Armenia to receive 50 million euro loan from OPEC Fund

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12.12.2023, 12:09

The OPEC Fund for International Development will provide a 50 million euro loan to Armenia.

Armenia to receive 50 million euro loan from OPEC Fund

YEREVAN, December 12. /ARKA/. The OPEC Fund for International Development will provide a 50 million euro loan to Armenia. The agreement between Armenia and OPEC Fund was ratified today by Armenian National Assembly. The loan is to be used to ensure green, sustainable and inclusive development.

According to Deputy Finance Minister Eduard Hakobyan, the loan was initially supposed to cover the budget deficit, but after it turned out that the government would close the year with surplus , it was decided to channel the loan funds into capital investments, such as construction, schools repair and so on.

He said that the loan repayment period is 20 years with a 5-year grace period. The interest rate consists of two components: six-month EURIBOR and a fixed spread of 1.6%. The Ministry of Finance estimates that the actual rate will be 5.6%. -0-

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