ARMENIA AND GERMANY SIGNED TWO MAJOR PROGRAMS

Pan Armenian News

08.04.2005 03:12

/PanARMENIAN.Net/ April 7 the Armenian government in the person of
Minister of Finance and Economy Vardan Khachatrian and Germany in
the person of Ambassador Extraordinary and Plenipotentiary Heike
Renate Peitsch within the frames of the Armenian-German financial
cooperation signed two agreements – “The program of conservancy- South
Caucasus-Armenia” and “The program of contribution to use of sources
of recreative energy”, IA Regnum reports. Within the first program 22
million euro will be allocated to the Armenian government. According
to Vardan Khachatrian it is based on the strategy of development and
preservation of fauna and flora and is one of the possible fields
of cooperation between Armenia, Georgia and Azerbaijan. The second
program calls for a 6 million euro credit for the reconstruction,
expansion and perfection of small hydroelectric stations as well as
processing of solar and wind energy and a 1.5 million euro grant. In
the Minister’s words, an Armenian-German Foundation of Recreative
Energy will be formed and headed by President of RA Central Bank Tigran
Sargsian and government members. An inter-departmental commission
(with the participation of German KfW Bank), which will decide on the
partner-banks and small hydroelectric stations, determine the general
strategy as well as keep control over the program implementation. Both
programs will be launched this autumn and last for three years. Vardan
Khachatrian also informed that the Foundation will receive 15 million
euro for the development of small and middle business. April 17-21 the
Armenian delegation will depart for Germany to outline the financial
cooperation for the next 2-3 years. It should be noted that Armenia
occupied the 8-th position in her consistency in fulfilling the
commitments among Germany’s 80 states- financial partners.