YEREVAN, JULY 9, ARMENPRESS. The European Union will allocate 1.6 billion Euros for key flagship initiatives in Armenia aimed at ensuring economic growth and increasing the number of jobs. The EU is able to mobilize 2.6 billion Euros for Armenia under this plan, EU Commissioner for Neighbourhood and Enlargement, Olivér Várhelyi said during a joint press conference with Armenian caretaker deputy prime minister Mher Grigoryan in Yerevan.

Mr. Várhelyi said the purpose of his visit to Armenia is the big economic and financial investments package which he brought with him as a gift to the hosting Armenian side.

“I think this project creates a serious opportunity for Armenia, and I am full of hope that we can work actively with the prime minister and his deputy in order to make this reality. We have four years for ensuring the results. From my side, I am ready”, he said.

The EU Commissioner added that they are ready to fulfill the investments for Armenia’s economic recovery in a very operational way, together with the entire region of the Eastern Partnership.

“We have worked on this project together with the government of Armenia. This project should bring growth and increase the jobs as soon as possible after the pandemic because Armenia and its people need jobs and growth for overcoming this crisis”, he said, adding that they want to create trade routes and communication with the European markets and economy, through which they can bring this region closer to the EU.

“Our plan envisages 2.3 billion Euros of grants for the whole region, and it’s also possible to mobilize at least 17 billion Euros of investments for the entire region together with our international partners”, the EU Commissioner said, stating that for Armenia the EU proposes five flagship programs.

According to him, this means key areas of investments, key areas of reform, through which the current reality would significantly change for Armenia’s population in next 4-5 years, as there will be growth, new jobs, and people would have a stronger and more resilient economy.

The Commissioner clarified that the support program to Armenia involves improving the transportation ties, recovering the southern region, energy-saving, renewable energy, digital transformation and assistance to SMEs.

Editing and Translating by Aneta Harutyunyan