The Eurasian Fund for Stabilization and Development, where Russia holds the largest share, will provide a $300 million privileged credit to Armenia, Russian Deputy Minister of Finance Sergey Storchak told reporters. Armenia had applied for more, he said.
“The Council of Fund, which convened recently, made a political decision on the provision of the credit,” Storchak said, TASS reports.
Belarus was the first country to receive a privileged credit from the Fund.
Storchak said the loan will be granted on standard terms. “As far as I understand, it’s about 1% annually,” he noted.