RA CONSTITUTIONAL COURT RECOGNIZES AGREEMENT SIGNED BY ARMENIA AND OPEC AS CORRESPONDING TO CONSTITUTION
Noyan Tapan
Feb 20 2007
YEREVAN, FEBRUARY 20, NOYAN TAPAN. At the February 20 closed-door
sitting, the RA Constitutional Court decided that the obligations
stipulated in the loan agreement "Production Infrastructures
Restoration Program" signed between Armenia and the OPEC Fund for
International Development correspond to the RA Constitution.
The total cost of the program makes 12.9 mln USD, with the Armenian
government’s participation amounting to 2 mln USD. The loan carries a
4% interest rate and is repayable over 15 years. It aims at developing
mountainous rural communities. Within the program’s framework, funds
will be allocated for road construction, repairs of irrigation systems
and provision communities with gas supply. Armenia is obliged to create
the appropriate conditions for the program’s implementation, while
in case of obligation nonfulfilment the loan shall be repaid quickly.
The RA Minister of Agriculture Davit Lokian said that OPEC determines
the interest rate, taking into account per capita GDP of the given
country.
According to him, Armenia will no longer receive concessional loans
because per capita GDP makes about 2 thousand USD.
From: Emil Lazarian | Ararat NewsPress