GERMANY GIVES 105 MILLION EUROS TO YEREVAN
EurasiaNet
March 16 2010
NY
German has set aside 105.5 million euros (roughly $145 million)
to help cash-strapped Armenia promote an economic recovery.
On March 16, German Ambassador Hans-Jochen Schmidt signed an agreement
with Armenian Finance Minister Tigran Davtian covering the terms
of the assistance, the News.am information service reported. The
aid is meant to underpin community infrastructure development,
upgrade hydropower facilities, buttress mortgage markets and promote
environmental projects.
Armenia has displayed feeble signs of recovery after the 2009 crash
of its real estate market and a serious dip in Diaspora remittances
from abroad. Russia, the World Bank and the International Monetary
Fund have all channeled millions of dollars to Yerevan to soften the
impact of the economic crisis.