YEREVAN, DECEMBER 22, ARMENPRESS: United Arab Emirates-chaired OPEC Fund for International Development announced December 21 it approved loans worth a total of USD 157.4million at a recent board of governors meeting in the Fund’s Vienna offices.
Jamal Nasser Lutah, the board’s chairman and assistant undersecretary of Industry at the UAE Ministry of Finance and Industry (MOFI), unveiled the details of the loans. He said: ‘The board has approved 17 loans totaling $157.4 million to offer credit finance for projects in Angola, Armenia, Bosnia, Congo, Jordan, Turkey and Turkmenistan.”
The loans are for as long as 20 years. The first five years offer a grace period and the interest payable varies from 1 per cent to 1.75 per cent.’
The announcement did not say how much Armenia is expected to get. The Armenian finance and economy ministry said it did not discuss yet how the loan could be used.
The OPEC Fund for International Development was established in January 1976 by the member countries of the Organization of the Petroleum Exporting Countries (OPEC). The Fund was established to support low-income countries in their efforts to make economic and social progress. It aims to promote cooperation between member countries of OEPC and other developing nations.
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