ARMENIA INTERNATIONAL AIRPORTS SIGNS CREDIT AGREEMENT OF 30 MLN USD WITH EBRD AND DEG

YEREVAN, JULY 14, NOYAN TAPAN. A credit agreement of 30 mln drams was
signed on July 13 among RA Civil Aviation Chief Department attached
to RA government, Armenia International Airports CJSC, European Bank
for Reconstruction and Development (EBRD) and German Investments
and Development Company (DEG). 20 mln USD of the above mentioned
sum will be provided by EBRD, 10 mln USD by DEG, which is part of
KfW German bank. As Head of EBRD Yerevan Office Michael Weinstein
informed journalists, the program will play an important role for
development of Armenian transport contacts and systems, as Armenia
has no exit to the sea and greatly depends on air transportations.

Michael Weinstein said that the sum will be provided for financing the
last stage of construction of a new passenger compelx of Zvartnots,
including buying modern equipments for the purpose of improving the
quality of services.

The bank representative refused to provide information about the credit
interest rates only mentioning that this is a commercial credit and
is provided for 7 years’ term.

Zvartnots Director Juan Pablo Gechijian said that in total, 63 mln
USD will be spent on the construction of the new passenger complex, 25
mln USD out of which has been already realized. It was also mentioned
that the complex will be completely put into exploitation in 2007
May and passengers arrival hall will operate from September this year.

From: Emil Lazarian | Ararat NewsPress