Thursday, December 8 2011 17:40

KfW investments in Armenia total 450 mln EUR


ArmInfo. Over 1995-2011 the German Bank KfW invested a total of 450 mln EUR in Armenia's economy within the frames of cooperation and under projects in various spheres, Head of the KfW Office in Armenia Zara Chatinyan said in her interview with ArmInfo correspondent.

She stressed that almost half of these funds was allocated by the Federal Ministry for Economic Cooperation and Development (BMZ) as grants and loans provided for 40 years at a low interest rate.

Chatinyan said that the German party invested the lion's share of these funds (239 mln EUR) in Armenia's energy sphere, particularly, in rehabilitation of the high-voltage systems, small hydropower plants and modernization of Vorotan Cascade of HPPs.

According to Chatinyan, over the period of cooperation, the German party directed 113 mln EUR to the financial sector of Armenia, including development of small and medium enterprises, as well as refinancing of mortgage loans. "KfW has not passed by the municipal infrastructure either, having allocated 75 mln EUR as capital investments for the irrigation companies of Lori and Shirak regions, as well as the village of Nor Akunk", she said.

Within the frames of cooperation, KfW has been providing Armenia with not only loans but also grants (over 10 mln EUR). "Most of the grants were spent on rehabilitation and protection of the territories near Lake Arpi and Shikahogh Reserve", she said.

To recall, the KfW Office in Armenia has been operating since October 1998.
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