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Today Vardan Khachatryan, minister of finance and economy, and Alexander Obek, general director of infrastructure department at the European Bank of Reconstruction and Development (EBRD) signed a credit agreement in the amount of 7 million Euro.

After the ceremony of signing the document, minister Khachatryan said the government of Armenia will receive sovereign credit with repayment of 15 years and 3 years of days of grace. The credit is provided on libor + 1% annual rate. Khachatryan said the conditions are “mild and acceptable for our government.” The minister said the money will be provided to Armwatercanal to build stations for cleaning sewer system waters in the towns of Gavar, Martuni, Vardenis.

Apart from the credit agreement, the Armenian government signed two other documents with the European Commission and Water Infrastructure Cooperation Service of the Council of Europe. The Armenian government will get 5 and 1.2 million Euro respectively.