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March 29
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YEREVAN. – Germany will provide a 20mn euro loan to Armenia under a financial and technical cooperation agreement between the two countries. Deputy Minister of Finance Armen Hayrapetyan stated this at Monday’s sitting of the Standing Committee on Financial-Credit and Budgetary Affairs of the National Assembly of Armenia, during the discussion of the issue of ratification of the agreement on financial cooperation between the governments of Germany and Armenia.

According to him, these loans will be managed by the Armenian-German Fund (CIZ), which will refinance agricultural, small and medium-sized business, as well as private-mortgage loan programs in Armenia.

"The borrower [of this loan] will be the Central Bank [of Armenia], which will be responsible for managing that loan. The German government's funds will be provided through the KfW bank. Thus, the loan will not be a burden at all on the [Armenian] government debt," Hayrapetyan explained.

In addition to these loans, various grants are also planned to be provided.

After the discussions, the aforesaid committee endorsed the ratification of the abovementioned agreement.

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