YEREVAN, June 26. /ARКА/. Armenia will receive a loan and a grant from the German KfW bank for the implementation of the “Renewable Energy and Energy Efficiency Development” program. The corresponding agreement between the governments of Armenia and Germany was ratified on Thursday at a meeting of the RA executive body.
The loan funds in the amount of EUR 26 million will be used to implement the 4th stage of the program, and a grant of EUR 2 million for related consulting activities.
In addition, according to the agreement, the German government provides the RA government or other borrowers jointly selected by the two governments with the opportunity to receive a preferential loan of up to EUR 40 million for the implementation of the 5th program “Renewable Energy and Energy Efficiency Development. Stage V”, provided through KfW bank, as well as a grant of up to EUR 1 million for consulting support.
About KfW
The German bank KfW (Kreditanstalt für Wiederaufbau) works to ensure economic and social progress in developing countries and countries with transition economies in order to improve the standard of living of society. Its shareholders are the government of Germany and the administrative-territorial units of the country.
KfW has been operating in Armenia since 1998, implementing financial programs in the field of lending to micro, small and medium enterprises, energy, infrastructure and municipal management.
