Yerevan expects to receive a loan of $88.5 million from the Asian Development Bank to improve the seismic resistance of schools in Armenia. A draft agreement was submitted to the Parliament by the Deputy Minister of Territorial Administration and EMERCOM, Artashes Bakhshyan.
According to the document, the first phase of the project will be provided with $107 million, of which $18.5 million, or 17.5%, will be provided by the government, the remaining $88.5 million will be provided by the Asian Development Bank. The loan will be for 25 years, a favorable rate of under 2% interest per annum will be in operation for the first 5 years.
