RESIDENT OFFICE OF ASIAN DEVELOPMENT BANK TO BE OPENED IN ARMENIA

ARKA
April 8, 2008

YEREVAN, April 8. /ARKA/. Armenia’s Constitutional Court validated
the agreement signed with the Asian Development Bank on opening a
resident representative office of the bank in Armenia and confirmed
the compliance of the agreement with the country’s constitution.

The Ministry of Finance and Economy said in its note the ratification
is advisable as the agreement does not imply any additional financial
liabilities

Armenian Ministry of Justice established certain conflict between the
agreement provisions. Yet, it said the ratification will not lead to
passing new laws or amending the existing ones.

Under the Asian Development Bank program on rehabilitation of rural
roads, Armenia is to receive a $30.6mln loan. The works are to start
in 2008 and to be completed by 2010. Under the program, total of 228
kilometers of rural roads are to be reconstructed in Kotayk, Ararat,
Armavir and Gegharkunik regions.

The Asian Development Bank is also to extend a $45mln credit for
water supply modernization program in rural areas of Armenia.

Asian Development Bank (ADB) was founded in 1966 and embraces 63
countries.

Armenia joined ADB on September 20 2005.