YEREVAN. - Armenian Ministry of Finance rejected reports on granting $400 million to Nairit plant for modernization.

“Russian Izvestia newspaper quoting source of Russian Ministry of Finance reported recently that Russia agreed to grant $400 million to Armenian Nairit plant from EurAsEC anti-crisis foundation. This report was widely discussed also in the Armenian press. Regarding this, we inform that Armenia’s application to EurAsEC anti-crisis foundation is still under discussion and no official decision is made on approving the application. The amount and conditions of the credit are also pending. Armenian ministry of Finance has also informed Izvestia newspaper about it. EurAsEC regular session will decide on application,” the Ministry explanation reads.