Russia Loans $20.57 Million to Armenia

MOSCOW (Reuters)–Russia has extended a $20.57 million credit to Armenia to improve safety at one of the former Soviet republic’s nuclear power stations–the Russian Finance Ministry said on Wednesday.

The credit–to be extended in 1999 and 2000 at LIBOR plus one percent–will give Armenia funds to buy nuclear fuel and equipment from Russian companies and to pay Russian specialists who will work at the station–the ministry said in a statement.

"The agreement will allow not only to provide help to the Armenian Republic in making exploitation of the Armenian nuclear power station safe–but will also provide Russian companies with state orders," it said. Armenia will repay the credit between 2003 and 2008.


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