A lending arm of the OPEC group of oil-exporting nations provided Armenia on Thursday with a $25 million loan that will be used for upgrading water and irrigation networks in the country's impoverished rural regions.
Finance Minister Gagik Khachatrian signed a corresponding agreement with Suleiman Jasir Al-Herbish, director-general of the OPEC Fund for International Development (OFID), at the OFID's headquarters in Vienna.
According to the Armenian Foreign Ministry, the money will be channeled into rural areas across Armenia suffering from high poverty rates. "The lending program is aimed at increasing the productivity of owners of small land holdings and fostering poverty reduction," the ministry said in a statement.
Announcing the agreement on Twitter, the OFID said the loan will benefit 80,000 people.
Armenian News
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