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Armenian Finance Minister Gagik Khachatryan, German government-owned KfW development bank official Eva Witt, and Armenian State Committee of Water Economy Acting Chairman Gagik Khachatryan on Friday signed grant and loan agreements.

The funds, which will be provided within the framework of the €50-million loan and €2-million grant agreements which Armenia and the KfW bank had signed earlier, will be used for the restoration of Armenia’s Kaps Reservoir on the Akhurian River—and at the border with Turkey—, the Finance Ministry press service informed. These funds will be used solely for agricultural irrigation purposes, and the loan will be provided for fifteen years and with a five-year grace period.

Armenia and the KfW bank also signed a €1-million grant agreement as an addition to the €2.5-million funding agreement, which they already had signed within the framework of the Community Infrastructure Programme. The respective funding will be used for providing consulting services along the lines of this program.

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