Armenpress
GOVERNMENT OF GERMANY PLEDGES FRESH ASSISTANCE TO ARMENIA
YEREVAN, APRIL 29, ARMENPRESS: Armenian finance minister Vartan
Khachatrian said today the government of Germany pledged 10 million euros in
aid to Armenia for 2005-2006. He said the agreement was reached during an
April 17 meeting of Armenian-German intergovernmental commission on economic
cooperation.
Khachatrian said 7.5 million euros of the aid are envisaged for mortgage
lending, of which 6 million euros will be a credit for supporting the
establishment of primary mortgage market and 1.5 million euros will be
directed for technical support to the project.
Another 2 million euros of the aid will be channeled towards
accomplishment of a water supply project for Armavir region and another 2
million toward building a waste water removal station, the rest will be
utilized for purposes of technical support and staff training .
Khachatrian said the German KfW bank intends to take place in the
Armenian market of providing trade credits, saying it is ready to release
additional 15 million euros towards development of small and medium-sized
businesses.
The minister said the German side has already made available around 107
million euros as part of this program.
He said the German bank is also ready to give 20 million euros for
reconstruction of a chain of small hydro power plants, known as
Sevan-Hrazdan Cascade and the Yerevan hydro power plant and 24.5 million
euros for construction of Lori Berd hydro power plant.