ARMENIA TO RECEIVE 13.2 MILLION EURO

Panorama.am
19:18 26/04/2007

Today Vardan Khachatryan, minister of finance and economy, and
Alexander Obek, general director of infrastructure department at the
European Bank of Reconstruction and Development (EBRD) signed a credit
agreement in the amount of 7 million Euro.

After the ceremony of signing the document, minister Khachatryan said
the government of Armenia will receive sovereign credit with repayment
of 15 years and 3 years of days of grace. The credit is provided on
libor + 1% annual rate. Khachatryan said the conditions are "mild and
acceptable for our government." The minister said the money will be
provided to Armwatercanal to build stations for cleaning sewer system
waters in the towns of Gavar, Martuni, Vardenis.

Apart from the credit agreement, the Armenian government signed two
other documents with the European Commission and Water Infrastructure
Cooperation Service of the Council of Europe. The Armenian government
will get 5 and 1.2 million Euro respectively.