Armenian ministry confirms approval of $40 million irrigation loan

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Economy

06.07.2015, 18:31

Armenia's ministry of finance has confirmed today that the Eurasian Fund for Stabilization and Development will provide Armenia with an investment loan to the tune of $ 40 million for the modernization of irrigation systems.

Armenian ministry confirms approval of $40 million irrigation loan

YEREVAN, July 6. / ARKA /. Armenia's ministry of finance has confirmed today that the Eurasian Fund for Stabilization and Development will provide Armenia with an investment loan to the tune of $ 40 million for the modernization of irrigation systems.

The ministry said an Armenian delegation headed by finance minister Gagik Khachatryan took part in the session of the Board of the Fund that has approved Armenia's loan application.

It said the loan is repayable in 20 years with 2% interest rate. It will be used to repair irrigation canals and replace mechanical irrigation by gravity irrigation.

The Eurasian Fund for Stabilization and Development worth $8.5 billion (previously Anti-Crisis Fund was established by the same states on 9 June 2009. Its goal is to support the member states in their efforts to recover from the global financial crisis shocks and ensure their financial sustainability and economic progress. EDB is authorized to manage the Fund’s means. ($1 – 473.52 drams).–0–

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