YEREVAN. – Armenia’s Central Bank (CB) Chairman Arthur Javadyan and German Development Bank (KfW) Vice President Eva Witt signed a €40-million loan agreement within the framework of the second phase of the KfW Renewable Energies Programme.       

The new agreement will enable to fund the project for constructing 30-40 more small hydro power plants in Armenia.  

Also, the German government plans to provide technical assistance loans to implement the third phase of the Programme.

In his welcoming remarks at the official signing ceremony, Arthur Javadyan noted that KfW has always provided assistance to the strategic components of Armenia’s economy and Armenia has a constructive cooperation with the German bank. The CB Chairman expressed a hope that the Programme’s new phase will expand the cooperation and pave the way for future investments.