Asian Development Bank to provide Armenia with loan of $49 million
The Asian Development Bank (ADB) approved a loan of $49 million and a technical assistance grant of $900,000 to Armenia on "promotion of stability in the areas of water supply and roads,RIA Novosti reports Sept.20 with reference to the ADB.
The funds will be provided to the Government of Armenia within the framework of promotion of infrastructures stability.
About 50 percent of the water supply system of Armenia needs modernization, and many rural areas are deprived of clean water.
The loan is granted in 2 tranches. The first tranche of $20 million will be transferred when the loan becomes effective, and the second tranche is planned to be transferred in 2015.