At least the finance ministers of Armenia and Russia, Tigran Davtyan and Alexey Kudrin, signed an agreement on providing Armenia with a borrowing of 500 million dollars. The borrowing is provided with a coverage term of 15 years and the interest rate is calculated based on the LIBOR rate +3%, which currently makes 4%. After executing the agreement Kudrin said that Armenia would start covering the main debt in five years. “The conditions of the borrowing fully correspond with the existing economic situation in Armenia. This agreement proves the high level of bilateral strategic cooperation,” said the finance minister of Armenia. The parties did not inform any details concerning the portions of coverage and when the money will be provided exactly.
