Armenia’s Minister of Finance Vache Gabrielyan and Head of the Central Asia Department, European Investment Bank, Heinz Olbers signed on Tuesday signed a €30.316m loan agreement on modernization of the Bagratashen, Bavra and Gogavan checkpoints, and a €6.5m loan agreement on water supply in Armenia’s small communities.

Following the signing ceremony, Minister Gabrielyan pointed out the high importance of the agreements. Specifically, the water-supply program envisages renovation of water-supply lines for 300,000 people.

Mr Heinz Olbers noted that the European Investment Bank will continue its cooperation with Armenia. The sides are to discuss further cooperation today, he added.

Armenia’s financial system has made great progress and will, hopefully, continue, Olbers said.

As regards Armenia’s national debt, Minister Gabrielyan said that Armenia’s domestic debt is around $0.5bn, with the country’s foreign debt being $3.4bn.