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  Tuesday, November 19, 2019
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Russia will grant Armenia a $500 million loan following approval
Russia will grant Armenia a $500 million loan following approval by the lower house, the Russian prime minister said Friday.

"We have almost finished working on the issue of granting Armenia a $500 million loan, we are implementing this agreement. The budget should be approved by the State Duma. I hope this will be completed in the near future," Vladimir Putin told his Armenian counterpart Tigran Sargsyan.

Russia and Armenia signed a preliminary agreement on the stabilization loan on February 9. In line with the agreement, the loan is granted for 15 years with a four-year grace period.

Opening the meeting with his Armenian counterpart in his country residence, Putin said "steady contacts are maintained practically on all levels."

"I note with pleasure that despite all the difficulties, our trade turnover last year grew by 10%; good projects in the energy and transportation spheres are being implemented," he said.

In turn, Sargsyan said the co-chairmen of an intergovernmental commission who met in Moscow on Friday "touched upon all questions of mutual interest and reached an agreement on all issues."

"We assess the work of our colleagues very highly," he added.

Sargsyan also expressed hope that Russia's aid would help Armenia overcome the consequences of the global financial crisis.

"This is a serious sum for us, and I am convinced that as a result of the financial aid provided by you, we will be able to overcome the negative consequences of the global crisis. And I am certain that this money will help thousands of companies with Russian capital operate effectively," he said.


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