Germany will provide financial assistance of 116 million 400 thousand euros to Armenia. The Deputy Minister of Economy of Armenia, Rafayel Gevorgyan, said this at Tuesday’s sitting of the National Assembly during the discussion of the ratification of the agreement on financial cooperation between the governments of Armenia and Germany.

According to him, this assistance consists of two main parts. Accordingly, 70 million euros will be allocated for the development of small and medium-sized businesses in Armenia, 40 million euros—for loans for the development of renewable energy in Armenia, 3 million euros—for the implementation of the "Biodiversity and sustainable local development: Armenia” program, and 3 million 400 thousand euros—for the implementation of the above-mentioned two projects and the carrying out of respective technical assistance.

"The mechanism by which this assistance will be provided will become the country's banking system. There is a German-Armenian fund through which the money will be distributed. They will be distributed in the banking system of Armenia," Gevorgyan explained.