Aside from Germany, the US Agency for International Development (USAID), the World Bank and the European Bank for Reconstruction and Development (EBRD) have also added their contribution.
In a statement Armenia’s Finance and Economy Minister Vardan Khachatrian said, “The amount to be provided [from Germany] will consist of a grant of €1.5 million (US$1.8 million and a loan of €6 million (US$7.2 million).”
“The funds will be allocated for the modernisation of existing small hydroelectric power plants and the cost of each program to be financed within the framework of this deal will reach €700,000 (US$840,000).
“A fund of €30 million for financing renewable energy projects would be formed with the assistance of the EBRD, USAID and the World Bank by the end of this year,” added Khachatrian.
