YEREVAN. – Germany will provide €54-million assistance to Armenia, and €22 million will be allocated for its participation in regional programs.

The respective agreement was signed on Tuesday in Yerevan, the capital city of Armenia.

The two countries signed a protocol on the results of the bilateral intergovernmental consultations that were conducted regarding cooperation in development policy.

In his welcoming remarks, German Ambassador Bernhard Matthias Kiesler praised the effective cooperation between Armenia and Germany. 

An agreement is reached with respect to €54.4-million loans and financial assistance. The German government will use this amount to fund projects aimed at sustainable economic development in Armenia.

In addition, the German government plans to allocate €22 million to its Caucasus Initiative regional program.