GERMANY TO PROVIDE FRESH LOANS TO ARMENIA

ArmenPress
June 22 2004

YEREVAN, JUNE 22, ARMENPRESS: Armenian prime minister Andranik
Margarian who has left today for Germany on a three-day working visit
to participate in German-Armenian Economic Cooperation Conference is
expected to discuss with German minister for economic cooperation
and development Heidemarie Witschorek-Zoll, who is also the German
co-chairman of inter-governmental commission for cooperation, a range
of issues pertaining to German-Armenian economic cooperation.

An agreement on release of a package of German credits to Armenia
in the next 3-4 years is supposed to be sealed in 2005. Armenian
finance and economy minister Vartan Khachatrian said today before
flying to Berlin that after the end of the visit an agreement will
be signed in Yerevan on the release of 7.5 millions German loan for
the support to building of hydro-power plants, 1.5 million of which
will be allocated as a grant.

Khachatrian also said that a German KwF bank plans to release a 30
million euros loan to Armenian for upgrading the privatized Yerevan
power plant.