Armenian lawmakers ratify $40-million loan from Eurasian Development Bank
YEREVAN, April 25. /ARKA/. At its Monday session, the Armenian National Assembly ratified another loan agreement.
Aram Harutyunyan, head of the Armenian agriculture ministry’s water committee, said the Eurasian Development Bank, in accordance with the loan agreement signed with the Eurasian Stabilization and Development Fund, will lend $40 million to Armenia for 20 years with a 10-year grace period at 2% interest rate for modernization of irrigation infrastructures.
In his words, the money will be spent on replacement of 12 dilapidated pumping stations with flow irrigation, and this will save 14.3 million KWt of electric energy or 600-650 million drams every year.
“Core and secondary irrigating channels will be restored under this program, and this will expand the irrigated areas by 10,000-10,500 hectares,” Harutyunyan said.
In his words, the money will also be spent on deployment of SCADA (Supervisory for Control And Data Acquisition) system.
The Eurasian Stabilization and Development Fund (Anti-crisis Fund of the Eurasian Economic Union before renaming) is a regional financial mechanism instituted in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.
The Eurasian Development Bank is a financial organization established by Russia and Kazakhstan in January 2006 for supporting market economy development in member countries. ---0----
Aram Harutyunyan, head of the Armenian agriculture ministry’s water committee, said the Eurasian Development Bank, in accordance with the loan agreement signed with the Eurasian Stabilization and Development Fund, will lend $40 million to Armenia for 20 years with a 10-year grace period at 2% interest rate for modernization of irrigation infrastructures.
In his words, the money will be spent on replacement of 12 dilapidated pumping stations with flow irrigation, and this will save 14.3 million KWt of electric energy or 600-650 million drams every year.
“Core and secondary irrigating channels will be restored under this program, and this will expand the irrigated areas by 10,000-10,500 hectares,” Harutyunyan said.
In his words, the money will also be spent on deployment of SCADA (Supervisory for Control And Data Acquisition) system.
The Eurasian Stabilization and Development Fund (Anti-crisis Fund of the Eurasian Economic Union before renaming) is a regional financial mechanism instituted in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.
The Eurasian Development Bank is a financial organization established by Russia and Kazakhstan in January 2006 for supporting market economy development in member countries. ---0----