Iran grants €25 million for Iran-Armenia power line construction

Iran has granted about €25 million for the construction of a third Iran-Armenia power line with 400 kW of power, Director General of the High-Voltage Electric Lines Saak Abramyan said, Interfax reports.

The funds will arrive in June. Construction will take 18 months.

The project is worth €107.9 million. €83.083 million was granted by the Bank for Export Development of Iran in September 2011. The remaining €24.817 million will be co-financed by the Armenian government, but it lacked the necessary sum.

The loan will be provided for 5 years with the first two years as a beneficial period at the CIRR+1% rate.