ArmInfo. The Armenian Government is holding negotiations with the European Bank for Reconstruction and Development (EBRD) to attract funds to modernize the infrastructures of Gyumri - the second largest city of the republic, Armenian Minister of Territorial Administration David Lokyan said in Parliament on March 16.
He said the approximate amount of the funds will be 23.5 mln EUR, with 33% of this amount being grants and the remaining part being loans. The minister noted that the loan funds will be attracted at Libor+ changing margin, which is approximately 0.13%. He added that the situation will become clear by April 15 and the talks will get the legal framework by early November 2016.
Lokyan also stressed that besides settling the infrastructure problems of the city, the Government also seeks to turn Gyumri into a tourism center. Before that, the state budget allocated 2.350 bln AMD for the projects in the city in 2011-2014, and 550 mln AMD in 2015. In addition, in 2015 the budget of the city allocated additional 440 mln AMD for those purposes.