Moving Yeraskh village steel plant project to Ararat city costs Armenia government 3.5 billion drams

At Thursday's cabinet meeting, the Armenian government decided to provide a budgetary loan of 3.5 billion drams to the Panarmenian Fund closed-end private contractual investment fund, whose manager is the Development and Investments Corporation of Armenia universal loan organization, in order to fund the construction of a steel plant in the Ararat city by the GTB Steel LLC.

As per the explanation, the decision to build this steel plant in Ararat city was made because its construction in Yeraskh village of Ararat Province was stopped due to some circumstances—i.e. shooting by the Azerbaijani side.

For the construction of the steel plant in Yeraskh, GTB Steel had made a number of construction—and not only—expenses, which totaled around 2 billion drams.

The initial required investment for this project is about $29.9 million, which will be obtained through investment in authorized capital and loans from financial institutions.