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Lydian Armenia donates 12.5 per cent of its shares to Armenian government
... on July 20, 2018. According to the Investigative Committee, there were no environmental threats from the operation of the mine, and the likely risks could be controlled if appropriate measures were taken. Under a MoU, signed in February 2023 by the government, the Eurasian Development Bank (EDB), and Lydian Armenia the parties pledged to attract approximately $150 million for the development of the Amulsar gold deposit. The Armenian government owns 12.5% of the company and is to provide insurance for the transaction against certain ...
12/28/2024Armenia to receive €12.9m grant from European Commission to ensure nuclear safety
The Armenian government on Friday approved a draft presidential decree on approval of the financial agreement with the European Commission on strengthening nuclear safety and improving radiation protection and radioactive waste management . YEREVAN, 27 December....
12/27/2024Armenian government amends loan agreement with EDB on allocation of $200 million from ESDF for construction of Kajaran tunnel
On Friday, the Armenian government approved the proposal to sign an additional agreement No. 1 to the agreement between the Republic of Armenia and the Eurasian Development Bank (EDB) on the provision of an investment loan in the amount of $200 million to finance the construction of the Kajaran tunnel. YEREVAN, December 27. /ARKA/. On Friday, the Armenian government approved the proposal to sign an additional agreement ...
12/27/2024Benefits for highly qualified specialists to be reduced in Armenia
At a meeting on Friday, the Armenian government approved a decision to extend the program for subsidizing leasing contracts and loans for industry until December 31, 2025. This program, which was in effect from March 26, 2020, to December 1, 2024, includes a component for compensating the ...
12/27/2024Armenian government imposes six-month ban on whitefish caviar exports
Armenia has imposed a 6-month ban on the export of whitefish caviar. The decision was made at a government meeting on Friday. YEREVAN, December 27. /ARKA/. Armenia has imposed a 6-month ban on the export of whitefish caviar. The decision was made at a government meeting on Friday. “This decision is based on the need to ensure food security ...
12/27/2024Armenia recovers 5 billion AMD of illegally acquired property
... already proven effective. We studied international practices, where it typically takes 7 to 10 years to establish such mechanisms. We have managed to achieve significant results in a much shorter time,” Galyan said at a press briefing following a government meeting. The minister specified that there are about 120 criminal cases in the courts related to the return of property, funds, and shares in legal entities. Additionally, Galyan noted that there are court decisions that have not yet taken ...
12/27/2024Armenia to extend subsidy program for industry leasing and loans
... decision to extend the program of subsidizing leasing contracts and loans for industry until December 31, 2025. The program had previously been in effect from March 26, 2020, to December 1, 2024. Armenian Economy Minister Gevorg Papoyan stated that the government subsidized interest payments ranging from 6% to 10% for companies that entered into contracts to purchase the latest high-tech equipment. He also mentioned that 6,559 contracts worth 341.8 billion drams were signed under the program, with 80% of the funds directed toward subsidizing small and medium-sized businesses. ($1 = 396.18 drams)
12/27/2024Armenia to revamp benefits system placing focus on employment
... YEREVAN, December 27. /ARKA/. The Armenian authorities are planning to change their approach to providing benefits to the working-age population. These plans were announced by Armenia's Minister of Labor and Social Affairs, Narek Mkrtchyan, at a government meeting during the discussion of the “Employment Strategy for 2025-2031”. In particular, the minister stated that when an application for benefits is submitted, the possibility of employment will be considered first, followed by the issue ...
12/27/2024Armenia approves Employment Strategy for 2025-2031
... Strategy for 2025-2031, with the main goal of combating unemployment. YEREVAN, December 27. /ARKA/. On Thursday, the Armenian government approved the Employment Strategy for 2025-2031, with the main goal of combating unemployment. Armenian Minister of ... ... including regional cities. Boost employment among non-studying and unemployed youth aged 18-29 through continuous skill development, expanding opportunities for their implementation, and increasing productivity. Increase employment among women by fully ...
12/27/2024Biometric system to operate in Armenia from second half of 2026 – Minister of Internal Affairs
... they are expected to submit their proposals in early 2025. Sargsyan mentioned that the winner will be announced in the spring, and it is anticipated that the biometric system will be launched in the second half of 2026. On August 8 of this year, the government approved a decision to issue new-format ID cards and biometric passports to Armenian citizens. At that time, Arpine Sargsyan noted that two of the three selected international companies were from Germany, and one was from France.
