Government of Armenia approved credit agreement of $20 million with OFID

ARKA, 10.06.2011

On Friday the government of Armenia approved credit agreement in the amount of $20 million with the Fund of International Development of the organization of importer countries of oil.

Agreement on the provision of credit in the amount of $20 to Armenia by the Fund was signed on June 8 during the visit of Prime Minister of Armenia Tigran Sargsyan to Vienna.

Armenian Finance Minister Vache Gabrielyan said the privileged credit is provided for 20 years with 5-year grace period with percent rate of 3.5%.

“The money will be directed to the development of agriculture infrastructures, mainly to elimination of rural poverty and creation of agricultural potential”, said Gabrielyan.

Sargsyan emphasized the importance of this agreement and proposed to include it in the agenda of extraordinary parliament session for starting to use the money earlier.

Government of Armenia proposed to hold the extraordinary meeting of the parliament in the period from June 20 to June 28. Spring session of NA ended on May 27 but after it the government approved a number of important international agreements which considered necessary to submit to the parliament for approval. --0--