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YEREVAN. – Iran is on the verge of overcoming the western sanctions in the context of funding the construction of an electricity transmission line toward Armenia.

Armenian Deputy Minister of Energy and Natural Resources Ara Simonyan stated the abovementioned at the National Assembly on Monday.

“The matters relating to the project are being resolved,” Simonyan added. He recalled that the difficulties in connection with the Iranian funding had risen in 2013, and as a result of the well-known sanctions.

“It seems [, however,] that the problem has been surmounted. New Energy [and Natural Resources] Minister Yervand Zakharyan will head for Iran soon, to discuss the matter. In addition, it [the matter] will be submitted for discussion at the [Armenian-Iranian] intergovernmental commission meeting to be held in the near future,” the deputy minister noted, in particular. 

The total cost of the project amounts to €107.9 million.

Ara Simonyan also recalled that the activities will get underway this year to build an electricity transmission line toward Georgia, and with funding by the German government-owned KfW development bank.

“Owing to this, we will assume a regional role in electricity transmission,” the deputy minister stated.

The KfW bank will provide a €75 million loan and a €2 million grant for the construction of the Armenia-Georgia electricity transmission line.

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