Armenia to receive €75m loan from French Development Agency

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YEREVAN, 8 August. /ARKA/. The Armenian government on Thursday approved a 75 million euro loan agreement with the French Development Agency./pp

Finance Minister Vahe Hovhannisyan said the loan will be used to improve the public finance management system, strengthen the infrastructure of state securities and money markets, develop new instruments for financing business activities and ensure more transparent governance./pp

The agreement was signed between Armenia and the French Development Agency on 26 June 2024.nbsp;nbsp;nbsp;/pp

This is the second phase of the programme, the first phase was completed in 2022. The implementation of the programme was accompanied by technical assistance to implement targeted reforms in the Ministries of Finance, Economy, Environment, Central Bank, State Revenue Committee. Discussions on the third stage have also started, Hovhannisyan said.nbsp;nbsp;/pp/pp

According to the Minister, the programme is implemented jointly with the Asian Development Bank./pp/pp

According to the Minister, the signing of the loan agreement with ADB is expected soon after the approval of the Bank's Board of Directors. The budgetary aid funds will be used to finance the state budget deficit in 2024. The maturity of the principal debt will be 20 years, Hovhannisyan noted. -0-/p