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Armenia will receive financial assistance of 84.6 million euros from Germany, part of which will be provided as a grant and the other part as a loan, Minister of Economy, Gevorg Papoyan, told lawmakers in parliament during debates of the bill on approving the agreement.
He mentioned that the process of the cooperation agreement between the governments of Armenia and Germany began back in 2023 during a joint meeting of the intergovernmental commission held in Yerevan.
According to Papoyan, the management of the loan funds will be carried out by the Central Bank of Armenia within the framework of an agreement signed with Germany's KfW. The Central Bank will allocate these funds through loan programs to commercial banks, which in turn will provide loans to small and medium-sized enterprises (SMEs) for the purposes of energy efficiency and industrial modernization.
Out of the €84.6 million, €18.6 million will be provided as a grant, while €66 million will be allocated as loan funds
Papoyan added that next week, the next session of the Armenia-Germany intergovernmental commission will take place in Berlin.