YEREVAN, November 5. / ARKA /. Armenia’s finance minister David Sargsyan and Germany’s ambassador to Armenia, Reiner Morel., have signed today an agreement, whereby German KfW bank will provide Armenia with soft loans and grants worth a total of 112.75 million euros.
Some 75 million euros are earmarked for financing construction of a high-voltage electricity transmission power between Armenia to Georgia. Another 18.5 million euros will be used to finance the first phase of integrated management of the water resources of Akhuryan River.
The German-Armenian Fund will get 15 million euros to back sustainable economic development program. Armenia will also get a 750,000 euro grant to promote the implementation of this program.
Another 2 million euro grant will come for promotion of the third phase of renewable energy program. And 1.5 million euros will be used to finance implementation of the second phase of community infrastructure program.
German KfW bank has been assisting Armenia in implementation of programs as part of financial cooperation since 1995 and has had its rep office since October 1998. The main sectors the bank is engaged in is energy, water supply, development of financial and banking system and the private sector in Armenia. Overall, it has financed 500 million euros worth projects here. -0-
