YEREVAN. – Ruling Republican Party of Armenia National Assembly (RPA NA) Faction Secretary Gagik Melikyan accepts that although there had been shortcomings in the past loan programs in the country, he is convinced that the Asian Development Bank (ADB) loan will be used effectively.
At Wednesday’s NA debates on whether to ratify the already-signed Armenia-ADB loan agreement for the Sustainable Urban Development Investment Program, the RPA MP stressed that this is a major loan program, and it will help solve regional matters.
“No financial institution approves a loan program just like that, without researching the situation in advance,” Melikyan added.
As per the RPA NA Faction secretary, this loan program will enable to create jobs and reduce the transportation problem in capital city Yerevan.
Under this agreement, the ADB will help carry out road construction work in numerous other towns in Armenia.
The project cost is 112 million 960 thousand US dollars.
