YEREVAN. – In 2017, the state budget of Armenia will allocate around 1.1 billion drams (about $2,306,900) for the modernization of the electric energy corridor toward Georgia.

The abovementioned is said in Armenia’s 2017 State Budget draft, whose committee discussions continue Monday in the National Assembly.

The German government-owned KfW Development Bank is the main donor of this project.

Accordingly, a total of 712 million drams (about $1,493,200) will be allotted next year from the respective loans, and 380 million drams (about $796,900)—from the budget, for this project.

The project will be co-funded with a 920 million dram (about $1,929,400)-Neighbourhood Investment Facility by the European Neighbourhood Policy.

The objective of this project is to increase the transmission of Armenia-Georgia energy systems by about three times. 

A total of €105.2 million are planned to be spent on the implementation of this project.