Armenia receives loan from European Investment Bank

Armenian Finances Minister Vache Gabriyelyan and head of the department for Eastern Policy and Central Asia of the European Investment Bank, Heinz Olbers, have signed a deal. The bank will grant a loan of €30.316 million for modernization of the Bagratashen, Bavra and Gogavan control posts and €6.5 million for the water program, Armenia Today reports.

Water facilities will be modernized and reconstructed under exploitation of Aydzhrmukh in 17 residential areas of Tavush, Lori, Shirak, Gegarkunik, Kotayk, Syunik and Vayots Dzor. About 300,000 people will have better water supply.

The European Bank for Reconstruction and Development, the European Investment Bank are assisting in realization of the projects. The EU provided a special grant. Armenia will received a total of €57 million.