ArmInfo. The European Bank for Reconstruction and Development (EBRD) will provide the Air Navigation of Armenia (Armats) with a loan of 3 million euros to meet the urgent need for liquidity support.
As stated on the EBRD website, the proposed deal is in line with the Vital Infrastructure Support Program (VISP) as part of the 2nd phase of the COVID-19 solidarity package and aims to neutralize the unprecedented economic impact of the coronavirus crisis and overcome the temporary shock and focus on its key function, i.e. providing services for safe air traffic control in Armenia. it is noted that the project entails the elimination of the current lack of liquidity of the Company, which arose as a result of a sudden significant change in economic activity in connection with the crisis event.
The program also includes a grant element in the amount of 200 thousand euros.
The final decision on the project has not yet been taken by the EBRD Board of Directors
Note that Armenian Air Navigation (Armats) is fully owned by the Armenian government and is a national provider of air traffic control services.
