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YEREVAN. – Armenia will be receiving €50 million from the German government-owned KfW development bank. 

The respective draft loan agreement was approved at Thursday’s Armenian Cabinet session.

The amount will be used for the restoration of Armenia’s Kaps Reservoir on the Akhurian River at the border with Turkey.

Another €2 million grant will be provided for technical assistance.

The reservoir will be 25 million cubic meters, and it will help manage the upstream waters of the Akhurian River.

The funds will be provided for fifteen years, with a five-year grace period, and the respective interest rate will be confirmed on the day of signing the contract.

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