Businesses affected by floods in northern Armenia will be granted deferment of loan payments

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YEREVAN, 27 June. /ARKA/ Agribusiness and food producers affected by floods in northern Armenia in late May will be granted deferment of loan payments, according to an agreement reached by the government with local commercial banks. The agreement was approved at today's Cabinet meeting.br/pp

In particular, the decision concerns loans issued for the development of agribusiness, for which the government subsidises interest rates./pp

For businesses that apply for deferment, banks will assess the damage, after which they will individually decide for what period (within one year) the deferment of interest or principal payment is possible. The grace period for repayments may also be extended./pp

The emergency situation was created in Tavush and Lori marzes of Armenia due to the rains that fell on 25-26 May, as well as due to the overflow of Debed, Aghstev and Tashir rivers. The natural disaster claimed 4 lives, more than 440 people were evacuated. The flood-affected settlements of the two marzes were declared a disaster zone. -0-/p