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EIB SUPPORTS HIGH VOLTAGE INTERCONNECTION OF ARMENIA AND GEORGIA
18:18 16/03/2015 >> ECONOMY
The European Investment Bank (EIB) is lending EUR 10 million to
finance the construction of an electricity transmission line and a
high voltage direct current station to develop a link between Armenia
and Georgia. The new electricity infrastructure will deepen regional
integration by facilitating energy trade between the two countries and
provide Armenia and Georgia with better access to European electricity
markets, the EIB website reports.
The project consists of the construction of a new back-to-back
station in Ayrum (Armenia) close to the Georgian border and a power
transmission line linking the two countries. It is designed to
provide secure and economically efficient coverage of the growing
electricity demand
The project is also being supported by a EUR 85.2 million loan from
lead financier KfW Bankengruppe on behalf of the German government,
a EUR 10 million grant from the EU Neighbourhood Investment Facility
(NIF), and the own resources of Armenia (EUR 1.5 million) and Georgia
(EUR 6.6 million)
The Republic of Armenia's Finance Minister Gagik Khachatryan commented:
"Developing the energy sector is of crucial importance for the
growth of Armenia's economy. In this context we highly appreciate the
cooperation of the EIB and KfW in extending long-term loans to support
this project and the European Commission's willingness to consider
providing a grant through the NIF. We hope that our joint efforts on
this project will serve its goal of ensuring a reliable energy system"
"This project is an example of the excellent cooperation between the
EIB, the regional actors, the European Commission and KfW. Secure
and reliable supplies of energy are of crucial importance for further
improving the living standards of the people of Armenia and Georgia,"
said EIB Vice-President Wilhelm Molterer, responsible for EIB lending
in Armenia."The project will also foster regional trade, increase
the potential for the use of hydro energy generation and facilitate
FDI by ensuring the reliable electricity deliveries needed by foreign
investors," he said.
"The connection of the Armenian and Georgian power grids aims
at closing a missing link in the regional power network and will
contribute to improving energy security in particular in Armenia,"
stated Eva Witt, Director for Eastern Europe, Caucasus and Central
Asia at KfW. "As lead financier, we are glad that the EIB, the
European Commission and KfW are joining forces to support this
important project"
EU Ambassador Traian Hristea confirmed "the willingness of the EU to
support the basic needs of Armenian citizens and in particular their
access to sustainable energy through efficient electrical networks."
http://www.panorama.am/en/economy/2015/03/16/gov/
18:18 16/03/2015 >> ECONOMY
The European Investment Bank (EIB) is lending EUR 10 million to
finance the construction of an electricity transmission line and a
high voltage direct current station to develop a link between Armenia
and Georgia. The new electricity infrastructure will deepen regional
integration by facilitating energy trade between the two countries and
provide Armenia and Georgia with better access to European electricity
markets, the EIB website reports.
The project consists of the construction of a new back-to-back
station in Ayrum (Armenia) close to the Georgian border and a power
transmission line linking the two countries. It is designed to
provide secure and economically efficient coverage of the growing
electricity demand
The project is also being supported by a EUR 85.2 million loan from
lead financier KfW Bankengruppe on behalf of the German government,
a EUR 10 million grant from the EU Neighbourhood Investment Facility
(NIF), and the own resources of Armenia (EUR 1.5 million) and Georgia
(EUR 6.6 million)
The Republic of Armenia's Finance Minister Gagik Khachatryan commented:
"Developing the energy sector is of crucial importance for the
growth of Armenia's economy. In this context we highly appreciate the
cooperation of the EIB and KfW in extending long-term loans to support
this project and the European Commission's willingness to consider
providing a grant through the NIF. We hope that our joint efforts on
this project will serve its goal of ensuring a reliable energy system"
"This project is an example of the excellent cooperation between the
EIB, the regional actors, the European Commission and KfW. Secure
and reliable supplies of energy are of crucial importance for further
improving the living standards of the people of Armenia and Georgia,"
said EIB Vice-President Wilhelm Molterer, responsible for EIB lending
in Armenia."The project will also foster regional trade, increase
the potential for the use of hydro energy generation and facilitate
FDI by ensuring the reliable electricity deliveries needed by foreign
investors," he said.
"The connection of the Armenian and Georgian power grids aims
at closing a missing link in the regional power network and will
contribute to improving energy security in particular in Armenia,"
stated Eva Witt, Director for Eastern Europe, Caucasus and Central
Asia at KfW. "As lead financier, we are glad that the EIB, the
European Commission and KfW are joining forces to support this
important project"
EU Ambassador Traian Hristea confirmed "the willingness of the EU to
support the basic needs of Armenian citizens and in particular their
access to sustainable energy through efficient electrical networks."
http://www.panorama.am/en/economy/2015/03/16/gov/