GERMANY TO ASSIGN 117.5 EURO FOR ARMENIAN ECONOMY DEVELOPMENT

PanARMENIAN.Net
16.03.2010 10:47 GMT+04:00

/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.