Kanaker Hydroplant Construction Funded by Germany

YEREVAN (Azg)–German Ambassador to Armenia Carola Muller Holtkemper and Armenian Ministers of Energy and Finance Gagik Martirosian and Armen Darbinian signed inter-governmental agreemen’s on providing a 10 million German mark loan to Armenia for 40 years.

Payment of the debt will start in 12 years. According to Martirosian–these are the best conditions for a loan thus far.

As a result of Armenia-Germany inter-governmental negotiations–to be held on Aug. 11-12–it is expected that a new agreement will be reached about another 15 million German marks loan. This money will be used for elimination of obstacles in the field of energy–particularly for reconstruction of the second block of the Kanaker hydroplant and increasing its power production.

The plant–which is already 60 years old–will be able to produce 2.5-3 billion kilowatt hours of electric power for another 40 years.

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