12/27/2024Dilijan to be transformed into a major tourist hub
... Minister Gevorg Papoyan. “Dilijan has historically developed as a tourism cluster, but it is clear that the city needs to be elevated to a completely different level. In this regard, further infrastructure investments are of great importance. The government is also investing through subsidy programs,” Papoyan noted, speaking the day before in Dilijan at the discussion of the City Development Vision Report as part of the “Tourism and Regional Infrastructure Improvement Program (TRIP)”, which is being implemented jointly with the World Bank. The minister emphasized the importance of a collaborative discussion on actions for the development ...
12/26/2024Armenia short of 200 billion drams in tax revenues in 2024 - Finance Ministry head
... drams as a fiscal buffer. At the moment, the remaining balance is about 30 billion drams," Hovhannisyan said. Additionally, the minister mentioned that the expenditure portion of the 2025 budget is 150 billion drams less than planned under the government’s medium-term expenditure program. According to him, this is due to the government's focus on priority areas and its decision not to spend funds on ineffective programs. As noted in the World Bank's Armenia Monthly Economic Update – November ...
12/25/2024Ardshinbank Finances the Construction of an Innovative Greenhouse Facility
... YEREVAN, December 25. /ARKA/. A new greenhouse complex has been launched with the financing of Ardshinbank and the subsidy of the Government of Armenia. The opening of the first phase of the Nouveau Village project took place on December 23 in the village ... ... with the French company Richel Group, which has 60 years of experience in the production of greenhouses and specialized equipment. Ardshinbank's investment in the project is around 3 billion drams. The greenhouse complex occupies 5 hectares of the 26-hectare ...
12/25/2024New system for assessing insecurity being developed in Armenia
... and Social Affairs, said the head of the department, Narek Mkrtchyan. "The system that has been in place for over 20 years constantly makes people dependent on the state in terms of social support and does not encourage work. The goal set in the government program to eliminate extreme poverty by 2026 includes the introduction of a new system for assessing insecurity, which will encourage people to work," he said on Armenia's Public Television. Mkrtchyan explained that the current system ...
12/25/2024Armenian Ministry of Internal Affairs withdraws mass video surveillance installation project
... discussions of the previous draft, an approach was proposed that was deemed acceptable by several interested parties. According to this approach, the Ministry of Internal Affairs of Armenia will be granted access to the video surveillance systems of local government bodies and state agencies," the ministry said in a statement. The Ministry expressed its readiness to organize discussions with all interested parties as part of a new initiative. About the Bill Earlier, the bill was adopted by parliament ...
12/24/2024Armenia and US discuss direct flights and “Crossroads of Peace” project
... and the US Ambassador to Armenia, Kristina Kvien discussed the implementation of joint Armenian-American programs. "The process of implementing several joint programs was reviewed. The conversation covered cooperation in the energy sector, local government initiatives, and the “Crossroads of Peace” project, with the ambassador expressing her support," the press service of the Ministry of Territorial Administration stated. The launch of direct flights between Armenia and the US was also ...
12/24/2024New greenhouse farm worth 9 million euros established in Armenia
A new greenhouse farm "Nouveau Village" has opened in Armenia. YEREVAN, December 23. /ARKA/. A new greenhouse farm " Nouveau Village " has opened in Armenia. The construction of the greenhouse began in 2023, with government subsidies and financing from Ardshinbank. According to the press service of the Armenian Ministry of Economy, the total cost of the project was 9 million euros. The greenhouse spans 5 hectares, with plans to expand to 18 hectares. This expansion ...
12/23/2024Tech specs for Yerevan metro's 12th station “Surmalu” finalized, results to be presented this week
... construction of the “Surmalu” station will be funded by the municipality. The amount allocated for this in the 2025 community budget is 400 million drams (approximately $1 million). "We need to continue collaborating with our partners from the government and international organizations to determine the funds that will be used for the construction work in the future," Avinyan said. About the Surmalu Station At the moment, the exact location of the 12th Surmalu Metro station is not clear....
12/23/2024Project of future metro station “Ajapnyak” in Yerevan to undergo comprehensive examination
... that the total cost of constructing the Ajapnyak metro station is tentatively estimated at around $50 million. The Armenian government was to allocate 750 million drams for the design work, while the city hall was to provide an additional 554 million ... ... million) for the construction of the Ajapnyak station. The issue of cooperation with the Eurasian Fund for Stabilization and Development, as well as other donors, is under consideration.
