The Armenian government has approved a draft agreement on writing off Nairit chemical plant’s debt to CIS Interstate Bank.
"The draft agreement suggests a concession of the right to credit claims with respect to Rhinoville Property Limited company by Interstate Bank Armgazprom for $100 with a total net book value and secured assets. The total amount of the loan is $70 million," RIA Novosti cited energy and natural resources minister, Yervand Zakharyan, as saying.
According to him, the CIS Interstate Bank is also asked to cede the right to credit claims with respect to Nairit plant to Nairit-2 for $100 with a total book value and secured assets. In this case, the size of the loan is $110 million.
"The agreement is being now reconciled and will shortly be signed. In July, it will be finalized," Zakharyan said.
