German Bank to Lend Armenia $64 Million for Irrigation

19 Dec 2014 by Local Press Report

The Armenian government on Thursday gave its permission to signing a 50 million euro loan agreement with the German state-run KfW bank as well as a 2 million euro grant agreement. The money will be used to finance an irrigation project. Finance minister Gagik Khachatryan said the loan given with a 5-year grace period and a fixed interest rate is repayable in 15 years. The minister noted that the funds will be used to implement a program called "Management of Combined Water Resources of River Akhuryan, Phase 1". More precisely, the loan will be used for the rehabilitation of Kaps reservoir whose capacity is 25 million cubic meters and for upgrading its infrastructure.

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