Pashinyan emphasizes EU support for Armenia's economic diversification

YEREVAN, July 14. /ARKA/. Armenian Prime Minister Nikol Pashinyan, at a meeting with EU Commissioner for Enlargement Marta Kos today in Brussels, emphasized the importance of EU support for the diversification of Armenia's economy, the development of transport and infrastructure, the expansion of opportunities for small and medium-sized enterprises, and the introduction of EU standards.

According to the government press service, Pashinyan noted that he had a fruitful meeting with European Council President António Costa and European Commission President Ursula von der Leyen, expressing hope for the further development and strengthening of close cooperation between Armenia and the EU in various areas.

The parties discussed programs being implemented in Armenia with the use of EU financial instruments, as well as issues of economic partnership development.

As noted in the joint statement following the trilateral meeting between Pashinyan, Costa, and von der Leyen, under the Global Gateway strategy, EU investment in Armenia is expected to reach €2.5 billion, which will contribute to inclusive growth and the development of ties.

The document notes that the EU's €270 million plan to boost sustainability and growth, announced in April 2024, increased EU funding for Armenia by 50%.

By allocating €200 million in grant aid and €70 million in grant financing to attract investment, the EU continues to support Armenia's socio-economic reform program, closer sectoral cooperation, and investment in energy, transport, and the private sector.-0-