Armenian national assembly ratifies €6.5-million loan agreement with EBRD

08.12.2011 21:23
Armenian national assembly ratifies €6.5-million loan agreement with EBRD

YEREVAN, December 8. /ARKA/. On Thursday, Armenian National Assembly ratified a €6.5-million loan agreement with European Bank for Reconstruction and Development.

This money is intended for rehabilitation of water infrastructures in Armenia’s provinces.

“The agreement has been signed as part of a €20-million program,” Andranik Anreasyan, head of the state water committee affiliated to the territorial administration ministry, said at that parliamentary session. “Of this amount, €7 million was provided by European Union as grant, and another €6.5 million will be transferred by European Investment Bank soon.”

He said that these financial resources would be spent for replacement of dilapidated networks of regulating water reservoirs in some 15 residential spots.

The money is lent for 15 year with a three-year grace period at LIBOR+1 euro interest rate (1.8%). The European Union will also provide an additional grant of €1.1 million for financing design work and technical control of the program.-0---


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