ArmInfo. Armenia will attract $ 17.9 million from the International Bank for Reconstruction and Development to implement the program of social investments and local development. The Parliamentary Commission on Financial-Credit and Budgetary Issues at a meeting on October 23 issued a positive opinion on an agreement with the Bank, recommending to the National Assembly at a plenary meeting to ratify the submitted document.
As Deputy Minister of Territorial Administration and Infrastructures of the Republic of Armenia Vache Terteryan noted in his speech, the agreement was signed on April 21, 2020. The total amount of the program is $ 25.4 million, of which $ 17.9 million will be loan funds, $ 6.3 million - the government's participation in the project, and $ 1.1 million - from local governments. The loan was provided for a period of 25.5 years, of which 14.5 years is a grace period for payments with an interest rate of 6 months EURIBOR + floating spread.
The program consists of three components - promoting the socio-economic development of communities and strengthening their capabilities, promoting inter-community development and strengthening the capabilities of the Territorial Development Fund. In particular, we are talking about the operational work on the repair or construction of kindergartens, local roads, small water supply networks, etc. It is also envisaged to continue work on reforming the local self-government system in order to increase its efficiency. In addition, it is planned to strengthen the capabilities of the Territorial Administration Fund, which, in addition to its main activities, will develop programs for the development of local communities.