ArmInfo.The Asian Development Bank (ADB) will provide Armenia with a loan of 60.09 million euros for the implementation of the urban development investment program.
According to the Deputy Minister of Territorial Administration and Infrastructure of the Republic of Armenia Vache Terteryan, the agreement was signed on November 27, 2023. The funds are planned to be used for the construction of a new section of the Isakov-Arshakunyats road in Yerevan, which will connect 3 administrative districts of Yerevan and significantly reduce congestion in the city. As a result of the project, it will be possible to shorten the existing road by approximately 1.8 km, reduce urban traffic jams, and create new urban infrastructure by building another bridge across the Hrazdan River. Plans include the construction of the necessary wings of the existing road interchange on Isakov Avenue, which will provide access to the Noragyugh area, a 269-meter long reinforced concrete bicycle bridge will be built across the Hrazdan River, and an interchange with a tunnel crossing and a roundabout will be built on Arshakunyats Avenue. It is expected that the implementation of the program under the Agreement will be completed on September 30, 2027.
The proposal to sign the loan was approved by the Cabinet of Ministers on November 9, 2023. The loan is provided for a term of up to 27 years with a 10-year grace period and a repayment period of 17 years. Funds are provided with an annual interest rate of 6 months EURIBOR + 0.5% margin + 0.3%.
The ADB has been working with Armenia since 2005. As of April 2023, ADB's total liabilities amount to $1.7 billion. To date, the Bank has provided Armenia with 59 loans, grants, and technical assistance to the public sector in the amount of $1.3 billion, which were aimed at developing transport, financial, energy, water spheres, infrastructures, etc.
