ADB to provide $88.5 million loan to Armenia

At its weekly session today the Armenian government approved Seismic Safety Improvement Program signed with Asian Development Bank (ADB).

$88.5 million will be allocated to Armenia under the agreement. The purpose of the program is to improve seismic resistance of school buildings. 

The loan is provided at 2% interest rate for a 25-year term, with a grace period of 5 years.