Armenia became one of the countries of the Eurasian region for which the maximum amount of funding was approved. This is stated in the report, entitled "Sovereign Funding in the Eurasian Region: First half of 2024," by the Eurasian Fund for Stabilization and Development (EFSD).
According to this EFSD report, the amount of sovereign funding approved by international financial institutions and development agencies in the Eurasian region—Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Russia, Tajikistan, Turkmenistan, and Uzbekistan—in the first half of 2024 is $2.3 billion.
In the first six months of this year, 72.9% of the approved funding—or $1.6 billion—was allocated to EFSD member countries. Of these, the maximum amount of funding was approved for Kazakhstan ($693.5 million), followed by Armenia ($527 million), Tajikistan ($332.4 million), and Kyrgyzstan ($192.9 million).
"The Republic of Armenia, where the EBRD [i.e. the European Bank for Reconstruction and Development] is also the main lender ($251.4 million), was approved for $527 million, which is $178.1 million more than last year's total. Significant funding has been approved in the fields of transport, public administration, and economic policy," the report also states.
It is noted that in the first half of the year, the EFSD approved $100 million in funding to support Armenia's economic transformation. These funds will be used in order to assist the country’s state budget in 2024 and are provided as a result of the implementation of the Armenian government's reform program.
"A number of important international events, such as the annual meetings of the ADB [i.e. the Asian Development Bank] in Tbilisi, the EBRD in Yerevan, and the CAREC high-level meetings in Astana, took place in the Eurasian region in the first half of the year," the EFSD report added.
