KfW agreement signed to allocate €85,2 million to Armenia

YEREVAN, DECEMBER 9, ARMENPRESS: The Minister of Finance of the Republic of Armenia Gagik Khachatryan, the Director of the RegionalEnergyProgramsDepartment of the KfW Bank Jan Blum and the Director of the High Voltage Electric NetworksCJSC Aram Ananyan signed on December 9 agreements on loans and programs.

The Department for Public Relations of the Ministry of Finance of the Republic of Armenia informed Armenpress that the KfW Bank will allocate €85,2 million to Armenia in the frames of the Power Transmission in Caucasus Tranche I, €75 million – from its own funds and €10,2 million – from the financial funds, provided by the Federal Republic of Germany.

Earlier it was reported that the goal of the tranche is to connect the Armenian and Georgian energy systems with the 500/400/220 kW high-voltage current converter station stationed in Ayrum located near the Georgian border. The connection from the Georgian side will be through a 500 kW line from the Marneul substation, and the connection from the Armenian side will be through the 400 kW line from Hrazdan.