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European Investment Bank finances high voltage interconnection between Armenia, Georgia

Xinhua, March 17, 2015 Adjust font size:

The European Investment Bank (EIB) is lending 10 million euros (10.6 million U.S. dollars) to finance the construction of an electricity transmission line and a high voltage direct current station to develop a link between Armenia and Georgia, an EIB statement said Monday.

The new electricity infrastructure will deepen regional integration by facilitating energy trade between the two countries and provide Armenia and Georgia with better access to European electricity markets.

The project consists of the construction of a new back-to-back station in Ayrum, Armenia, which is close to the Georgian border, and a power transmission line linking the two countries.

"Secure and reliable supplies of energy are of crucial importance for further improving the living standards of the people of Armenia and Georgia," said EIB Vice President Wilhelm Molterer, responsible for EIB lending in Armenia. Endit