A development bank founded by Russia and Kazakhstan provided the Armenian government on Tuesday with a $150 million loan that will finance the ongoing reconstruction of Armenia's main highways stretching more than 550 kilometers to neighboring Georgia and Iran.
The chairman of the Almaty-based Eurasian Development Bank (EDB), Dmitry Pankin, signed a corresponding agreement in Yerevan with Armenian Transport and Communication Minister Gagik Beglarian after talks held with Prime Minister Hovik Abrahamian.
In a statement issued after the signing ceremony, the EDB said the loan repayable in 20 years will finance work on a 20-kilometer highway section encompassing Armenia's highest mountain pass close to the Iranian border.
Armenian News
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