Tue, 29 April
19.1 C
Yerevan
USD: 389.46 RUB: 4.73 EUR: 441.92 GEL: 141.70 GBP: 519.38
spot_img

Armenia to get 112.75 million euros in loans and grants from German KFW

YEREVAN, November 5. / ARKA /. Armenia’s finance minister David Sargsyan and Germany’s ambassador to Armenia, Reiner Morel., have signed today an agreement, whereby German KfW bank will provide Armenia with soft loans and grants worth a total of 112.75 million euros.

Some 75 million euros are earmarked for financing construction of a high-voltage electricity transmission power between Armenia to Georgia. Another 18.5 million euros will be used to finance the first phase of integrated management of the water resources of Akhuryan River.

The German-Armenian Fund will get 15 million euros to back sustainable economic development program. Armenia will also get a 750,000 euro grant to promote the implementation of this program.

Another 2 million euro grant will come for promotion of the third phase of renewable energy program. And 1.5 million euros will be used to finance implementation of the second phase of community infrastructure program.

German KfW bank has been assisting Armenia in implementation of programs as part of financial cooperation since 1995 and has had its rep office since October 1998. The main sectors the bank is engaged in is energy, water supply, development of financial and banking system and the private sector in Armenia. Overall, it has financed 500 million euros worth projects here. -0-

spot_img

POPULAR

Armenia may access $25 mln from the IMF under the SBA agreement in June

An International Monetary Fund (IMF) team led by Iva Petrova visited Yerevan from March 31 to April 10, 2025, to conduct discussions for the fifth review under the Stand-By Arrangement (SBA) with Armenia.

Euro exchange rate down 1 point, while US dollar and ruble up

The average market exchange rate of the U.S. dollar to the Armenian dram on April 25, 2025, rose by 0.77 points compared to April 23 and amounted to AMD 390.33.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

In Armenia, remittances have begun to recover after a 35% decline in 2024

On the demand side, average real wages in Armenia have increased in 2025, and net money transfers have shown an upward trend, contributing to consumption growth, according to the World Bank's Armenia Monthly Economic Update – April 2025.

Instruments for supporting SMEs in Armenia were discussed with bankers at the Ministry of Economy

Financial instruments for supporting small and medium-sized businesses (SMEs) were discussed by Deputy Minister of Economy of Armenia Lilia Sirakanyan and bank representatives.

LATEST NEWS

spot_imgspot_imgspot_img