Today, the Finance Ministers of Russia and Armenia signed an agreement regarding a $500 million loan from Moscow to Yerevan. Russian FM Aleksei Koutrin stated that the 15 year loan would be pegged at LIBOR +3%. During the first 5 years only the interest would have to be paid back. Armenian FM Tigran Davtyan stated that the funds would be used on various infrastructure projects and to help spur small and medium sized business in Armenia.