ASIAN DEVELOPMENT BANK APPROVES EXTENSION OF CREDIT TO ARMENIA TO $80 MILLION
ArmInfo
2009-07-07 14:55:00
ArmInfo. Asian Development Bank (ADB) has approved extension of credit
to Armenia to the sum of $80 mln, Finance Minister of Armenia Tigran
Davtyan said at Tuesday press-conference. According to him, these
funds will be fully directed to funding of the budgetary expenditures
of 2009.
As ADB Yerevan Office told ArmInfo, $80 mln credit will be extended
to the budget with 24-year repayment period at 0,75% per annum,
with the first 8 years as a period of grace on payments.
According to the source, the funds will be used to finance the
budget social expenditures, in particular, on wages, pensions
and allowances. It is also scheduled to open jobs by these funds
as a result of implementation of the rural road construction
programs. According to ADB, the bank plans to provide Armenia with
another credit of $60 mln in 2009, to be directed to restoration of
Yerevan-Batumi highway within the frames of North-South project. This
credit will be granted for 32 years on the similar terms. Earlier it
was informed that the Asian Development Bank will extend new credit to
Armenia in 2009-2010 to the total sum of $140 mln. Armenia has become
ADB member in September, 2005. Its share in the bank’s authorized
capital makes up 10,557 shares or 0,301%, and the voting right –
24,266 shares or 0,55%.