YEREVAN. – Finance Minister of Armenia Gagik Khachatryan, German government-owned KfW development bank Regional Energy Programs Department Director Jan Blum, and “High Voltage Electric Networks” CJSC General Manager Aram Ananyan signed loan and project agreements on Tuesday.

Accordingly, the KfW bank will provide Armenia a €85.2-million loan to fund the first phase of the “Caucasus Power Transmission Network I” project, the Ministry of Finance press service informed.

The project envisions connecting the energy systems of Armenia and Georgia near their border. Within the framework of this project, the two countries will work in the same mode, which will enable bilateral import and export of electricity.