Armenia Secures €152 Million in Grants and Low-Interest Loans from Germany

Germany will provide €152 million in financial support to Armenia, Minister of Economy Gevorg Papoyan announced during his visit to Berlin.

“The German government will provide €152 million in support to Armenia. This is the main outcome we achieved during the joint session of the Armenia-Germany Intergovernmental Commission in Berlin, which I am leading on the Armenian side. Of the €152 million, €18 million will be provided as a grant, while €134 million will be low-interest loans, with interest rates just above zero,” he said in a statement, The Caspian Post reports, citing Armenpress.

The minister noted that the entire amount will be directed toward the development of small and medium-sized enterprises in Armenia, the advancement of renewable energy and water systems, and the resolution of several key issues in the country’s economy.