activities in Armenia. Efforts are being made in this  direction., he said.