On July 23, Armenia and World Bank signed a $40m loan agreement for the second additional financing for the Lifeline Roads Improvement Project (LRIP).

The agreement was signed by the Armenian Finance Minister Tigran Davtyan and the World Bank Acting Country Manager Naira Melkumyan, RA finance ministry press service informed NEWS.am. The program is aimed at rehabilitation of the lifeline road network and creation of temporary jobs in road construction.

The project is aimed at the improvement of 190 km of roads in 9 regions. According to Melkumyan, 50 km of roads are expected to be repaired by 2010 end. According to her, about 19 000 jobs will be created in this sector as well.

The loan has a maturity of 25 years, including a grace period of 10 years.