ArmInfo. On November 27, 2023, at the RA Ministry of Finance, Armenia and the Asian Development Bank (ADB) signed the loan agreements "Seismic Safety Improvement Program - (SSIP)" and "Yerevan Urban Development Investment Project."
The agreements were signed on the occasion of ADB President Masatsugu Asakawa's visit to Armenia. Attending the signing ceremony were Eugenue Zhukov, Director General, ADB Central and West Asia Department (CWRD), Made Arya Wijaya, ADB Executive Director, Yerevan Mayor Tigran Avinyan, Minister of Territorial Administration and Infrastructures Gnel Sanonyan. The documents were signed by Armenia's Minister of Finance Vahe Hovhannisyan and Don Lambert Country Director, Armenia, ADB Central and West Asia Department (CWRD).
On 22 September 2015, the Asian Development Bank (ADB) approved the Seismic Safety Improvement Program (SSIP) for $88.5 million equivalent, as well as an attached technical assistance project. The original loan closing date was 31 May 2021, which was subsequently extended to 31 May 2026. The program's outcome is improved coverage of seismically safe school buildings. The outputs are (i) seismic resilience of school buildings increased, (ii) seismic disaster preparedness and response capacity strengthened, (iii) supportive policies and systems for seismic disaster risk management and reduction improved, and (iv) national capacity in executing and implementing the seismic safety investment program enhanced. According to the signed agreement, it is planned to attract another 66.1 million euros of loan funds to fully implement the project. The main and key indicator of the project is the construction or strengthening of at least 46 schools in accordance with modern earthquake resistance standards, which will provide safe learning conditions for approximately 20,000 students. Currently, 16 schools have been built as part of the project. Currently, construction work is underway on 20 schools and 10 schools are at various stages of design (final) work.
Mr Hovhannisyan and Mr Lambert signed the EUR 60.090mln loan agreement Yerevan Urban Development Investment Project. The goal of the project is the development of urban infrastructure through the construction of a new section of the Isakov-Arshakunyats road, which will connect the administrative districts of Yerevan and significantly reduce urban traffic jams. As a result of the project, it will be possible to reduce existing roads and city traffic jams, as well as create new urban infrastructure.
The Asian Development Bank (ADB) has been in partnership with Armenia since 2005 and remains one of the country's largest multilateral development partners.
Current ADB operations in Armenia are implemented under the country partnership strategy (CPS), 2019- 2023, and target inclusive, diversified, and transformative growth. The strategy is consistent with the country's development priorities and is structured around three pillars: priority infrastructure investments in transport, energy, and urban development; assistance to reform service delivery in education, health, and financial services; and support for regional cooperation and integration. This CPS for Armenia is in its last year of implementation. The formulation of the new CPS covering 2024-2028 has started and is expected to be implemented by early 2024.
To date, ADB has committed 59 public sector loans, grants, and technical assistance totaling $1.3 billion to Armenia. Cumulative loan disbursements to Armenia amount to $1.42 billion. These were financed by regular and concessional ordinary capital resources. ADB's ongoing sovereign portfolio in Armenia includes 7 loans worth $647.5 million.
