"Armenian Water and Sewerage" to renew agreements

“By the time of investments' ending when we are able to prevent illegal consumption of water, the water loss will be stopped,” said General Director of  "Armenian Water and Sewerage” Closed Joint-Stock Company, Patrick Lorin. He noted that people steal water, and at the same time water supply system is in a poor condition.

According to Mr. Lorin, Armenian Water and Sewerage Company is renewing concluding agreements with residents. In the framework of this process ex-holders can specify and pay their debts.

Mr. Lorin presented this year’s sources of crediting and financing. These are World Bank, Asian Development Bank, European Bank for Reconstruction and Development. According to Mr. Lorin, the World Bank provided $ 26 million, Asian Development Bank - $ 46 million and the EBRD - $ 20 million.

”Of course, Armenia’s government has also provided a certain amount,” Patrick Lorin told.

"With funding from World Bank, we have already implemented the first lending program. The second program which includes purchase of equipment for the company as well as improving the water supply in town of Razdan will start this year.”

According to General Director of Armenian Water and Sewerage Company, thanks to lending programs many water utilities have been repaired. And the whole Armenia’s water utilities need $ 600 million to be repaired.

Mr. Lorin also referred to employees’ salaries noting that average wages is 64 thousand drams, and is paid not from loans but from organization incomes which takes 30% profit.