ArmInfo. Chairman of the Central Bank of Armenia Artur Javadyan left for Frankfurt with a working visit to attend meeting of the Supervisory Board of the German-Armenian Fund (GAF) programs.
As the press service of the Central Bank of Armenia told ArmInfo, the meeting will discuss the implementation of joint programs with the KfW Bank, and a number of other issues related to the Armenian-German cooperation in the financial sector.
According to the source, the head of the Central Bank will meet with the leaders of partner structures.
To date, GAF programs are implemented in Armenia on crediting micro, small and medium businesses, developing renewable energy, and financing the agricultural sector of Armenia (FASA). With funding from KfW, several projects are being implemented, including the Caucasus Power Transmission Network I (renewable energy and energy saving), the Community Infrastructure Program, the Stable Development of the Mortgage Lending Program, the Caucasus-Armenia (projects in the field of biodiversity - the Zangezur Biosphere Complex, Tatev National Park, the "Satan's Bridge" natural monument), energy saving projects in the field of micro and SMEs.
KfW is one of the major donors of Armenia. 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.
