Armenian parliament ratifies $16-million loan agreement with IDA

23.06.2011 20:32
Armenian parliament ratifies $16-million loan agreement with IDA

YEREVAN, June 23. /ARKA/. On Thursday, Armenian National Assembly ratified a $16-million loan agreement with International Development Agency to improve management of agricultural resources of communities and to enhance their competitiveness.

Agriculture Minister Sergo Karapetyan said that the aim of the program is more rational usage of pastures in cattle-breeding farms in 55 rural communities, improvement of milk producing ability and enlargement of sales of livestock products.

He said that the loan would be extended for 20 years at 0.75% annual interest to be paid in the first ten years and 0.5% for the remaining ten years.

The minister said that $3.53 million will be provided by the government as co-financing and another 3.8 million by the program beneficiaries.-0-


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