Armenia to receive 152 million euros in aid from Germany: Papoyan

The German government will provide 152 million euros in assistance to Armenia, the latter’s minister of economy, Gevorg Papoyan, announced while reporting the results of the Armenia-Germany intergovernmental commission’s joint meeting in Germany.

“This is the main outcome we achieved in Berlin during the joint session of the Armenia-Germany intergovernmental commission, which I chair from the Armenian side. Of that 152 million euros, 18 million euros are non-repayable grant funds, and the 134 million [euros] are loans with very low interest rates—just slightly above zero,” Papoyan added.

Armenia’s economy minister stated that the entire aforesaid sum will be directed toward developing small and medium-sized enterprises in Armenia, expanding renewable energy and water systems, and addressing several important economic challenges in the country.