EFSD: Armenia secures $527 Million in sovereign financing for H1 2024

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Economy

07.08.2024, 17:35

Armenia received $527 million in approved sovereign financing from international financial organizations and development agencies in the first half of 2024, a report by the Eurasian Fund for Stabilization and Development (EFSD) revealed on Wednesday.

EFSD: Armenia secures $527 Million in sovereign financing for H1 2024

YEREVAN, August 7. /ARKA/. Armenia received $527 million in approved sovereign financing from international financial organizations and development agencies in the first half of 2024, a report by the Eurasian Fund for Stabilization and Development (EFSD) revealed on Wednesday.

The report, titled "Sovereign Financing in the Eurasian Region: H1 2024," is based on data from the Sovereign Financing Database (SFD).

"The Republic of Armenia, with the EBRD as the main creditor ($251.4 million), has been approved for $527 million, exceeding the total for the previous year by $178.1 million. A significant portion of the funds is earmarked for transport, public administration, and economic policy," the report states.

In the first half of the year, the EFSD approved $100 million in financing to support Armenia's economic reforms. These funds will support the 2024 budget and are provided following the implementation of the government's reform program.

Overall, sovereign financing approved in the Eurasian region for the first half of 2024 totaled $2.3 billion. EFSD member states accounted for 72.9% of this amount, or $1.6 billion. Kazakhstan received the highest amount of approved financing ($693.5 million), followed by Armenia, Tajikistan ($332.4 million), and Kyrgyzstan ($192.9 million).

The Sovereign Financing Database is a unique analytical project by the EFSD, launched in 2022. It includes data on the activities of international financial organizations and development agencies in the macro-region. The SFD is compiled from a variety of open sources, including official websites, reports, and other primary information from international financial organizations. The data collection methodology covers a wide range of sovereign financing, including stabilization loans, investment loans, grants, and technical assistance projects.

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