Friday, January 29 2021 15:02

ArmInfo. The Embassy of  Germany in Armenia was pleased to note that as a result of the  agreement reached between the governments of Germany and the Republic  of Armenia, the German  KfW Development Bank continues financial  cooperation with the Armenian executive body and the Central Bank,  aimed at developing and improving the energy sector and other  infrastructure of the Republic of Armenia, and also assistance to the  financial sector. The press service of the German Embassy in Armenia  told ArmInfo.

In particular, agreements were reached on the following projects: EUR  40 million will be directed to the development of renewable energy  sources; EUR 3 million - for technical assistance in the development  of renewable energy sources; EUR 3 million for sustainable local  development and biodiversity; EUR 70 million - to support small and  medium-sized businesses; and EUR400 thousand- for technical support  of small and medium-sized businesses.  

To note, KfW is one of the largest donors in Armenia. Over the past  20 years, KfW's investments have exceeded EUR 510 million in more  than 15 programs, including in the field of small and medium-sized  enterprises, the agricultural sector, the energy complex, the  environment, and in the financial and banking sector. Armenia's  external debt to the Bank by January 1, 2020 reached $ 380.4 million  (6.6% of the total external debt of the Republic of Armenia), having  increased by 11% over the year.