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Agreement On Armenian-German Financial Cooperation Signed

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  • Agreement On Armenian-German Financial Cooperation Signed

    AGREEMENT ON ARMENIAN-GERMAN FINANCIAL COOPERATION SIGNED

    Noyan Tapan
    March 16, 2010

    YEREVAN, MARCH 16, NOYAN TAPAN. The Armenian Minister of Finance
    Tigran Davtian and the German Ambassador to Armenia Hans Jochen
    Schmidt on March 16 signed the Agreement on Financial Cooperation
    between the Governments of Armenia and Germany in 2009-2010. Under
    the agreement, Armenia will receive 105.5 million euros in the coming
    years. The press service of the RA Ministry of Finance reports that
    these financial resources will be allocated for the implementation
    of the following programs:

    Community Infrastructure Rehabilitation Component (Rehabilitation of
    Water and Wastewater Systems in Shirak and Lori marzes) - up to 40
    million euro loans,

    Vorotan Hydropower Plants Cascade Rehabilitation Component - up to
    22 million euro loans,

    Sustainably Developing Apartment Financing Market Component - up to
    20 million euro loans,

    Renewable Power Bearing Substances Crediting Component - up to 18
    million euro loans and up to 1.5 million grants on technical assistance
    measures under this program,

    Environmental Protection Program: Preserve Assistance Component -
    up to 4 million euro grants.

    A separate agreement will be signed for each of the indicated programs,
    prior to which negotiations will be conducted to specify the amounts
    of loans and grants, the terms, etc.

    Armenian-German bilateral cooperation started in 1993. Initially
    technical assistance was provided, and since 1995 financial cooperation
    projects have also been implemented. "Caucasian Initiative" regional
    programs were added in 2001, thanks to the intergovernmental
    negotiations.

    The Armenian-German financial and economic cooperation focuses on
    three major spheres: encouragement of the financial and private
    sectors, development of the energy sector, and development of water
    and wastewater systems. Relatively small-scale environmental and
    healthcare programs are implemented as well. The programs have been
    financed by KfW Bank with resources provided by the German Federal
    Ministry for Economic Cooperation and Development (BMZ), in recent
    years - also with its own financial resources.

    Agreements of a total of 160.3 million euros have been signed so
    far within the framework of Armenian-German financial cooperation,
    including credit programs of 118 million euros and grants of 42.3
    million euros.
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