The National Assembly of Armenia ratified, at Thursday’s special session, the agreement on the establishment of local branches of the German Agency for International Cooperation (GIZ) and the Credit Institution for Reconstruction (KfW) Bank in Armenia, which had been reached earlier in the form of an exchange of statements.

"The local branches of the mentioned organizations have been operating in the territory of Armenia for a long time, attached to the accredited embassies in the republic, without having a specific status," noted Deputy Minister of Economy Rafayel Gevorgyan, presenting the respective draft.

According to him, Germany is the leader among the EU member countries in terms of the amount of trade with Armenia. Moreover, in the past 30 years, the amount of German investments in the Armenian economy amounted to about 1 trillion drams (approx. US$2.6 billion).