VIDEO: What Projects Will Armenia Implement with a €50 Million Loan? Deputy Minister Explains

Armenia plans to attract a budget support loan of €50 million. During a session of the National Assembly, Deputy Minister of Finance Eduard Hakobyan presented the draft law on ratifying the loan agreement between Armenia and the OPEC Fund for International Development for the "Green, Resilient, and Inclusive Development Program."

"The funds will be directed towards financing the deficit outlined in the 2023 budget law or covering the need for financing expenses, for which the National Assembly had already approved the attraction of $350 million in budget support loans through the state budget law. However, considering that our planned capital expenditures of 550 billion exceed our projected deficit of 290 billion, the funds will be allocated to capital expenditures, which include schools, kindergartens, roads, and other types of infrastructure," said Hakobyan.

Throughout the year, efforts have been made to secure these funds, which are based on reforms. The repayment period for the loan is 20 years, with a grace period of 5 years. For more details, watch the video.