Armenian government approves support program for flood-affected businesses in Lori and Tavush provinces

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YEREVAN, August 15. /ARKA/. The Armenian government has approved a support program for businesses affected by the recent floods in the Lori and Tavush regions. The decision was made during a cabinet meeting on Thursday./pp

According to Minister of Economy Gevorg Papoyan, the damage to businesses was assessed by the regional administrations of Lori and Tavush. The program was developed collaboratively by the Ministries of Economy, Territorial Administration and Infrastructure, along with the State Revenue Committee and the Urban Development Committee./pp

Papoyan explained that the damage was categorized into three levels—low, medium, and high—which will determine the amount of aid provided. The regional administrations will submit their assessments to the Republican Commission for further evaluation, and the final list of beneficiaries will be approved by the Ministry of Internal Affairs./pp

The program targets commercial organizations, private entrepreneurs, and property owners in the disaster zones. Compensation for damages will be based on the area and level of damage to the property, with maximum aid capped at 1.2 million drams per business./pp

Papoyan noted that approximately 150 businesses will receive aid totaling 140 million drams under the first component of the program. The second component, also benefiting around 150 businesses, will be based on the taxes paid by the businesses in 2023, with total aid reaching 150 million drams./pp

Affected businesses can apply for assistance through the Ministry of Economy from August 25 to October 15. The overall program is expected to provide around 300 million drams in aid, helping businesses recover and resume normal operations./pp

The floods, caused by heavy rains and the overflow of the Debed, Aghstev, and Tashir rivers on May 25-26, resulted in the deaths of four people and the evacuation of over 440 residents. The affected areas in Lori and Tavush have been declared disaster zones, with 300 million drams allocated for recovery efforts./p br br