Armenia to take €39 mln loan for customs hub

PanARMENIAN.Net - The Armenian government plans to take a €39 million loan to establish a Foreign Economic Activity Center, State Revenue Committee (SRC) head Eduard Hakobyan said during a parliamentary committee session on financial and budgetary issues.

He presented a draft to ratify the loan agreement between Armenia and the European Bank for Reconstruction and Development for the “Yerevan Customs and Logistics Center,” noting that it concerns the creation of the new facility, Panorama.am reports.

Hakobyan explained that customs processes are currently partially fragmented: declaration and document control are handled by customs authorities, while physical inspections are conducted at terminals, where laboratory conditions are often insufficient.

According to him, the initiative aims to consolidate all customs functions and relevant agencies in one location.

“The idea of the Foreign Economic Activity Center is to bring together all functions and the bodies involved in customs operations into one place,” he said.

The center will be built in the Proshyan community, along the North-South highway, and will serve import and export flows in that direction.

“The loan amounts to €39 million, with a 3% annual interest rate over 15 years, including a four-year grace period, along with an additional €6 million grant provided by the European Union,” Hakobyan stated.

He added that a new SRC administrative building will also be constructed in the same area, though not with loan funds.

He also noted that the center will include parking for around 408 vehicles, while currently about 70–80 customs clearances are processed annually in Yerevan along the North-South route.