Eurasian Development Bank to provide $300 mln loan to ArmeniaNovember 5, 2015 - 18:07 AMT PanARMENIAN.Net - The Armenian government approved Thursday, November 5, signing of an agreement for a $300 million loan from the Eurasian Development Bank. The loan seeks to finance the three-year program of reforms aimed at ensuring economic stability in Armenia. Granted for 20 years at an annual interest rate of 2.1%, the loan will be provided in three tranches of $100 million each. “The deal will not affect Armenia’s external debt burden for 10 years,” Economy Minister Karen Chshmarityan said, adding that the loan envisages a 10-year grace period. Asked by journalists to comment of the growth of external debt - GDP ratio and lack of growth in the industry sector, Chshmarityan said: “This is the problem of the economy on the whole, not just that of the industry. Compared with the industry growth of other countries, Armenia’s indicators are among the best ones. Even the most developed countries experience external debt burdens.” Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |