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Armenia to receive 50M euros for reservoir construction on border with Turkey

Armenia Materials 19 December 2014 18:02 (UTC +04:00)
German Bank for Reconstruction KfW will provide Armenia with 50 million euros for the construction of the reservoir
Armenia to receive 50M euros for reservoir construction on border with Turkey

Baku, Azerbaijan, Dec.19

Trend:

German Bank for Reconstruction KfW will provide Armenia with 50 million euros for the construction of the reservoir, Novosti-Armenia news agency said.

The project of loan agreement was approved at the meeting of the Armenian government.

Funds will be provided for the restoration and completion of Kaps reservoir on river Akhuryan, bordering with Turkey. Another 2 million euros will be allocated as a grant for technical support. The volume of irrigation water reservoir will amount to 25 million cubic meters, it will help the management of the waters of the upper stream of the Akhuryan river.

Funds will be provided for 15 years with a grace period of five years, the rate will be fixed on the day of signing the contract.

Translated by EA

Edited by CN

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