OPEC fund to provide €80 million loan to Armenia

Armenia's government has approved the signing of a loan agreement with the OPEC Fund for International Development to secure €80 million in financing to help cover the country's budget deficit.

According to the government decision, the agreement will be signed under Armenia's Economic Transformation Programme, with the country's finance minister tasked with completing the process, Caliber.Az reports, citing Russian media.

Under the deal, the OPEC Fund will provide Armenia with an €80 million budget-support loan.

The financing will have an 18-year maturity, including a five-year grace period.

The interest rate will be variable, set at the six-month Euribor rate plus 1.56 percentage points.

As of June 18, the combined rate stood at 4.166%.

By Bakhtiyar Abbasov