German bank KfW to provide Armenia with 15 million euro loan to assist
YEREVAN, December 10. / ARKA /. The Armenian government secured on
Tuesday 15.75 million euros in a German loan and a grant which it said
will be used for supporting the country’s agricultural sector.
The relating agreement was signed by the Central Bank of Armenia and
the state-run German development bank KfW.
According to the Central Bank, the loan which is 15 million euros will
be allocated to Armenian banks and credit organizations for on-lending
to small and medium-sized businesses, engaged in agriculture.
The 750,000 euro grant is provided for technical assistance, in
particular, for financing consulting services to the beneficiaries of
the program. The technical assistance will be provided by a consulting
company that will be chosen by the KfW bank.
The German KfW has been assisting Armenia in the implementation of
various projects since 1995. The bulk of its assistance is channeled
into energy, water, financial, banking and also private sectors. -0-