YEREVAN, November 27. / ARKA /. The International Bank for Reconstruction and Development (IBRD), a member of the World Bank Group and the Asian Development Bank (ADB) will provide Armenia with budget loans totaling $124 million, Deputy Finance Minister Pavel Safaryan told a Cabinet session today.

The government  has approved today an agreement  signed 19th November 2014 by the government and the IBRD  and another agreement signed  October 3, 2014 with the Asian Development Bank.

"Under the agreement, the International Bank for Reconstruction and Development will provide Armenia with a budget loan of $75 million repayable in 25 years, while the Asian Development Bank will provide the government with $49 million loan," said Safaryan.

According to him, the ADB loan is repayable in 25 years and is given at the rate of 2%. It will be provided in two instalments - the first in the amount of $20 million this year and the second in the amount of $29 million in 2015. -0-