YEREVAN, JANUARY 30, NOYAN TAPAN. The RA ministry of finance, KfW Bank (Germany) and High-Voltage Electric Networks of Armenia CJSC on January 30 signed an agreement on credit provision and program financing, by which up to 14.6 million euros will be allocated in the form of mixed financing with budget and market resources for reconstruction of Gyumri-2 high-voltage substation. The agreement was signed based on the intergovernmental agreement signed between the governments of Armenia and Germany on May 16, 2008. The program envisages fully reconstructing Gyumri-2 substation by equipping it with modern reliable equipment which will allow to raise the reliability of power supply of Gyumri and adjacent communities and in parallel with it, to create prerequisites for regional cooperation. Gyumri-2 not only ensures the power supply of the city of Gyumri and the north-west of Armenia but also has a regional importance as an exchange of power with Turkey is made through Gyumri-Kars high-voltage line. According to the Information and PR Department of the RA Ministry of Finance, within the frame of Armenian-German financial cooperation in power supply sector and with the financing of KfW Bank, Kamo, Vanadzor-2 and Alaverdi-2 substations have already been repaired. An international tender for reconstruction of Vanadzor-1 substation has been announced.

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