YEREVAN. – Minister of Finance of Armenia Gagik Khachatryan, and World Bank (WB) Regional Director for the South Caucasus Mercy Tembon on Tuesday signed a loan agreement.

Accordingly, the WB will allocate a US $55-million loan to Armenia, with a 25-year maturity and a 14.5-year preferential term.

The Ministry of Finance informed Armenian News-NEWS.am that this loan agreement along the lines of the Local Economy and Infrastructure Development Project (LEIDP) for Armenia envisions the improvement of infrastructure services and institutional capacity for increased tourism contribution to the local economy in Ararat, Vayots Dzor, Kotayk, and Lori Provinces of the country.