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.

---