Armenia to receive $82 million loan from France

The Armenian government approved a 75 million-euro-loan ($82 million) from the French Development Agency during a session broadcast live on local TV channels.

Armenian Finance Minister Vahe Hovhannisyan stated that the programme comprises three main components: improving the public finance management system, strengthening the infrastructure of state securities and money markets, and developing new financing tools for entrepreneurial activities to ensure more transparent governance, Caliber.Az reports citing the Russian media.

He also noted that the programme is being implemented in collaboration with the Asian Development Bank, with the funds allocated to finance the state budget deficit in 2024. The loan's principal repayment period is 20 years.

The relationship between Armenia and France is rooted in a deep cultural and historical connection. The Armenian community in France is one of the largest and most active Armenian diasporas in the world. This has significantly influenced the bilateral relationship, fostering strong cultural and people-to-people ties.

Both countries have established embassies in each other's capitals. These diplomatic missions play a crucial role in maintaining and strengthening bilateral ties.

There have been numerous high-level visits between the two countries, including state visits by the presidents and foreign ministers. These visits often result in the signing of bilateral agreements and memorandums of understanding in various fields.

France is one of Armenia's significant economic partners in the European Union. The two countries engage in trade, with French companies investing in various sectors of the Armenian economy, including energy, infrastructure, and agriculture.