World Bank to allocate Armenia $55 million loan to develop tourism

World Bank to allocate Armenia $55 million loan to develop tourism

The World Bank Board has approved a $55 million loan for the Local Economy and Infrastructure Development Project (LEIDP) for Armenia.

"The funds will be used to to improve infrastructure services and institutional capacity for increased tourism contribution to the local economy in five selected regions of the country," the director of the World Bank Yerevan Office Laura Bailey said, noting that the program is improving the maintenance of Armenia’s natural and cultural heritage while also stimulating regional economic activity, Tert.am reports.

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