
Armenia to receive €50 million loan from OPEC Fund
The OPEC Fund for International Development will provide a loan of €50 million to Armenia through its program lending instrument.
The Armenian parliament voted 61 to 26 to ratify the agreement between Armenia and the OPEC Fund at its session on Tuesday. The program is aimed at supporting green, inclusive and sustainable development in Armenia.
Addressing lawmkers, Deputy Finance Minister Eduard Hakobyan said the funds would be used to cover capital expenses, such as construction and repairs of roads, schools and kindergartens.
He said that the loan repayment period was 20 years including 5-year grace period.
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