Armenia to get 20 million-euro loan from Germany

The German government is to allocate an additional 20 million-euro loan to Armenia within the framework of the “Development and financing of the housing market” program, reports Panarama.am

The German bank KfW will grant the loan for 10 years, three of which are on favorable terms, said the chairman of the Central Bank of Armenia Artur Djavadyan.

The loan’s interest rate is around 3% and is partially backed by the Armenian government.

Armenia has already been granted loans of 12 million euros and 1.2 million euros under the program.