YEREVAN, December 8. /ARKA/. The Eurasian Fund for Stabilization and Development (EFSD), run by the Eurasian Development Bank, approved the release of the third tranche of a financial loan to Armenia in the amount of $ 100 million. The money was transferred to the country’s ministry of finance on December 6, EFSD said in a press release.
The $300 million loan agreement was signed in November 2015. The financial resources are intended for the government of Armenia to neutralize possible short-term and mid-term risks in implementing foreign exchange policy and to ensure as fast economic growth as possible. The loan was provided for 20 year with a ten-year grace period and 2% annual interest rate.
The Eurasian Fund for Stabilization and Development is considering also the extension of another $40 million loan to Armenia for modernization of irrigation infrastructures. The total budget of this five-year project amounts to $50 million, of which $10 million will be provided by the Armenian government.
The Eurasian Fund for Stabilization and Development (earlier Eurasian Anti-Crisis Fund) was established by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan in 2009. It is run by the Eurasian Development Bank-0-
