YEREVAN, August 8. /ARKA/. Armenia will receive 30.316 million euros for modernization of its three state border points (Bagratashen, Bavra, Gogavan) within the agreement signed Tuesday between The European Investment Bank – EIB and Armenian Finance Ministry.

Modernization of Armenia’s three border points was launched last fall.

After finishing the program, it will be much easier to cross the border, and “one stop” system will be rolled out.

“Border points will be repaired and technically modernized in conformity with WTO standards to enhance border security, facilitate border crossing for people, goods and transport through Armenian-Georgian border,” Finance Minister Vache Gabrielyan said following agreement signing.

According to him, besides EIB, Armenia will also receive funding from EBRD- 10.294 million euros, NIF- 12 million euros, UNDP- over 4- million-euro grant.

“UNDP will be responsible for implementing the major part of the program. The principal beneficiary is State Revenue Committee,” he noted.

Mr. Gabrielyan also highlighted the loan is given for 4-25 years at preferential period from 2 months to 7 years, and the floating rate will be EUROLIBOR + fixed margin.

Head of East and Central Asia policy division at EIB Heinz Olbers, on his side, said the program will foster socio-economic development and integration processes of the country.

State border modernization program is developed from “Complex management of state borders in South Caucasus” program that aims for better border management between Armenia, Georgia and Azerbaijan, as well as fostering international cooperation with EU member states and other international organizations. The program is targeted at ensuring legal crossing of the border for people and cargos, as well as border security.—0-