European investment bank lends €6.5 million to Armenia for modernization of water facilities in provinces

YEREVAN, August 7. /ARKA/. European Investment Bank and Armenian Finance Ministry sealed a €6.5-million agreement today to improve water supply to the country’s some provinces. 

“The aim of the program is to modernize and reconstruct Armenian Water Company’s water purification, derange and supply facilities which service 300,000 water consumers in 17 residential localities in Vayots Dzor, Syunik, Kotayk, Gegharkunik, Shirak, Lori and Tavush provinces,” said Andranik Andreasyan, chairman of Armenian State Water Economy Committee. 

He said that the program implies prolongation of water supply duration, which is now constitutes less than 14 hours a day, and to upgrade water quality to European standards. 

Finance Minister Vache Gabrielyan, on his side, told journalists that €21.7 million is allocated for this program implementation. Of this amount, €6.5-million was lent by European Bank for Reconstruction and Development, €7.6 million was provided by European Union as grant, and €1.1 million came as support from donors. 

The program is planned to be completed in 2015. The loan is extended for 4 to 25 years with grace period of two months to seven years. -0--