OPEC Fund to lend Armenia 80 mln for economic reforms

YEREVAN. Sept 4 (Interfax) - The Armenian government has approved a draft loan agreement for 80 million euros with the OPEC Fund for International Development as part of the Armenia Economic Transformation Program.

The government press service said the funds were being provided as budget support. The program aims to improve competitiveness and attract investment to the country.

The loan term is 18 years with a five-year grace period at a floating 6-month EURIBOR + 1.56% rate.

The reform program includes liberalization of investment and trade, support for competition, investment and customs reforms, protection of economic competition, digitalization and cybersecurity, reforms in climate legislation and improvement of emissions management.

"The reforms are identical to the program tabled in the 170.3 million loan agreement with the International Bank for Reconstruction and Development," the government said.

The Armenian government approved the 170.3 million loan agreement with the IBRD in May.