GERMANY GAVE 80 MILLION EUROS TO ARMENIA

Lragir.am
12-09-2007 17:05:53

Today the Armenian minister of finance and economy Vardan Khachatryan
and Rolf Baldus, a senior official of the German ministry of economic
cooperation and development, signed a memorandum. The German government
will provide 79.5 million euros to Armenia in 2007-2008.

According to the minister of finance and economy, 4 million is a grant,
6 million is a mortgage loan, 29 million will be provided for the
modernization of the water power plant on the Vorotan river. 14.5
million is a soft loan for 40 years. The rest is a commercial loan
for 15 years. 14 million will be spent on the reconstruction of the
second high-voltage substation of Gyumri.