The Government Will Take a New Loan of $7.4 Million

The Armenian Government is set to take a new loan of $7.4 million from the International Bank for Reconstruction and Development. This amount will be allocated for the construction and modernization of a new building for the Martuni Medical Center, as reported by factor.am.

It is noteworthy that this is the second time the government is taking a loan for the construction of the same medical center, as the previously allocated funds were spent for other purposes. Specifically, the Armenian Government had approached the World Bank, and the $3 million designated for the Martuni Medical Center was reallocated to purchase equipment necessary for Armenia to combat COVID-19.

As a result, there is currently a $3 million deficit for financing the modernization work of the Martuni Medical Center. The justification from the Ministry of Health indicates that to ensure the effective continuity of the program, it is necessary and appropriate to sign a new loan agreement for the provision of $7.4 million.