Armenian government approves loan agreements worth over 40 million euros for modernization of border crossings

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Economy

18.10.2012, 18:35

The Armenian government approved on Thursday two agreements with European Investment Bank (EIB) and the European Bank for Reconstruction and Development which has committed to provide it with over 40 million euros for modernization of three border check points at Bagra, Bavra and Gogavan on the Armenian-Georgian border.

Armenian government approves loan agreements worth over 40 million euros for modernization of border crossings

YEREVAN, October 18. / ARKA /. The Armenian government approved on Thursday two agreements with European Investment Bank (EIB) and the European Bank for Reconstruction and Development which has committed to provide it with over 40 million euros for modernization of three border check points at Bagra, Bavra and Gogavan on the Armenian-Georgian border.

Armenia will receive 30.316 million euros from the European Investment Bank, also 10.294 million euros from EBRD. Also 12 million euros will come from European Neighbourhood Investment Fund and a 4 million grant from UNDP.

Loan repayment period is from 4 to 25 years with a grace period of two months to seven years with a floating rate equal to EUROLIBOR + fixed margin. The implementation of a substantial part of the program will rest with UNDP. The main beneficiary is the State Revenue Committee.

The program provides for repair and technical re-equipment of border checkpoint in accordance with WTO standards to improve border security, facilitate the movement of people, goods and vehicles crossing the Armenian-Georgian border. Construction work on the modernization of the three border points began in Armenia in 2011 autumn. The program also calls for expanding inter-agency cooperation, and establishing rapid exchange of information. -0-

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