Armenia to receive 12 mln EUR loan from Germany for renewable energy development
"This is already the third stage of the loan agreement. About 120 million euros have already been provided in the first two stages. So this is not a new initiative, but a continuation of the program launched some time ago," Kerobyan said at the signing ceremony
He noted that the importance of the program has not only not decreased, but on the contrary, it has increased. "In Armenia, the interest in renewable energy is only growing as both individuals and companies seek to maximize energy independence and ensure the lowest possible production costs," he said.
Ambassador Richter noted that the funds will be managed by the German-Armenian Fund (GAF).
About GAF
The German-Armenian Fund was established in 1998 by the Central Bank of Armenia, the key partners are the Government of the Federal Republic of Germany and KfW Bank. The Fund's purpose is to support the financial system of Armenia by channeling funds received from external and internal resources into lending to specific sectors of the economy.
These include micro, small and medium-sized businesses, energy efficiency and renewable energy (mainly small hydropower plants), mortgage lending, and agriculture. --0--
