27/05/2009 15:08
Russia to extend $500 million loan to Armenia for 15 years
Moscow is to extend Yerevan a $500 million loan this week to prop up the Armenian economy amid the ongoing economic crisis, Ria Novosti reported.
Agreement on extending the 15-year loan at LIBOR plus 3% was signed by Russian Finance Minister Alexei Kudrin and his Armenian counterpart Tigran Davtyan in Moscow on May 20.
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.