EIB will provide Armenia with more than 30.316 million euro loan in order to repair three border checkpoints, Bagratashen, Bavra and Gogavan, “1in.am News and Analysis” reports.
The agreement was signed between Armenia’s Minister of Finance, Vache Gabrielyan, and the head of the EIB’s policy in Eastern and Central Asia Department, Heyns Olberse.
“The entire system will be modern and convenient for the citizens, all this will be done by the World Trade Organization standards” said Gabrielyan after signing the agreement.
He also informed that for repairing these three border checkpoints, other organizations will also provide loan money besides EIB.
The European Bank for Reconstruction and Development, will provide 10.3 million euro loan, 12 million euro will be provided by EU investment agency, as well as EU will separate a grant in amount of 3.31 million euro, and the UNDP will support with 0.8 million Euro.
Gabrielyan added that UNDP will be the implementer of the program.
European Investment Bank’s loan repayment term is for 25 years.
