YEREVAN. - The European Investment Bank (EIB) is ready to contribute $50 mln to support the modernization of irrigation system in Armenia.

The Chairman of State Committee of Water Economy of Armenian Ministry of Agriculture, Aram Harutyunyan, on Wednesday received the EIB delegation headed by the Director of EIB Lending Operations in Eastern Neighbours & Central Asia, Heinz Olbers, the Committee’s press-service reports.

The sides discussed the investment project in Armenian water sector, which is funded by three sources: 30 mln euro from EIB, 30 mln euro form the European Bank for Reconstruction and Development (EBRD) and 20 mln euro from the European Neighborhood Program. 

Heinz Olbers noted that one of the priorities of the EIB loan policy is the development of water sector and rural communities, in the framework of which the Bank is ready to support Armenia also in terms of technical development and modernization.

Apart from this, the sides discussed the project aimed at the modernization of the irrigation system, the implementation of which will also include 50 mln euro loan support from the EIB.

The bank representatives expressed satisfaction with the constructive nature of the negotiations held in the framework of the project, noting that they are ready to discuss the possibilities for implementing projects aimed at improving the quality of portable water also in the framework of this loan project.