Mon, 30 June
16.1 C
Yerevan
USD: 384.32 RUB: 4.89 EUR: 450.23 GEL: 141.11 GBP: 527.56

German KfW to provide 5.3 million to Armenia to help introduce agriculture insurance scheme

YEREVAN, December 14. /ARKA/. The government of Armenia has approved today a draft grant agreement between the ministry of finance and the German state-owned KfW bank to the tune of 5.3 million euros. The money will be used to assist the introduction of agricultural insurance scheme in Armenia.

Deputy finance minister Karen Tamazyan said the core of the project is to insure the agricultural sector against climatic risks.

According to him, in accordance with the agreement, the financing of the program will be implemented by Armenia and Germany on a parity basis. The funds will be provided in two disbursements. Earlier minister of agriculture Ignaty Arakelyan stated that about $5 million will be spent on the introduction of agricultural insurance in three years.

Every year, Armenian farmers sustain huge losses caused by hailstorms and late spring frosts. In 2018, some 885 million drams will be invested in a pilot agriculture insurance project. ($ 1 – 483.55 drams). –0-

spot_img

POPULAR

ADB lowers Armenia’s economic growth forecast for 2025 to 5%, 4.7% expected in 2026

The Asian Development Bank has lowered Armenia's economic growth forecast for 2025 to 5%, said Don Lambert, ADB Country Director for Armenia.

Armenia’s top 5 banks by asset size for Q3 2023

According to ARKA news agency's quarterly bulletin 'Banks of Armenia,' the top 5 commercial banks of Armenia by asset size as of 30.09.2023 were Ardshinbank, Ameriabank,  Armbusinessbank, Acba Bank and Inecobank

US dollar exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

ADB forecasts inflation in Armenia at 3% in 2025 and 2.8% in 2026

The Asian Development Bank (ADB) forecasts inflation in Armenia at 3% in 2025, said Don Lambert, Director of the Bank’s Resident Mission in Armenia.

Byblos Bank Armenia becomes CaseKey strategic partner

Byblos Bank Armenia has become the strategic partner of the CaseKey Business Case Competition, emphasizing the importance of continuous investment in promising educational programs.

LATEST NEWS

spot_imgspot_imgspot_img