Novecon
1 November 2004

Aravot, October 29 - Armenia and the International Fund for Agricultural Development (IFAD) have signed a deal on fostering economic development in the country's rural areas.

The program costs $20.3 million, with $15.3m representing an IFAD loan released for 40 years at 0.75% annual interest and with a ten-year grace period. The program is aimed at raising the living standards of villagers in the mountainous and rural areas. The program stakes on developing medium-sized and small businesses. The IFAD has fulfilled three such programs in Armenia to date. The first cost $8m, the second $15.5m and the third also $15.5m.