Armenia ratifies agreement on financial cooperation with Germany

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YEREVAN, September 19. /ARKA/. Armenia’s parliament has ratified today the Agreement between the Government of the Republic of Armenia and the Government of the Federal Republic of Germany on financial cooperation for 2018-2022 that was signed in 2018.

According to Deputy Minister of Economy Varos Simonyan, the agreement provides that Armenia will be able to receive loans and grants from Germany, which will be used in four main areas: supporting biodiversity within the framework of the sustainable local development program, development of renewable energy sources, financing of residential areas and promotion of trade through the German-Armenian Fund (GAF).

He noted that agreements have already been signed in three of these four areas. As part of the first component, Armenia received 23.1 million euros in the form of a grant, as part of the second component – a loan of 20 million euros for 18 years and a grant of 2.2 million euros, as part of the third component Armenia received a loan of 20 million euros for a period of 15.5 years and a grant of 375 thousand euros.

Negotiations on the fourth component are continuing. Under it Armenia is to receive a 25 million euro loan and a grant of 400 thousand euros.

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