Russia and Armenia signed 15-year credit agreement for provision of $500 millionMay 20, 2009 - 19:05 AMT PanARMENIAN.Net - Moscow is to grant Yerevan a $500 million loan to prop up the Armenian economy amid the ongoing economic crisis.Wednesday's agreement to extend the 15-year loan at LIBOR plus 3% was signed by Russian Finance Minister Alexei Kudrin and his Armenian counterpart Tigran Davtyan in Moscow. Speaking at the signing ceremony, Kudrin said that the loan was granted on concessional terms, with interest at about 4% per annum, a reflection of the current market situation. "We'll grant a five-year grace period, during which only interest will be paid," RIA Novosti cited Kudrin as saying. The means received will be allocated to infrastructure development, support of small and medium-sized business and country's economy. 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 | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |