According to him, the money will be used to construct the first section of the Armenian part of the Agarak-Kadzharan gas pipeline to connect it with the Iranian pipeline.
Mr. Movsisyan said that Iran had already started constructing its part of the pipeline and that construction of the Armenian part of the pipeline would begin this year.
The loan will be given for 7.5 years at 5% of interest per annum.
A treaty on the construction of the Iran-Armenia gas pipeline was signed in Yerevan on May 13. Under it, 36 billion cubic meters of Iranian gas will be delivered to Armenia over 20 years. The construction of the gas pipeline has been planned to be completed at the end of 2006.
Earlier, deputy chairman of Gazprom Alexander Ryazanov said that, as had been calculated by his company's experts, the cost of the Armenian part of the gas pipeline would be $140 million, and that the project would recoup its cost in nine years.
Mr. Ryazanov has not ruled out Gazprom helping finance the construction of the Iran-Armenia gas pipeline.
