ArmInfo. The Embassy of Germany in Armenia was pleased to note that as a result of the agreement reached between the governments of Germany and the Republic of Armenia, the German KfW Development Bank continues financial cooperation with the Armenian executive body and the Central Bank, aimed at developing and improving the energy sector and other infrastructure of the Republic of Armenia, and also assistance to the financial sector. The press service of the German Embassy in Armenia told ArmInfo.
In particular, agreements were reached on the following projects: EUR 40 million will be directed to the development of renewable energy sources; EUR 3 million - for technical assistance in the development of renewable energy sources; EUR 3 million for sustainable local development and biodiversity; EUR 70 million - to support small and medium-sized businesses; and EUR400 thousand- for technical support of small and medium-sized businesses.
To note, KfW is one of the largest donors in Armenia. Over the past 20 years, KfW's investments have exceeded EUR 510 million in more than 15 programs, including in the field of small and medium-sized enterprises, the agricultural sector, the energy complex, the environment, and in the financial and banking sector. Armenia's external debt to the Bank by January 1, 2020 reached $ 380.4 million (6.6% of the total external debt of the Republic of Armenia), having increased by 11% over the year.
