Thursday, July 7, 2022
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Germany to provide 116 mln 400 thousand Euro financial aid to Armenia

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EDITOR'S CHOICE

During today’s session in the Parliament, Deputy Minister of Economy of Armenia Rafayel Gevorgyan presented the draft on ratifying the 2020 financial cooperation agreement between the Armenian and German governments.

Gevorgyan said that Armenia will be provided with 116 million 400 thousand Euro financial aid.

“This assistance consists of two main parts. 70 million Euros will be provided for the development of small and medium enterprises, and 40 million to development loans in renewable energy sector. The mechanism through which that assistance will be provided is the country’s banking system. There is an Armenian-German fund through which the sums will be distributed to Armenia’s banking system”, the deputy minister said.

He informed that it is also planned to provide 3.4 million Euro financial aid to Armenia for implementation of biodiversity and sustainable development programs and to provide 3.4 million Euro financial aid for the necessary measures aimed at the implementation and technical support of the program.

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Ara D. Kassabian CPA, based in Glendale, California, provides a full range of tax preparation, accounting and bookkeeping services, either in your facility or at our location. Making it quick and easy to file your taxes.

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