ANOTHER EUR 19.5MLN TO ARMENIA FROM KFW BANK
Nelly Danielyan

"Radiolur"
03.05.2010 15:24

German KfW Bank will allocate EUR 19.5mln for the second stage of
funding small HPPs in Armenia. The corresponding agreement was singed
today between the Central Bank of Armenia and KfW Bank.

KfW will allocate means for the CBA for the term of 12 years with 3
years of grace period at a subsidized interest rate.

Chairman of the Central Bank of Armenia Arthur Javadyan said after the
signing ceremony that "KfW is one of the best partners of the Central
Bank of Armenia." He described the program as "unique," noting that
for the first time the terms of providing a loan for HPP financing will
differ from the market ones. In particular, the interest rate, at which
the banks will provide credits, will be limited to 10.5-11% annually.

First Deputy Chairman of KfW Bank Roland Ziller informed today that in
total, the bank will provide EUR 120mln to Armenia this year. Besides
crediting of small HPPs, the means will be directed at developing
the mortgage market of Armenia, reestablishment of water supply in
Vanadzor and Gyumri, financing of HPP Vorotan cascade

From: Emil Lazarian | Ararat NewsPress