Armenia will take out new loans worth $320 million. The decision to approve the relevant agreements was made at the government’s Cabinet meeting on Thursday.

In particular, the government plans to receive a $150 million loan from the Asian Development Bank. It will be provided for a period of 15 years at an interest rate of 4.58%. The funds, among other things, have been allocated to support the strengthening of Armenia’s public finances, public debt, and financial risk management policies, as well as to increase the sustainability of investments in the country’s infrastructure, and to improve the government securities market.

The second loan agreement was signed with the International Bank for Reconstruction and Development; the amount of this loan is 170 million euros ($200 million). The funds are intended to promote investment, liberalize trade and competition, as well as ensure sustainable growth in Armenia. The loan term is 28 years, and the annual interest rate is 3.9%.