YEREVAN, January 23. /ARKA/. Armenian government upheld today a proposal of financial cooperation with Germany.
Finance Minister David Sargsyan said today at a regular Cabinet meeting that the signing of the proposed agreement will allow Armenia to get additional financial resources from German Development Bank (KfW).
In particular, he said, Armenia will receive €30 million as a preferential loan and €2.5 million in grants.
German KfW bank has been assisting Armenia in implementation of programs as part of financial cooperation since 1995 and has had its rep office since October 1998. The main sectors the bank is engaged in is energy, water supply, development of financial and banking system and the private sector in Armenia.
KfW financing in Armenia over the period of its presence in the country has exceeded €0.5 billion. -0---