ADB to extend USD300 million to Armenia

PanARMENIAN.Net - Yerevan Mayor Gagik Beglaryan met with Asian Development Bank delegation (ABD), Mayor's office reported.



In June, ADB board plans to consider the issue of USD300 million crediting for Armenia. The funds will be allocated to large-scale subway construction works, and renewal of city transport. Specifically, USD85 million will be allocated to the construction of new subway entrance at Yeritasardakan station.



Gagik Beglaryan presented Noragyugh business center construction project within general city planning scheme, giving high assessment to ADB participation in the program of major strategic importance to Yerevan.



The Asian Development Bank (ADB) is a regional development bank established in 1966 to promote economic and social development in Asian and Pacific countries through loans and technical assistance. It is a multilateral development financial institution owned by 67 members (as of 2 February 2007), 48 from the region and 19 from other parts of the globe. ADB's vision is a region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their citizens.