The Armenian Government will provide funds for to GTB STEEL LLC for the construction of steel plant in the village of Ararat. The deciision was made at a sitting this morning.
“The construction of the steel plant in Yeraskh settlement by the company was stopped due to certain circumstances,” the government said.
The executive will thus provide a budget loan of 3,500,000,000 drams (about $8.7 million) with an annual interest rate of 8 percent for 4 years.
The steel plant under construction in the border community of Yeraskh was often targeted by Azerbaijani forces throughout 2023.