Tuesday, June 14 2011 19:12

KfW to provide Armenia with 18mln EUR for financing agriculture


ArmInfo. KfW will provide Armenia with 18mln EUR for financing agriculture, President of the Central Bank of Armenia Artur Javadyan said during a press-conference today,

The relevant agreement was reached in Frankfurt in early 2011. The money will be provided in late 2011-early 2012. Part of it will be granted.

Javadyan said that the Office of the German-Armenian Fund (GAF) is implementing 6 credit programs in Armenia: 3 of them are financed by KfW, 1 - by the World Bank and 2 - by the Government of Armenia. 3 of the projects (financed, respectively, by KfW, WB and the Government) are designed for small and medium-sized business with a total of 62,200 loans worth 180.2bln AMD issued so far.

Director of GAF Gevorg Tumanyan said that shortly Armenia will receive additional 20mln EUR under the next stage of KfW's program to develop stable mortgage market in Armenia. The number of participant banks has grown to 18. The first stage was launched in late 2006 with 12mln EUR lent in 2007-2008. The share of overdue loans under this program is just 0.7%.

Some 18mln EUR will be received in the framework of the program to support renewable power engineering. This money will be spent on the construction and re-equipment of 7 small water powerplants. The total cost of the program is 24mln EUR: 6mln EUR has already been allocated for 14 small water power plants. There are no overdue loans under this project.
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