Germany to assign 117.5 euro for Armenian economy development

PanARMENIAN.Net - Armenian Finance Minister Tigran Davtyan and German Ambassador to Armenia Hans-Jochen Schmidt are expected to sign an agreement on financial cooperation, the Embassy’s press center said.

According to the report, the funds will be spend for the welfare of the Armenian people and development of economy. The agreement envisages allocation of 105.5 million euro during the year of 2010. Besides, 12 million euro will be assigned in the framework of Caucasus Initiative.

The BMZ (German Federal Ministry of Economic Development and Cooperation) Caucasus Initiative supports the political and economic cooperation activities of the southern Caucasus republics Armenia, Azerbaijan and Georgia. The initiative not only steps up country-specific bilateral Development Cooperation, it also places it in a regional context. It forms the conceptual framework and an umbrella for German Development Cooperation with and in the region. The regional projects in turn build on experience from the bilateral projects and enhance their impact in terms of the stripped-for development results. At the same time it is important to put successful national projects in a regional context and to examine how the results achieved in these projects can be expanded and deepened at regional level.

Germany has issued loans and grants amounting to 220 million euro to Armenia since 1995.