YEREVAN. - Armenia wants to get $88,5 loan from the Asian Development Bank (ADB) for raising the seismic stability of schools. Armenian Deputy Minister of Territorial Administration and Emergency Situations (MTAES), Artashes Bakhshyan, introduced the bill of the corresponding agreement in the parliament today.

The agreement signed on October 19 stipulates allocation of $107 mln funding for the 1st stage of the project, out of which $18.5 mln or 17.5 percent will be extended by the Government. The remaining $88.5 percent will be contributed by the ADB in different currencies. The loan will be provided for 25 years with the grace period of 5 years and 2 percent per annum.

The total cost of the project for 15 years (2015-2030) will constitute $617 mln. 377 out of nearly 1400 schools in the republic will be restored and reconstructed by these funds. The aforementioned schools are selected as high-priority according to seismic risks. By the end of the work, they should correspond to the norms of 9-magnitude earthquake resistance.

Consequently, 148,000 schoolchildren and teachers, as well as 450,000 people living round schools - who will be able to use the school building as a shelter - will appear in safer conditions.