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KFW To Provide Armenia With 110 Million Euros For 2009-2010

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  • KFW To Provide Armenia With 110 Million Euros For 2009-2010

    KFW TO PROVIDE ARMENIA WITH 110 MILLION EUROS FOR 2009-2010

    ARKA
    Feb 16, 2010

    YEREVAN, February 16, /ARKA/. In an interview with ARKA news agency
    Karapet Gevorkyan, the representative of German KfW Development Bank
    in Armenia, Candidate of Economy, said until 2005 the bank provided
    Armenia with 25-30 million euros aid a year as part of the Financial
    Cooperation program.

    In 2007-2008 this amount more than doubled to 70 million euros.

    Besides about 110 million euros have been committed for 2009-2010 in
    apparent evidence of the bank's stepped up work in Armenia.

    He said as a follow-up of 2009 July Armenian-German intergovernmental
    talks in Bonn the German side agreed to increase the funding for
    several successful projects here. Particularly, KfW agreed to release
    additional 20 million euros to support mortgage loans, 18 million euros
    were released by the German-Armenian Fund to finance construction
    of small hydropower plants as part of renewable energy program and
    1.5 million euro were made available in the form of grants. Besides,
    22 million euros were provided in addition to earlier released 29
    million euros to finance modernization and reconstruction of Vorotan
    Hydropower Plant.

    He said the budget of two currently ongoing German Financial
    Cooperation programs, designed to ensure uninterrupted drinking water
    supplies and improved sewage disposal in the towns of Vanadzor and
    Gyumri in the north of the country is about 25 million euros. To
    compelte these programs some 40 million euros of extra funds are
    planned to be released. In general, the lion's share of funds are
    directed to infrastructure upgrading with the focus on energy and
    water supply systems. Some 4 million euros will be provided for
    implementaion of ecological porjects and 10 million euros for creation
    of the regional investment fund.
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