YEREVAN. – At its Cabinet meeting on Thursday, the government of Armenia endorsed the proposal to sign a financial cooperation agreement with the German government.

Minister of Finance Atom Janjughazyan presented the matter, and noted that this is about getting both grants and loans.

Accordingly, under this agreement, the German government will enable the Armenian government to obtain loans and financial assistance from the KfW development bank for the implementation of various programs.

The respective explanation states that this is a framework agreement under which separate funding or loan agreements are expected to be signed in accordance with the aforesaid programs.

Under this agreement, Armenia will receive €20mn in loans, and about €11mn in grants.