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ARMENIAN GOVERNMENT APPROVES LOAN AGREEMENTS WORTH OVER 40 MILLION EUROS FOR MODERNIZATION OF BORDER CROSSINGS
YEREVAN, October 18. / ARKA /. The Armenian government approved
on Thursday two agreements with European Investment Bank (EIB)
and the European Bank for Reconstruction and Development which has
committed to provide it with over 40 million euros for modernization
of three border check points at Bagra, Bavra and Gogavan on the
Armenian-Georgian border.
Armenia will receive 30.316 million euros from the European Investment
Bank, also 10.294 million euros from EBRD. Also 12 million euros
will come from European Neighbourhood Investment Fund and a 4 million
grant from UNDP.
Loan repayment period is from 4 to 25 years with a grace period of two
months to seven years with a floating rate equal to EUROLIBOR + fixed
margin. The implementation of a substantial part of the program will
rest with UNDP. The main beneficiary is the State Revenue Committee.
The program provides for repair and technical re-equipment of border
checkpoint in accordance with WTO standards to improve border security,
facilitate the movement of people, goods and vehicles crossing the
Armenian-Georgian border. Construction work on the modernization of
the three border points began in Armenia in 2011 autumn. The program
also calls for expanding inter-agency cooperation, and establishing
rapid exchange of information. -0-
YEREVAN, October 18. / ARKA /. The Armenian government approved
on Thursday two agreements with European Investment Bank (EIB)
and the European Bank for Reconstruction and Development which has
committed to provide it with over 40 million euros for modernization
of three border check points at Bagra, Bavra and Gogavan on the
Armenian-Georgian border.
Armenia will receive 30.316 million euros from the European Investment
Bank, also 10.294 million euros from EBRD. Also 12 million euros
will come from European Neighbourhood Investment Fund and a 4 million
grant from UNDP.
Loan repayment period is from 4 to 25 years with a grace period of two
months to seven years with a floating rate equal to EUROLIBOR + fixed
margin. The implementation of a substantial part of the program will
rest with UNDP. The main beneficiary is the State Revenue Committee.
The program provides for repair and technical re-equipment of border
checkpoint in accordance with WTO standards to improve border security,
facilitate the movement of people, goods and vehicles crossing the
Armenian-Georgian border. Construction work on the modernization of
the three border points began in Armenia in 2011 autumn. The program
also calls for expanding inter-agency cooperation, and establishing
rapid exchange of information. -0-