Armenia, ADB sign two loan agreements worth over EUR 126mln 

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.