YEREVAN, December 18. /ARKA/. At an extraordinary meeting on Friday the parliament ratified a $300 million loan agreement Armenia signed with the Eurasian Fund for Stabilization and Development of the Eurasian Development Bank on November 4, 2015.
According to deputy finance minister Atom Janjughazyan, the loan will be disbursed in three tranches each $100 million at 2.1% interest rate. The loan is repayable within 20 years. The grace period is 10 years.
He said the loan will be used to enforce a package of reforms to neutralize short-term and mid-term risks and eliminate obstacles hampering economic growth.
The parliament also ratified a $50 million loan agreement Armenia signed with the International Bank for Reconstruction and Development (IBRD) on December 10, 1015.
According to Atom Janjughazyan, the loan is provided with a floating interest rate of six-month LIBOR + fixed spread. The loan is repayable within 25 years with. The grace period is 14.5-years. Janjughazyan, said the loan will be used to promote a wide range of reforms ensuring fiscal, social and environmental sustainability and strengthening Armenia’s competitiveness.
Since 1992 when Armenia joined the World Bank and the International Development Association (IDA) in 1993, it has been provided with a total of $2.2 billion assistance. -0-
