YEREVAN, December 10. / ARKA /. The Armenian government secured on Tuesday 15.75 million euros in a German loan and a grant which it said will be used for supporting the country’s agricultural sector. The relating agreement was signed by the Central Bank of Armenia and the state-run German development bank KfW.
According to the Central Bank, the loan which is 15 million euros will be allocated to Armenian banks and credit organizations for on-lending to small and medium-sized businesses, engaged in agriculture.
The 750,000 euro grant is provided for technical assistance, in particular, for financing consulting services to the beneficiaries of the program. The technical assistance will be provided by a consulting company that will be chosen by the KfW bank.
The German KfW has been assisting Armenia in the implementation of various projects since 1995. The bulk of its assistance is channeled into energy, water, financial, banking and also private sectors. -0-
