Two loan agreements were ratified by a majority of votes at Friday’s special session of the National Assembly of Armenia.

The respective funds to be allocated are planned to be used in order to finance the deficit of the country’s state budget.

It is about the ratification of the loan agreement signed on November 17 between the Armenian government and the Asian Development Bank (ADB) regarding financial tax program stability and development of financial markets, and the ratification of the loan agreement signed also on November 17 between the Armenian government of and the French Development Agency (AFD).

The loan from the ADB will be provided for a period of 12 years, three years of which are preferential. In addition, 30 percent of these funds will be grants.

And the loan from the AFD is €100 million euros, the loan repayment period is 20 years, whose grace period will be 5 years.