Germany Armenia Sign Technical Financial Cooperation Accords

YEREVAN (Noyan Tapan)–The Armenian and German governmen’s discussed early last November in Bonn to sign agreemen’s on technical and financial cooperation. On July 27–in Yerevan–German Ambassador to Armenia Carola Muller Holtkemper and Minister of Economy and Finance of Armenia Edward Sandoyan brought that discussion to fruition.

Under the 1997 agreement on financial cooperation Germany will allocate 40 million German Marks to Armenia. 38.5 million German Marks will be allocated on exclusively favorable terms–a 0.75 percent interest rate with a 40 year term of repayment and a ten year deferment option. A total of 1.5 million German Marks will be assigned as a grant for establishing a fund of investigations and specialists.

27.5 million German Marks will be assigned for the restoration of the system of energy transmission; 6 million German Marks to open a credit line for encouraging small and medium-sized enterprises; 5 million German Marks will be assigned to realize the program of restoration of communal infrastructure.

The German government has allocated 30 million German Marks to Armenia within the framework of financial cooperation.

The agreement on financial cooperation stipulates the major terms of the technical cooperation between the sides. The agreement provides for legislation for implementing joint events–the minister of economy and economy said. The fund intended for technical cooperation will be allocated as gran’s.

The German government allocated 18.54 million German Marks to Armenia within the framework of technical cooperation. Programs on increasing economic legislation–private consultations for enterprises have been implemented. Projects on professional education for bank officers–environmental natural reserves protection will be implemented. The project on food provision of Sisian will also be continued.

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