Thursday, March 15 2018 17:46

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.