KfW to provide 30mln euros in loan and 2.5mln euros in grant to Armenia for infrastructures

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14.04.2014, 12:46

German KfW bank will provide a soft loan worth 30 million euros and a grant of 2.5 million euros for the third stage of the Second Communal Infrastructures program, the press office of Armenia’s ministry of finance reported.

KfW to provide 30mln euros in loan and 2.5mln euros in grant to Armenia for infrastructures

YEREVAN, April 14. /ARKA/. German KfW bank will provide a soft loan worth 30 million euros and a grant of 2.5 million euros for the third stage of the Second Communal Infrastructures program, the press office of Armenia’s ministry of finance reported.

The respective agreement was signed between the governments of Armenia and Germany on Friday. The document is signed by acting minister of finance David Sargsyan and German Ambassador to Armenia Rayner Morel.

The aim of the agreement is to deepen and strengthen friendly relations between the two countries in financial sector and to support Armenia’s socioeconomic development, according to the report.

German KfW has been providing assistance to Armenia in financial sector since 1995. The bank opened its representative office in Armenia in October 1998. The main fields of KfW’s operations in Armenia are energy, water supply, finance and banking and the private sector.

KfW funding exceeded half a billion euros by October 2013. –0--

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