KFW TO PROVIDE ARMENIA WITH 110 MILLION EUROS FOR 2009-2010
ARKA
Feb 16, 2010
YEREVAN, February 16, /ARKA/. In an interview with ARKA news agency
Karapet Gevorkyan, the representative of German KfW Development Bank
in Armenia, Candidate of Economy, said until 2005 the bank provided
Armenia with 25-30 million euros aid a year as part of the Financial
Cooperation program.
In 2007-2008 this amount more than doubled to 70 million euros.
Besides about 110 million euros have been committed for 2009-2010 in
apparent evidence of the bank’s stepped up work in Armenia.
He said as a follow-up of 2009 July Armenian-German intergovernmental
talks in Bonn the German side agreed to increase the funding for
several successful projects here. Particularly, KfW agreed to release
additional 20 million euros to support mortgage loans, 18 million euros
were released by the German-Armenian Fund to finance construction
of small hydropower plants as part of renewable energy program and
1.5 million euro were made available in the form of grants. Besides,
22 million euros were provided in addition to earlier released 29
million euros to finance modernization and reconstruction of Vorotan
Hydropower Plant.
He said the budget of two currently ongoing German Financial
Cooperation programs, designed to ensure uninterrupted drinking water
supplies and improved sewage disposal in the towns of Vanadzor and
Gyumri in the north of the country is about 25 million euros. To
compelte these programs some 40 million euros of extra funds are
planned to be released. In general, the lion’s share of funds are
directed to infrastructure upgrading with the focus on energy and
water supply systems. Some 4 million euros will be provided for
implementaion of ecological porjects and 10 million euros for creation
of the regional investment fund.