Germany to provide €152 million in support to Armenia

The German government will provide Armenia with €152 million in financial support, Armenian Economy Minister Gevorg Papoyan announced in a video message from Berlin, Caliber.Az reports with reference to Armenian media.

Papoyan, who chairs the Armenian side of the Armenian-German intergovernmental commission, said the allocation is the main outcome of the commission’s joint session held in Berlin. Of the total amount, €18 million will be provided as non-refundable grants, while the remaining €134 million will come in the form of loans at a very low interest rate, slightly above zero.

The minister emphasised that these funds will be directed toward the development of small and medium-sized enterprises in Armenia, as well as investments in renewable energy and water supply systems.

Additionally, the financing is expected to address several other key challenges facing the Armenian economy.

By Tamilla Hasanova