ABU DHABI DEVELOPMENT FUND TO PROVIDE $10 MILLION TO ARMENIA FOR ARPA-SEVAN TUNNEL RECONSTRUCTION

ARKA
Feb 26, 2008

YEREVAN, February 26. /ARKA/. Abu Dhabi Development Fund is to provide
$10 million to Armenia for Arpa-Sevan tunnel reconstruction.

Appropriate credit agreement between the Fund and Armenian government
was ratified Tuesday at Armenian Parliament’s session.

Armenian State Water Committee Chairman Andranik Andreasyan said the
money will be targeted for reconstructing the unique hydro technical
facility – Arpa-Sevan.

"The credit is given for 15 years under 3% annual interest rate. The
country will be exempted from payment for first five years", he said.

He said the construction consists of two basic 50-kilometer tunnels.

Andreasyan said that the major part of the work will be concentrated
on the second tunnel’s sections of 30 kilometers, which connect Yeghin
Gorge with Lake Sevan.

The head of the state water committee said that construction of
communications, railways and facilities supplying electric power as
well as lighting is planned.

"The construction is planned to be launched in 2008", Andreasyan
said.