The government of Armenia approved—at its Cabinet meeting Thursday—the signing of the agreement with the government of Germany on financial cooperation.

According to the agreement, it is planned to receive a loan of up to €26,000,000 from the Rehabilitation Loans Bank for the project "Development of renewable energy and energy efficiency: Phase IV," and a grant of up to €2,000,000 for the related activities necessary for the implementation and consultancy of the aforesaid project.

In addition, the German government offers the Armenian government or other borrowers jointly selected by the two governments the opportunity to receive a preferential loan of up to €40,000,000 under the "Development of renewable energy and energy efficiency: Phase V" project, which is allocated through the Rehabilitation Loans Bank within the framework of Public Cooperation for Development, as well as a grant of up to €1,000,000 for the related activities necessary for the implementation and consulting of the aforementioned project.