The government of Germany will provide additional assistance to Armenia (grants and loans) to the tune of 84.6 million euros, Economy Minister Vahan Kerobyan said at a press conference today following two-day Armenian-German intergovernmental discussions in Yerevan.
According to Kerobyan, the assistance will be used to finance the implementation of new projects involving vocational education and renewable energy.
"Over the past 3 years, the trade turnover between the two countries has increased approximately threefold and agreements signed to open resident offices of German KfW and GIZ in Armenia have been ratified. Due to numerous business and political visits, investments have significantly increased," Armenpress quoted Kerobyan as saying.
In his turn, State Secretary of the German Ministry of Economic Development and Cooperation Nils Annen noted that the investments in Armenia’s renewable energy sector will reduce the price of electricity.
"We will pay great attention to strengthening Armenia's energy independence, which was emphasized during the negotiations," he said.
Annen also noted that separate assistance is to be provided to the Armenian government for addressing the needs of Nagorno-Karabakh refugees including their integration in Armenia.
Germany is among the five largest trade partners of Armenia among European countries. The foreign trade turnover of the two countries in January-September 2023 amounted to $495.3 million, a 49.8% increase compared to the same period of 2022.
