World Bank to grant Armenia loan of $75 million

Armenian Finance Minister Gagik Khachatryan and WB Country Manager in Armenia Laura Bailey signed an agreement on the second loan of the development policy. Armenia has been granted a loan of $75 million for 25 years. The loan will have a privileged interest rate and a floating rate for 14.5 years and a 6-month LIBOR + 0.5% rate, RIA Novosti reports.

The sum will help finance expenses, reduce the deficit and help stabilize development. Armenia has concluded reforms in all sectors named by the World Bank: improvement of business climate, air transportation and customs reforms.