On October 20, Armenian Minister of Finance Tigran Davtyan and Vice President of KfW Eva Witt signed 51mln euros lax loan under the program of rehabilitation and modernization of Vorotan hydropower plant.

The loan includes a grand element, under which the German government will allocate a loan for a 40-year term, with a 10-year grace period. The rest will be provided from own funds of KfW for 15 years, with a 4-year grace period. The annual interest rate of the loan makes around 2%.

The program will be launched in the beginning of 2011 and completed within four years, the press service of the RA Ministry of Finance reported.