ABU-DHABI FUND FOR DEVELOPMENT PROVIDES ARMENIA WITH $10 MLN LOAN FOR IRRIGATION PROJECT

Interfax News Agency
Russia & CIS
February 27, 2008
Russia

The Armenian national assembly ratified a loan agreement worth $10
million between the Armenian government and the Abu-Dhabi Fund for
Development (based out fo the United Arab Emirates), an Interfax
correspondent present at the parliamentary meeting reported.

The chairman of the state committee for water resource management,
Andranik Andreasian, said that the funds were being raised for
irrigation system reconstruction at the Arpa-Sevan tunnel. The loan
agreement was signed on December 11, 2007, the terms of which stipulate
that the funds will be provided over 15 years at 5%.

Andreasian added that the Armenian government initiated the agreement’s
signing.

The Arpa-Sevan tunnel is Armenia’s major irritation system covering a
distance of around 50 kilometers. The main work on the tunnel will be
focused on it second section, which covers a distance of 30 kilometers.

The tunnel’s reconstruction will improve Armenia’s irrigation system,
as well as environmental conditions in the area surrounding Lake Sevan.

From: Emil Lazarian | Ararat NewsPress