Tuesday, June 19 2018 11:46

ArmInfo. The Minister of Finance of Armenia Atom Janjughazyan received a delegation headed by the regional director of the German Development Bank (KfW) for Central Asia and the South Caucasus Olaf Zimelka.

As the press service of the Ministry of Finance informs, the parties  discussed the agenda of bilateral cooperation, as well as the  prospects for the development of joint programs.

In particular, the interlocutors touched upon issues related to the  country's creditworthiness and public debt management, as well as the  planned grant and credit programs. Atom Janjughazyan highly  appreciated the cooperation with KFW. He stressed the importance of  implementing joint programs with the Bank in the fields of energy,  water, agriculture, and ecology. Olaf Zimelka, in turn, expressed his  readiness to intensify the existing dialogue and expand it in various  directions. It should be noted that the following KfW programs are  currently implemented in Armenia: GAF for small and medium business  crediting, for the development of renewable energy, for financing the  agricultural sector of Armenia (FASA), the program "Caucasus Power  Transmission Network I" (renewable energy and energy saving)  Community Infrastructure Program "," Stable Development of the  Mortgage Market "Program," Caucasus-Armenia Specially Protected Areas  Assistance Program "(biodiversity projects - Zangezur Biosphere  Complex, National Program national park Tatev, a natural monument  "Satan's Bridge"), energy-saving projects in the field of micro-  SMEs.

KfW is one of Armenia's largest donors. KfW's investments for the  past 20 years have exceeded 510 million euros for more than 15  programs, including in the field of SMEs, the agricultural sector,  energy complex, the environment and the financial and banking sector.  Armenia's external debt to the Bank by January 1, 2018. reached $  295.9 million (5.4% of Armenia's total foreign debt), an increase of  47.7% over the year.