Government Pays Off Zvartnots Airport Debt to EBRD

YEREVAN (Armenpress)–The government of Armenia has allocated $1.76 million to make a loan payment owed by the Zvartnots airport to the European Bank for Reconstruction and Development as of March 12–2000.

In all–the government has paid about $6.2 million on the debt–which the airport must repay by March 12–2001–including interest at LIBOR+3 percent. The European Bank Reconstruction and Development lent the airport $22.8 million in January 1995. The loan is at LIBOR+1 percent with paymen’s due from 1997 through 2007. The loan is to be repaid out of operating profits. The airport’s freight terminal began operating in May 1998. It has capacity to handle 80,000 tons a year but only 15 percent of capacity is being utilized.

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