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YEREVAN, JULY 16, ARMENPRESS. Eurasian Bank will allocate 40 million USD investment loan for modernization of the irrigation system of Armenia. As “Armenpress” was informed from the press service of the Eurasian Bank, the delegation of the Eurasian Bank headed by the director of Development and Stability Fund of the Eurasian bank Artak Azizyan discussed the investment loan for modernization of the irrigation system of Armenia. The head of the Armenian side of the delegation was the Deputy Finance Minister Armen Gevorgyan.
As a result of the discussions the sides have arranged the agreement terms of the loan which will be submitted to the Council of Development and Stability Fund for ratification.
At the end of year 2015 “Modernization of irrigation system” 5-year program will start. The Eurasian Bank will allocate 40 million USD for the implementation of the program and 10 million USD will be allocated by the Government of the Republic of Armenia. In the auspices of the program will be built and restored 8 irrigation systems with a total length of 70.4 km, main canals with a total length of 8.1 km and agricultural canals with a total length of 54.1 km.