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The Republic of Armenia and the Asian Development Bank (ADB) signed the loan agreement Seismic Risk Improvement Program (additional financing) worth 66.1mlin Euros: The RA Minister of Territorial Administration and Infrastructure Vache Terteryan said this at March 15 extraordinary sitting of the NA Standing Committee on Financial-Credit and Budgetary Affairs, presenting the draft law on ratifying the Agreement.

The Deputy Minister noted that the loan program has begun from 2015 with 107 million total budget, 88.5 million US D are credit funds, and 18.5 million USD – is the state co-financing. The key indicator of the program is at least the construction or strengthening of 46 schools, and providing safe educational conditions for about 20,000 students. The Deputy Minister informed that the review of the seismic construction norms is also designed. It has already been realized, and at present the RA normative base corresponds with point 9: All new construction works are done on the basis of that normative base. According to the rapporteur, elaboration of seismic-proof construction guidebook, training of at least 100 specialists working in construction and other functions.

The key rapporteur informed that 16 schools have already been constructed within the framework of the project. Currently, construction works for 20 schools are in progress, and will be completed until 2026. 10 schools are at various stages of implementing design works: The deadline is the year 2027.

According to the Deputy Minister, during 2024, it is designed to construct also seven schools. All schools will be furnished exclusively with new, modern property and laboratories. As a result of the works done until now, about 80% of the financial means allocated for the project was spent. Vache Terteryan clarified that the substantiations made in 2015, were changed. One of the reasons is the construction of new schools instead of strengthening the schools, the changes of the construction prices and exchange rate. As a result, to complete the final phase of the construction project of 46 schools it is designed to engage additional financing with the amount of 66.1 million Euros.

Answering the question of the deputy Narek Grigoryan, the Deputy Minister noted that unlike other projects the latter is fruitful. The spent sum of money will be spent with preliminary agreement as privileged credits, if the 46 schools included in the project will be constructed with quality and ensure the pupils’ safe educational conditions.

In response to the question of the deputy Artur Khachatryan, Vache Terteryan mentioned that the construction works of 46 schools will be completed in 2027: 10 schools are at the design stage, and 20 – at the construction stage.

“This is not only a school construction project, but also it has a component of public security and post-crisis administration,” the Deputy Minister said.

The Committee also debated the draft law on Ratifying the Agreement on Financial Cooperation between the RA Government and the Government of the Federal Republic of Germany. The RA Acting Deputy Minister of Economy Rafayel Gevorgyan presented it.

According to the rapporteur, the Government of Germany will provide a 12 million Euro preferential loan through the German-Armenian Fund functioning under the Central Bank. The grace period of covering the sum of money is 7 years. It should be repaid until 2043.

Solar power stations with 500 megawatt capacity will be built for own consumption of the legal persons within the framework of the project. Solar power stations with one megawatt capacity will be built for autonomous groups and Solar power stations with 500 kilowatt capacity – for physical persons.

The committee endorsed the debated draft laws.