LOANS FOR SEVAN ECOLOGY MANAGEMENT
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[08:10 pm] 26 April, 2007
Residents of five municipality located near lake Sevan in Central
Armenia will benefit from improved waste water management services
following a ~@7 million sovereign loan from EBRD to the Republic
of Armenia.
The funds will be on-lent to the state-owned Armenian water and
Sewerage Company to finance the wastewater treatment plants and network
rehabilitation in the municipalities Gavar, Vardenis, Martuni, Sevan
and Jermuk.
Minister of finance and economy Vardan Khachatryan signed "soft"
loan contract with Alexander Auboeck, EBRD Business Group Director
for Infrastructure.
As to the minister, the loan is provided with privileged terms. The
further interests are not that high taking into account the fact that
Armenia is provided with two other grants apart from the loan.
The loan provided by the Bank is complemented by a ~@ 5 million
grant from the European Commission and the Early Transition Countries
Initiative Fund will provide technical co-operation grants of ~@1,2
million for implementation support and advisory services.
This will be EBRD’s first municipal and environmental infrastructure
project in Armenia.
To-date, the EBRD has invested almost ~@ 120 million in more than 40
projects in Armenia.
In fact, EBRD representative Alexander Auboeck reminded that they
would be very consistent with the project.