Armenia to get $20 million loan from OFID to finance rural capacities program
ARKA, 09.06.2011The OPEC Fund for International Development (OFID) will provide a $20 million loan to Armenia to help it finance a project designed to enhance farmers’ capacities and create rural infrastructures, the Armenian government press office told ARKA.
The agreement to this end was signed Wednesday by Armenian finance minister Vache Gabrielian and OFID director general Suleiman Jazeer Al Kherbis after the latter’s meeting with Armenian prime minister Tigran Sarkisian on the sidelines of a World Economic Forum in Vienna, Austria.
The project’s beneficiaries will be rural population, mainly small-scale retail producers and companies engaged in production of nuts and fruits, as well as insecure population of alpine areas. It will be implemented by the International Fund for Agricultural Development (IFAD). The loan, extended at 3.5% interest rate, is repayable in 15 years and has a five year grace period.
According to finance minister Gabrielian, the overall purpose of this loan is to reduce poverty in rural communities. The minister said that it will help to quickly improve the quality of services in the country and create agricultural opportunities.
The Armenian government delegation headed by Tigran Sarkisian is visiting Vienna June 7-9 to attend a regional summit of the World Economic Forum on Europe and Central Asia. -0-
