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KFW Bank to give 4.7m euros to reconstruct of Alaverdi substation

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  • KFW Bank to give 4.7m euros to reconstruct of Alaverdi substation

    ArmenPress
    April 5 2004

    KFW BANK TO GIVE 4.7 MILLION EUROS FOR RECONSTRUCTION OF ALAVERDI
    SUB-STATION

    YEREVAN, APRIL 5, ARMENPRESS: Armenian finance and economy
    minister Vartan Khachatrian and Germany's ambassador Hans
    Wulf-Bartels signed today an agreement by which the German KFW bank
    will allocate a 4.7 million euro credit for reconstruction of a major
    power sub-station in the northern Armenian town of Alaverdi to ensure
    a better transmission of Armenia-generated electricity to neighboring
    Georgia.
    A KFW representative in Armenia, Karapet Gevorkian, recalled that
    KFW had already released loans for major reconstruction of two other
    major sub-stations in Vanadzor and Kamo.
    The reconstruction of Alaverdi sub-station will increase its
    reliability and capacities to allow an uninterrupted transmission of
    electricity to Georgia and through it to also other countries.
    The project is part of a major program aimed to reform the power
    grid. Unlike other previous two loans this one is given not to the
    government, but to High Voltage Electricity Lines company with the
    government assuming to guarantee its return. The loan is given with
    two year grace period, for five years at 2 percent of annual interest
    rate.
    The amount of German loans to Armenia since 1995 has amounted to
    110 million euros.
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