Armenia intends to receive a loan from France in the amount of 100 million euros

Armenia intends to receive a loan from the French Development Agency in the amount of 100 million euros.

This was stated on June 15 by Deputy Chair of the Water Management Committee of the Ministry of Territorial Administration and Infrastructure Nvard Vardanyan at a meeting of the permanent parliamentary Commission on Financial, Credit and Budgetary Affairs during the discussion of the ratification of the "Framework Agreement Cam 1029 between the Republic of Armenia and the French Development Agency on the provision of an unconfirmed credit line."

The credit resources are planned to be directed to the implementation of a comprehensive program for the development of the water and agricultural sectors.

FDA financing will consist of a multi-tranche credit line of up to 100 million euros (three stages): a loan for financing for Syunik region of Armenia in the amount of 30 million euros, the first tranche of the loan for financing the water supply and irrigation improvement project (WISE) in the amount of up to 30 million euros, the second tranche of the loan for financing the water supply and irrigation improvement project (WISE) in the amount of up to 40 million euros.

The World Bank will be the co-financing body of the project. A grant of 12.456 million euros is also provided from the EU side for technical assistance. The term of the agreement is three years, starting from the date of entry into force of the document. The borrower and the lender may terminate the agreement at any time before its expiration without any compensation. True, with the exception of compensation calculated on outstanding loans.

After some discussions, this legislative initiative received a positive conclusion from the permanent parliamentary Commission.

Source: news.am