News - Armenia plans to ratify agreement with Germany in order to get €12M

Armenia plans to ratify the agreement on financial cooperation with Germany in order to receive 12 million euros. Deputy Minister of Economy Rafayel Gevorgyan stated this at Tuesday’s National Assembly debates on the matter of approval of the ratification of the  2022 agreement on financial cooperation between the governments of Armenia and Germany. According to the deputy minister, within the framework of this agreement, Germany will provide Armenia with a preferential loan in the amount of 12 million euros for the development of Armenia’s renewable energy sector. This loan will be provided not to the Armenian government, but to the private sector through the German-Armenian Fund operating in the Central Bank. As part of this program, solar plants with a capacity of 500 kW will be built for the use of legal entities, 1 MW—for autonomous groups, and 150 MW—for individuals.