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China to provide Armenia $25.3 million loan

Politics
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The People's Republic of China will provide Armenia a loan on more favorable terms. In its Thursday sitting the Armenian cabinet will discuss the draft document which will be presented by Minister of Finance Gagik Khachatryan. Within the framework of the agreement, a program on Upgrading Technologies and Equipment for the system of Customs Inspection in Armenia will be signed between the Government of Armenia and the Export-Import Bank of China. The sides will also sign a loan agreement in the amount of 115,440,000 yuan (about $ 25.3 million) which is to be repaid in 20 years, with five on favouranble terms and with an annual interest rate of 2 percent.