KFW to sign euro 50 million worth loan agreements with Armenian central bank and finance ministry

16.04.2010 18:53
KFW to sign euro 50 million worth loan agreements with Armenian central bank and finance ministry

YEREVAN, April 16. /ARKA/. The German KfW bank will sign two loan agreements with Armenian Central Bank and ministry of finance, worth 50 million euros, Karapet Gevorkian, KfW representative in Armenia, told in an interview with ARKA.

He said the first agreement, worth 20 million euros, will be signed April 19 by Armenian Central Bank governor Arthur Javadian and KfW first vice president
Roland Siller. The loan will be used for additional financing within the frameworks of a KfW mortgage credit program, worth 12 million euros.

The second loan agreement, worth 30 million euros, will be signed the next day, April 20, by
Roland Siller and Armenian finance minister Tigran Davtian. It will be used to finance the second stage of water and waste water projects implemented in Vanadzor, Gyumri and several nearby villages, Karapet Gevorkian said.

He also said the first stage of these two projects worth 35 million euros will be accomplished this year and the second stage will last until the end of 2012.

German KfW bank has been assisting Armenia to implement different projects since 1995. The main sectors of its activity in Armenia are energy, drinking and waste water systems as well as private sector and financial and banking system. Since 1995 KfW has committed 400 million euros worth assistance to Armenia. Within the frameworks of Armenian-German financial cooperation KfW will have provided Armenia with 110 million euro assistance in 2009 and 2010. -0-


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