YEREVAN, FEBRUARY 21, ARMENPRESS. The Armenian government approved the proposal to sign the “EU for Armenia: Territorial Development” financing agreement with the European Union, reports Armenpress.

Minister of economic development and investments Tigran Khachatryan said within the frames of the agreement the EU will provide 31 million 250 thousand Euro grant to Armenia.

“The main objective of the agreement is to implement the general and balanced inclusive growth in northern regions of Armenia, Shirak, Lori and Tavush provinces, through the promotion of smart and sustainable agriculture, innovative tourism and creative industry branches. The program aims at assisting and boosting the market-based venture companies which propose solutions to territory specific challenges, as well as to give impetus to small and medium enterprises with an opportunity of quick growth”, the minister said during the Cabinet session.

The agreement is funded by the EU within the frames of the European Neighbourhood Instrument. The timetable for implementing the agreement comprises 72 months.

Edited and translated by Aneta Harutyunyan