Armenia to boost trade infrastructure with EBRD loan, €6 million grant

The Armenian government has approved the ratification of a €39 million loan agreement with the European Bank for Reconstruction and Development (EBRD).

The resolution was presented by Vrezh Mkhitaryan, First Deputy Chairman of the Armenian State Revenue Committee, Caliber.Az reports, citing Armenian media.

In addition to the loan, Armenia will receive a €6 million grant, with the government contributing €9 million in co-financing for the project.

The funds will be used to construct a Centre for Foreign Economic Activity (FEA) and an administrative building for the State Revenue Committee in Yerevan. The construction costs will be covered through the country’s internal budgetary resources.

The new FEA Center is designed to include approximately 7,000 square metres of storage, inspection, and unloading facilities; a service hall spanning two underground and two above-ground floors; a truck parking area for 408 vehicles; a fire station; a laboratory; and a platform for a radiological scanner.

The EBRD loan will be disbursed in two tranches, each with a 15-year term and a four-year grace period. The interest rate is floating, calculated as the six-month Euribor (Euro Interbank Offered Rate) plus 1%.

By Vafa Guliyeva