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The French Development Agency (AFD) has signed a financing agreement worth the equivalent of €270 million as part of annual consultations with the authorities of the Republic of Armenia, the Embassy of France in Armenia has said.
“The first €250 million loan provided to the Ministry of Finance of the Republic of Armenia, which is a record amount, is intended to support state reforms in the field of financial management. The second loan, worth €23 million and denominated in Armenian drams for the first time, finances housing provision for vulnerable families, particularly those displaced from Nagorno-Karabakh. Five months after the state visit of the President of the French Republic to Armenia, the commitments undertaken in May are being put into effect,” the statement said.
The French Development Agency (AFD), which has been operating in Armenia since 2012, supports the Armenian authorities, stakeholders in the economic sector and civil society in a number of areas: public finance, housing provision, water resources and agriculture, combating climate change, entrepreneurship and financial inclusion. The AFD’s total commitments to the country now amount to more than €850 million.