Armenian Finance Minister Vache Gabrielyan and European Investment Bank (EIB) director of planning and settlement of operations Heinz Olbers signed a loan agreement envisaging allocation of euro 30,316 million for modernization of Bagratashen, Bavra and Gogavan check points.

“The infrastructure modernization will facilitate legal border crossing,” Minister Gabrielyan said, adding that European Bank for Reconstruction and Development (EBRD) will allocate euro 10,294 mln. with Neighborhood Investment Fund to allot euro 12 mln., the EU and UNDP to provide euro 3,318 mln. and 0,8 mln. respectively.

As Minister Gabrielyan further noted, European Investment Bank has named 4-25 years of maturity, 2 months - 7 year as repayment grace period, with each tranche to have separate floating interest rate.