YEREVAN. – The World Bank (WB) will provide an additional US$ 40 million loan to Armenia, and for the construction of an approximately 190km motorway, between 2016 and 2019.

The First Deputy Minister of Transport and Communication, Artur Arakelyan, on Wednesday stated the aforementioned at the National Assembly. 

Arakelyan is the main speaker in the NA debates on whether to ratify the already-signed Armenia- WB loan agreement for the Additional Financing of the Lifeline Road Network Improvement Project.

This loan program aims to develop the community road network of Armenia’s provinces. 

As per the deputy minister, the first respective loan was allocated in 2013, and this will be the second one.

“The loan is preferential in nature, the repayment period is 25 years, [and] the interest rate is floating,” Artur Arakelyan added.