March 16, German Ambassador to Armenia Hans-Jochen Schmidt and RA Finance Minister Tigran Davtyan signed an agreement on Armenia-Germany financial cooperation in 2009-2010 in Yerevan.

The signing was preceded by intergovernmental talks in 2009 summer, that resulted by a long-term and reliable cooperation between the countries in the frames of development policy, German Embassy in Yerevan informed NEWS.am.

Agreed long-term projects include wide range of issues, from environmental and stable economic development matters up to support to restoring energy sector and municipal infrastructure. Germany’s constant efforts are directed toward the improvement of living conditions in Armenia and overcoming of transition period difficulties, the Embassy statement reads.

Germany undertakes to allocate up to €105.5m to Armenia in 2009-2010 in the frames of bilateral financial cooperation. Besides, another €12m will be granted for implementation of regional programs in the frames of Caucasian initiative.

From 1995 to date Germany has allotted Armenia credits and grants of about € 220m.

A.G.