Government approves 31.25 million euro agreement with European Union

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YEREVAN, February 22. /ARKA/. The government of Armenia has approved today a proposal to sign a financial agreement with the EU as part of “EU for Armenia: Regional Development” program. Economic Development and Investments Minister Tigran Khachatryan said the program will be financed from the EU budget as part of its European Partnership Program.

He said the total cost of the program is 31.25 million euros (technical assistance). The main goal of the program is to secure a balanced inclusive growth in the northern regions of Armenia by stimulating such sectors as ‘smart’ and stable agriculture, innovative tourism and creative industry.

According to him, Shirak, Lori and Tavush regions were selected as pilot ones. The program calls for creating winter sports facilities in the Shirak region, as well as international competitive agricultural companies.

The agreement is designed for 72 months (6 years). During this time span assistance is to be shown to venture capital companies to stimulate SMEs, to improve the socio-economic level in the regions and to create an opportunity to boost economic development.

Half of the money will be paid as Armenia membership fee in EU’s Horizon 2020 grant program

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