The Armenian government will provide support to agribusinesses in the Lori and Tavush regions affected by the floods of May 25-26.
The decision was made at a government meeting on July 27. The support will be directed to companies participating in the interest rate subsidy program for agricultural sector loans.
Due to the floods, some beneficiaries of the program faced difficulties in repaying their loans and may lose access to the support.
The government identified about 100 such borrowers with a total credit balance of 150 million drams. According to the government's decision, these companies will be granted a loan repayment deferral for up to one year.
Earlier, BMG reported that the Armenian government declared a disaster zone in nine communities of the Tavush and Lori provinces following the devastating flood caused by heavy rains on May 25-26, 2024. These communities comprise 39 settlements with about 113,000 residents affected by the catastrophe.
Approximately 11 sections of the M4 interstate road have various damages, and the M6 road connecting Armenia to Georgia was damaged in 43 sections.
In the disaster zone, 24 bridges were also reported damaged, 16 of which are unusable. Some are small community bridges, while others are major bridges consisting of 6-7 spans that require complete replacement.
