GTB Steel to continue plant construction in Ararat village instead of Yeraskh

YEREVAN, JANUARY 11, ARMENPRESS. The Armenian government will provide funds to GTB Steel for its project to build a steelworks in the village of Ararat which was originally supposed to be built in Yeraskh but was moved due to safety precautions after multiple cross-border shooting attacks by Azeri forces.

The US-affiliated company had spent nearly 2 billion drams during its construction work in Yeraskh.

The government of Armenia adopted a decision on January 11 to provide 3,500,000,000drams in budgetary loan to the Pan-Armenian Fund investment fund, which is managed by the Armenian Development and Investment Corporation universal crediting organization, with the purpose of financing the GTB Steel project in Ararat.