Germany to extend 74 mln. euro credit to Armenia

February 25, 2009 - 20:45 AMT
PanARMENIAN.Net - Two-day Armenian-German governmental consultations kicked off in Yerevan on Wednesday, reported the press office of the Armenian Ministry of Finance.



The Armenian-German cooperation has three main dimensions: financial and private sector, energy and water supply. More modest projects are implemented in healthcare and ecology sectors.



The current consultations will focus on the operating and planned programs.



The 2008 cooperation agreement includes implementation of hypothec market program (6 mln. euro), construction of Vorotan series of hydroelectric power plants (29 mln. euro), reconstruction of high-voltage power plant in Gyumri (14.6 mln. euro), construction of Armenia-Georgia high-voltage power line (20.4 mln. euro), implementation of second stage of Restoration of Community Infrastructure program (3 mln. euro), implementation of second stage of tuberculosis healing program (1 mln. euro).



The funds are allocated by the German government at reduced tariffs with a 40-year term and 0,75% interest.



The amount of German assistance to Armenia has totaled 235 mln. euro, 195 mln. of which are credits and 40 mln. are grants.
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