On July 23, the Armenian government and World Bank signed a $40mln loan agreement for the second Additional Financing for the Lifeline Road Improvement Project for Armenia.

The agreement was signed by Armenian Minister of Finance Tigran Davtyan and Acting Director of WB Yerevan Office Naira Melkumyan, the RA government’s press service reported.

The second additional financing will further scale-up activities under the on-going project to improve the condition of 190 km of roads. According to Naira Melkumyan, it is expected that up to 50 km will be rehabilitated by the end of this year. “The program will allow creating 19,000 jobs/1 month in this field,” she said.

The IBRD Flexible loan has a maturity of 25 years and a grace period of 10 years included.

For his part, Tigran Davtyan noted that the loan is provided under favorable conditions, what will allow implementing the program aimed at equal development of regions.