YEREVAN. – Armenia has approved the European Investment Bank’s (EIB) €10-million loan for the construction of a new power line toward Georgia.

The respective loan agreement was signed on March 16.

Within the framework of this contract, the EIB will provide Armenia a loan of €10 million, to fund the first phase of this project.

Along the lines of this project, a new electricity transmission line will be built between Armenia and Georgia, and by way of constructing a power station with an inset of steady high voltage electricity.

The new transmission line will increase the capacity of the Armenia-Georgia energy systems by three times.