Yerevan, April 26 /Mediamax/. The Armenian Ministry of Finance and Economy and the European Bank for Reconstruction and Development (EBRD) signed a credit agreement in Yerevan today at the sum of 7mln euro.

Mediamax reports that the Minister of Finance and Economy of Armenia Vartan Khachatrian stated that the given funds will be directed to the improvement of the wastewater treatment services in 5 municipalities, located near Lake Sevan.

According to him, this is a sovereign credit with the term of 15 years, which will be on-lent to the Armenian Water and Sewerage Company to finance the wastewater treatment in Gavar, Martuni and Vardenis, as well as to rehabilitate the networks in Vardenis, Gavar, Martuni, Sevan and Jermuk towns.

As the EBRD Business Group Director for Infrastructure Alexander Auboeck informed, this is the first ecology project of the bank, directed to the rehabilitation of regional infrastructures.

Within the framework of the same project, the European Commission will provide the Armenian government with a grant at the sum of 5mln euro. 1,2mln euro more will be allocated by the Early Transition Countries Initiative Fund. The corresponding agreement was signed today by the General Director of “Armenian Water and Sewerage Company” CJSC Patrick Lorin and the EBRD Business Group Director for Infrastructure Alexander Auboeck.