Armenian parliament attracts 50 mln euro loan from OPEC Fund

YEREVAN. Dec 6 (Interfax) - The Armenian parliament has ratified an agreement with the OPEC Fund for International Development (OPEC Fund) for a 50 million euro loan.

The funds will be used to cover the budget deficit and implement several reforms, including measures to improve energy efficiency for households and businesses, reforming the education and healthcare systems and providing social support for refugees from Nagorno-Karabakh, the parliamentary press service said.

The loan is provided for 18 years with a five-year grace period and carries an interest rate of six-month Euribor +1.56%.

The agreement between Armenia and the OPEC Fund was signed in November.

The OPEC Fund for International Development is an intergovernmental institution for financing development established in 1976 by member states of the Organization of the Petroleum Exporting Countries (OPEC). Its member countries include Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE and Venezuela.