EIB will allocate first tranche of 10 million euros to Armenia for construction of high-voltage transmission line with Georgia
10.09.2015,
20:36
The European Investment Bank (EIB) will allocate the first tranche of 10 million Euros to Armenia for the construction of high-voltage transmission line with Georgia, energy and natural resources minister Yervand Zakaryan told a Cabinet session today.
YEREVAN, September 10. / ARKA /. The European Investment Bank (EIB) will allocate the first tranche of 10 million Euros to Armenia for the construction of high-voltage transmission line with Georgia, energy and natural resources minister Yervand Zakaryan told a Cabinet session today.
A corresponding decision was signed today at the Cabinet session as part of the March 16, 2015 agreement on the "Caucasus Power Lines" program.
The project is designed to unite Armenian and Georgian energy systems by building a high-voltage direct current ( HVDC) line in Armenian Ayrum, on the border with Georgia. Due to the to-be-built new substation and transmission line, Armenian and Georgian power grids will work in the same mode allowing electricity swaps.
The total cost of the first phase of the project 105.2 million euros. This phase is co-financed by the European Investment Bank (10 million euro loan) and the EU Neighborhood Investment (10 million euro grant).
Another 85.2 million euro loan will be provided by German KfW bank. The agreement with KfW was signed in 2014 December. The KfW loan will be provided in two tracnhes -75 million and 10.2 million euros.
The first is repayable in 15 years with a five-year grace period and the second is provided for a period of 40 years at 0.75% interest rate. -0-
A corresponding decision was signed today at the Cabinet session as part of the March 16, 2015 agreement on the "Caucasus Power Lines" program.
The project is designed to unite Armenian and Georgian energy systems by building a high-voltage direct current ( HVDC) line in Armenian Ayrum, on the border with Georgia. Due to the to-be-built new substation and transmission line, Armenian and Georgian power grids will work in the same mode allowing electricity swaps.
The total cost of the first phase of the project 105.2 million euros. This phase is co-financed by the European Investment Bank (10 million euro loan) and the EU Neighborhood Investment (10 million euro grant).
Another 85.2 million euro loan will be provided by German KfW bank. The agreement with KfW was signed in 2014 December. The KfW loan will be provided in two tracnhes -75 million and 10.2 million euros.
The first is repayable in 15 years with a five-year grace period and the second is provided for a period of 40 years at 0.75% interest rate. -0-
