An Armenian bank has issued an unprecedented $600 million in eurobonds on the international financial markets, Prime Minister Nikol Pashinyan announced on Facebook, calling it a significant step for Armenia’s banking sector.

“On January 14, a key financial event occurred: one of Armenia’s banks issued $600 million in eurobonds with a 5-year maturity at 6.6% interest. Demand exceeded $2 billion,” Pashinyan wrote.

He emphasized that this marks an important milestone in the development of the national banking system.