YEREVAN, OCTOBER 13, ARMENPRESS: Armenian agriculture minister David Lokian told journalists today, after meeting with the visiting Suleiman J. al- Herbish, Director-General of the OPEC International Development Fund that Mr. al-Herbish has come to Armenia to learn more about its economy on the ground and discuss new cooperation issues.
The OPEC Fund runs a total of $4.4 billion budget. Armenia began cooperation with it in 2005. OPEC Fund made its first $5 million investment in Armenia this year in a form of a public sector loan in support of a rural areas economic development. The project is targeting the population of remote mountainous rural areas.
Suleiman J. al- Herbish said the Fund wants to expand its cooperation with Armenia and launch more agricultural projects here. For that purpose, he said, the Fund is considering release of a new $12 million credit to support rural development.
Besides, he said OPEC Fund is considering investments in Armenia’s energy sector, but not in production of tobacco and alcoholic drunks, which are banned by Fund’s statutes. Armenia and OPEC Fund signed in 2005 o an agreement for the encouragement and protection of investments.
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