Thursday, August 30 2018 15:55
Alexandr Avanesov

Armenia and KfW Bank discuss Kaps water reservoir modernization program

Armenia and KfW Bank discuss Kaps water reservoir modernization program

ArmInfo. Yerevan. Armenia welcomes the ongoing cooperation in the environmental sector with the German KfW bank and  is ready for its deepening and cooperation, Minister of Nature Protection of Armenia Erik Grigoryan stated receiving today the delegation of KfW, headed by Marion Kneesch, Head of Urban and Infrastructural Unit at KfW.

 

According to the press service of the Ministry of Nature Protection of Armenia, Marion Kneesch, having expressed gratitude for the reception, presented the process of implementation of the project for the modernization of the Kaps water reservoir, which is being implemented with the financial assistance of the KfW bank. The guest also presented the process of the impact of this program on the environment, as well as the social impact.

 

The Minister, in turn, stressed the importance of implementing a comprehensive program for the efficient management of water resources, which is dictated global climate change and the growth of agricultural production. In this context, Erik Grigoryan emphasized the importance of the Kaps reservoir modernization program being implemented with the financial assistance of the German bank.

 

To recall, earlier KfW Bank provided Armenia with a loan of 50 million EUR and a 2 million EUR grant for the implementation of the program for the construction of the Kaps reservoir. The funds are provided for a period of 15 years with a 5-year grace period at a fixed credit rate. Financial resources will be used to restore the Kaps reservoir and re-equip its infrastructure. In particular, to complete the reconstruction of the reservoir with a capacity of 25 million cubic meters on the Akhuryan River, which will allow using this resource exclusively for irrigation purposes.

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