New German Aid Package For Armenia Unveiled
02/05/2005 09:11
Germany will provide at least 57 million euros ($74 million) in additional assistance and loans to Armenia's energy and banking sectors in the next few years, Finance and Economy Minister Vartan Khachatrian announced on Friday.
Most of the promised money will be channeled into Armenia through the state-owned German bank KfW which will concentrate on helping the country tap its substantial hydro-electric power resources. [...]
[...]
Khachatrian admitted that the assistance reflects the EU's efforts to speed up the closure of the Metsamor nuclear power plant which the Europeans believe does not meet modern safety standards. [...]
[...]
Germany, seen as Europe's economic powerhouse, has been the single largest contributor to the EU?s separate aid to Armenia that has totaled 380 million euros since 1992.
Berlin, as it turned out on Friday, is not happy with the way in which the Armenian authorities have used the multimillion-dollar German aid. The Armenian parliament's Oversight Chamber, concluded in a recent report that part of the aid was mismanaged and even embezzled by senior officials in Yerevan. Its chairman, Gagik Voskanian, also attended the meeting of the German-Armenian commission.
[...]
Note: Above are excerpts from the article. The full article appears on:
http://www.bakutoday.net/view.php?d=13288
Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
Germany will provide at least 57 million euros ($74 million) in additional assistance and loans to Armenia's energy and banking sectors in the next few years, Finance and Economy Minister Vartan Khachatrian announced on Friday.
Most of the promised money will be channeled into Armenia through the state-owned German bank KfW which will concentrate on helping the country tap its substantial hydro-electric power resources. [...]
[...]
Khachatrian admitted that the assistance reflects the EU's efforts to speed up the closure of the Metsamor nuclear power plant which the Europeans believe does not meet modern safety standards. [...]
[...]
Germany, seen as Europe's economic powerhouse, has been the single largest contributor to the EU?s separate aid to Armenia that has totaled 380 million euros since 1992.
Berlin, as it turned out on Friday, is not happy with the way in which the Armenian authorities have used the multimillion-dollar German aid. The Armenian parliament's Oversight Chamber, concluded in a recent report that part of the aid was mismanaged and even embezzled by senior officials in Yerevan. Its chairman, Gagik Voskanian, also attended the meeting of the German-Armenian commission.
[...]
Note: Above are excerpts from the article. The full article appears on:
http://www.bakutoday.net/view.php?d=13288
Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
posted by Vahe Balabanian at 2:17 PM
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