EDB will secure loan of 300 million USD to Armenia over economy stabilization project

YEREVAN, NOVEMBER 4, ARMENPRESS. Eurasian Development Bank(EDB) will provide a loan of 300 million USD to Armenia for the implementation of a three-year period project directed toward stabilization of economic situation of Armenia. Chairman of the Management Board of Eurasian Development Bank (EDB) Dmitry Pankin said the aforementioned to “Armenpress”.

“Currently macroeconomic actions are completely agreed with the Government of the Republic of Armenia. The project has been approved by all the expert councils and is under the observation of the Eurasian Stabilisation and Development Fund(ESDF). After the official decision the conditions for securing the loan will also be agreed upon, which will be followed by the confirmation of the loan agreement by the Armenian party. It is not excluded that the first tranche of 100 million USD will be provided at the end of the current year. The other 2 tranches will be provided during 2016-2017,” Pankin informed.

According to him the Bank allocates the money for 20 years, with a 10-year privilege period and anannualinterest rateof 2%.