YEREVAN, October 21. / ARKA /. The Eurasian Development Bank (EADB) is very likely to provide the first $100 million tranche of a $300 million stabilization loan to Armenia before the end of this year, Dmitry Pankin, the chairman of the Bank’s Board, told ARKA in an exclusive interview.
He said Armenia’s application was approved by expert groups and was submitted to the approval of the Eurasian Fund for Stabilization and Development ((EFSD) Board, run by the Bank.
Pankin said after Armenia’s request is approved formally by EFSD Board, the sides will specify the terms of the loan, which is to be ratified then by the Armenian side.
Pankin said the first $100 million tranche is very likely to be released in December, while the next two tranches- each $100 million- are planned for 2016 and 2017.
Preliminary, the $300 million loan, repayable in 20 years, will be provided with a 10-year grace period at 2% interest rate per annum.
The Eurasian Fund for Stabilization and Development (EFSD, before known as the EURASEC Anti-Crisis Fund) is a regional financial arrangement in the amount of US$ 8.5 billion.
It was established by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan in 2009. EFSD mission is to help member countries ensure their long-run economic stability and foster economic integration between them. -0-
