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In Moscow, an Armenian delegation, led by Minister of Finance Gagik Khachatryan, participated in the board meeting of the Eurasian Fund for Stabilization and Development (EFSD).

At the event, the minister submitted Armenia’s application for a financial loan from the EFSD.

The EFSD Board decided to continue preparing a final funding plan, and it also approved the application for a US$40 million loan to Armenia to implement the Irrigation Systems’ Modernization project.

Khachatryan, during his visit to Moscow, also held bilateral talks with several Russian officials.

In addition, the Armenian and Russian ministers of finance signed a memorandum of understanding on cooperation between the two ministries.

The parties also signed an agreement regarding Russia’s allocation of a $14.1-million gratuitous financial aid to Armenia, and to implement the project with respect to Armenia’s joining the Customs Union and the common economic space.

Separately, the Armenian finance minister and the head of the Russian Federal Customs Service discussed the current vehicle buildup at the Upper Lars checkpoint on the Russian-Georgian border. The minister reached an agreement to take steps toward eliminating the aforesaid buildup at the checkpoint as soon as possible, and creating the maximum comfortable conditions for Armenian cargo transportation.

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