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.