KFW to provide Armenia with 110 million euros for 2009-2010

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16.02.2010, 19:24

In an interview with ARKA news agency Karapet Gevorkyan, the representative of German KfW Development Bank in Armenia, Candidate of Economy, said until 2005 the bank provided Armenia with 25-30 million euros aid a year as part of the Financial Cooperation

YEREVAN, February 16, /ARKA/. In an interview with ARKA news agency Karapet Gevorkyan, the representative of German KfW Development Bank in Armenia, Candidate of Economy, said until 2005 the bank provided Armenia with 25-30 million euros aid a year as part of the Financial Cooperation program.

In 2007-2008 this amount more than doubled to 70 million euros. Besides about 110 million euros have been committed for 2009-2010 in apparent evidence of the bank’s stepped up work in Armenia.

He said as a follow-up of 2009 July Armenian-German intergovernmental talks in Bonn the German side agreed to increase the funding for several successful projects here. Particularly, KfW agreed to release additional 20 million euros to support mortgage loans, 18 million euros were released by the German-Armenian Fund to finance construction of small hydropower plants as part of renewable energy program and 1.5 million euro were made available in the form of grants. Besides, 22 million euros were provided in addition to earlier released 29 million euros to finance modernization and reconstruction of Vorotan Hydropower Plant.

He said the budget of two currently ongoing German Financial Cooperation programs, designed to ensure uninterrupted drinking water supplies and improved sewage disposal in the towns of Vanadzor and Gyumri in the north of the country is about 25 million euros. To compelte these programs some 40 million euros of extra funds are planned to be released. In general, the lion’s share of funds are directed to infrastructure upgrading with the focus on energy and water supply systems. Some 4 million euros will be provided for implementaion of ecological porjects and 10 million euros for creation of the regional investment fund. -0-

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