GERMAN GOVERNMENT ISSUES ~@150MLN SOFT CREDITS, GRANTS TO ARMENIA IN 1995-2007

ARKA News Agency
Feb 5 2008
Armenia

YEREVAN, February 5. /ARKA/. In 1995-2007, the German Government
issued ~@150mln soft credits and grants to Armenia by means of the
German KfW bank for the implementation of various development programs.

The press service of the RA Ministry of Finance and Economy reports
that, at his meeting with RA Minister of Finance and Economy Vardan
Khachatryan, Vice-President of the KfW bank group for Europe and the
Caucasus Ronald Ziller.

According to Ziller, bilateral financial cooperation is focused on
the energy, water supply, encouragement of the financial and private
sectors, as well as on public health and ecology. Ziller also pointed
out that the KfW is also involved in the formation of the Procredit
global banking network, and one of the banks is to be opened in
Armenia on February 5.

Minister Khachatryan expressed his satisfaction with the KfW bank’s
activities in Armenia. "Since 1995, the bank has been a reliable
partner, and with its effective assistance we managed to implement a
number of programs of enhancing the energy security and consolidating
infrastructures of the country," the Minister said.

The sides also discussed the results of the bank-funded programs
and exchanged views on the new potential for expanding bilateral
cooperation.

The German KfW bank has been rendering assistance to Armenia in
implementing financial cooperation programs since 1995. In 1998, the
bank opened its representative office in Armenia. The bank focuses
its activities on energy, water supply, as well as the development of
the country’s financial and private sectors. The bank has allocated
some ~@200mln for the implementation of the programs.