The “Seismic Safety Improvement Program” loan agreement was signed between the Republic of Armenia and the Asian Development Bank. The agreement was signed at the RA Ministry of Finance on November 27.
The signing of the agreement was organized within the frames of the ADB President Masatsugu Asakawa’s visit to Armenia. The ADB Director General for Central and West Asia Eugene Zhukov, ADB Director Made Wijaya, Yerevan Mayor Tigran Avinyan, RA Minister of Territorial Administration and Infrastructures Gnel Sanosyan were present at the event.
The document was signed by the RA Minister of Finance Vahe Hovhannisyan and the Head of ADB Armenian Office Donald Lambert.
The program implementation agreement was signed by Yerevan mayor Tigran Avinyan and the ADB Armenian office head.
The “Seismic Safety Improvement Program” is implemented on the basis of the loan agreement signed between the Republic of Armenia and the Asian Development Bank on October 19, 2015. The program started in 2016, and the amount disbursed by the bank within this program is 88,5 million USD.
The agreement signed envisages allotment of another 66,100,100 euro loan means to complete the program. The key goal of the program is the construction or seismic fortification of at least 46 schools in accordance with modern standards thereby providing safe educational conditions for approximately 20000 pupils.
Within the frames of the program 16 schools have been built so far. Construction activities are currently going on in 20 schools. 10 schools are on different stages of designing. The mentioned above program is full concordance with the RA Government’s program for 2021-2026, one of the priorities of which is school building.
Another loan agreement, the “Yerevan Urban development Investment Program” the cost of which is 60,090,000 euro was signed between Vahe Hovhannisyan and Donald Lambert.
The aim of the program is to develop infrastructures of the city through the construction of the new Isakov avenue-Arshaknyats avenue road segment which will connect three administrative districts of Yerevan and significantly reduce the traffic jams. The program implementation will result in shortening the existing itinerary, reduction of the traffic jams, as well as to create new urban infrastructures.