Eurasian Development Bank to provide Armenia with $100-mln loan to support federal budget

YEREVAN. Nov 17 (Interfax) - The Eurasian Development Bank (EDB) will provide Armenia with a loan of $100 million to support the country's federal budget.

At a meeting on Friday, the Armenian government approved the draft agreement with the EDB "On providing a financial loan from the funds of the Eurasian Fund for Stabilization and Development", an Interfax correspondent reported.

"The agreement is based on the need to ensure implementing the law 'On the Federal Budget of the Republic of Armenia for 2023', as well as on measures to ensure executing the federal budget," according to the materials on the approved document.

The government notes that the overall need for financing this year totals 745.2 billion Armenian dram (approximately $1.85 billion), of which 65.2% is planned to be covered through borrowed funds from domestic sources, and 34.8% through loans from external sources.

The EDB is an international financial organization designed to promote economic growth and expand trade and economic ties between the countries that have established the Eurasian Economic Union. The shareholders in the EDB are Russia, Kazakhstan, Belarus, Tajikistan, Armenia, and Kyrgyzstan.