YEREVAN, March 5. /ARKA/. The projects financed by the European Investment Bank are very important for development of Armenia’s economy, Arthur Baghdasaryan, the secretary of Armenian National Security Council, said Wednesday as met with an EIB delegation headed by Philip Simchak, chief of the bank’s division in charge of lending.
Baghdasaryan is quoted by the council’s press office as saying that Armenia has experience in cooperating with the European Investment Bank.
As an example of successful cooperation with the EIB, he pointed out the modernization of three border crossings - Bagratashen, Bavra and Gogavan. The European Investment Bank is co-financing this project.
In addition to the EBRD that has released 10.294 million euros, also the European Investment Bank will release 30,316 million euros to finance the modernization project. Funds will come also from the European Union’s Neighbourhood Investment Facility (12 million euros in grants) and the United Nations Development Programme (more than 4 million euros as grant).
Simchak, on his side, said that the European Investment Bank has embarked on the analysis of Eastern Partnership countries’ strategic needs and will finance projects in education health care, infrastructure modernization, energy and SME areas.
As part of the integrated border modernization program, Bagratashen , Bavra and Gogavan border crossings will be modernized in conformity with the best international standards to make it easier to cross the border, to reduce corruption risks and red tape. .-0---