YEREVAN. – The Government of Armenia and the Nordic Environment Finance Corporation (NEFCO) on Wednesday signed a framework agreement, at the Ministry of Finance of Armenia.

Finance Minister Vardan Aramyan and CEO Magnus Rystedt signed this document on behalf of Armenia and NEFCO, respectively, the ministry informed Armenian News-NEWS.am.

NEFCO is an international finance institution established in 1990 by the five Nordic countries: Denmark, Finland, Iceland, Norway, and Sweden. It primarily funds, by way of loans, the projects to reduce substances that are harmful for the environment.

Unlike other international financial institutions operating in Armenia, however, the NEFCO funding threshold is not high.

With the signing of this framework agreement, a platform will be established for the Nordic Environment Finance Corporation activities in Armenia.