At Thursday's Cabinet meeting, the Armenian government approved the draft law on ratifying the loan agreement signed on November 17 between Armenia and the French Development Agency (AFD).

The draft states that it is about a loan agreement of €100 million, which will be provided in two installments.

These budget support funds will be directed to the fund the deficit defined by the law on the 2022 state budget of Armenia.

"This loan is intended to be for 20 years, five years of which is a grace period," said Finance Minister Tigran Khachatryan.

He added that the AFD has decided to open an office in Armenia.