12/23/2024Yerevan's public transport revolution: What passengers can expect in 2025
... Free transport for students who have lost one parent or are orphans. Free transport for individuals with 1st and 2nd degree disabilities. Free transport for children from orphanages and residents of retirement homes, as well as individuals receiving government benefits and assistance. 20% discount for heroes of the former USSR, Social Labor heroes, national heroes of Armenia, and holders of the Order of Glory. Free transport for parents of large families with four or more children.
12/20/2024Zangezur Copper and Molybdenum Combine may offer Armenian government's stake in IPO - Pashinyan
... Minister of Armenia Mher Grigoryan, the copper price is not the only component that provided dividends in the amount of 33 billion drams, "since the transparency of the company's work has changed significantly over the past two years." During the government meeting, he also added that next year, in addition to the financial report, the company will publish four more reports that will directly relate to sustainable development, environmental protection and social responsibility, among other things. The ZCMC is located in the Syunik region in the south of Armenia, bordering Iran and Azerbaijan. The plant, which is one of the largest enterprises in Armenia, develops the ...
12/20/2024Armenia agrees with Turkey on assessment of requirements for crossing the border on Gyumri-Kars railway - Mirzoyan
... December 20. /ARKA/. Driven by the firm belief that regional dialogue is key to establishing mutually beneficial collaboration, the Government of Armenia has introduced the "Crossroads of Peace" initiative, Armenian Foreign Minister Ararat Mirzoyan ... ... equitable use of regional infrastructure and building a prosperous future for all interested parties, this project aims at the development of communications between the countries of the region with full respect for the state sovereignty and territorial integrity,...
12/20/2024Yerevan is constructive towards OSCE MG dissolution, but wants to make sure Baku has no territorial claims - Pashinyan
... regions of Gazakh, Tovuz, Aghstafa, Gadabay, Dashkesan, Kelbajar, Lachin, Kubatlu and Zangelan of the Republic of Azerbaijan,' Pashinyan said. Therefore, according to him, the return of the people there is the internal matter of Azerbaijan, and the government of Armenia has nothing to do or discuss here, besides the matters that it is already discussing with Azerbaijan. 'I mean the establishment of normal relations that would ensure, among others, the security of Azerbaijan’s western and Armenia’s ...
12/19/2024Dutch rose growing company to invest AMD 7.5bn i in Armenia
... has pledged to invest 7.5 billion drams to expand a greenhouse complex for growing Dutch roses. Based on this, the Armenian government at a session on Thursday exempted the company from paying import duties. The greenhouse, located in the Kotayk region ... ... hectares. The company plans to to build a new greenhouse with the area of 6 hectares. The money will be used to purchase equipment, raw materials and finance the construction work. Currently, the company employs 292 people, by 2026 it is planned to increase ...
12/19/2024Armenian government allocates AMD 31.8bn for subvention projects in regions in 2024
... the share of communities, the overall sum of the projects exceeds AMD 50 billion. In his turn, Prime Minister Nikol Pashinyan highlighted the importance of these investments and said that it is one of the most important tools for proportional development of the regions. At the same time, Pashinyan said that the government's decision to reduce the number of official vehicles also concerns communities and threatened consequences if steps are not taken in this direction. ‘For those communities that do not want to go for it, appropriate consequences will follow,...
12/19/2024Armenian government to raise housing compensation for Alaverdi flood victims
The Armenian government decided at a meeting on Thursday to increase the compensation amount for some residents of Alaverdi, Lori province, who were affected by the May flooding. YEREVAN, December 19. /ARKA/. The Armenian government decided at a meeting on Thursday ...
12/19/2024Armenian government establishes benefit for import of 2 thousand tons of butter
The Armenian government decided at a meeting on Thursday to implement a tariff preference for butter imported from EAEU countries. YEREVAN, December 19. /ARKA/. The Armenian government decided at a meeting on Thursday to introduce a tariff preference for butter ...
12/19/2024Armenia to change rules for conscription in case of illness
At a meeting on Thursday, the Armenian government adopted a draft amendment to the methodology for assessing health status when conscripting individuals for military service. YEREVAN, December 19. /ARKA/. At a meeting on Thursday, the Armenian government adopted a draft amendment to the ...
12/19/2024Armenian government endorses economic agreement with Hungary
The Armenian government approved an agreement on economic cooperation with Hungary at a meeting on Thursday. YEREVAN, December 19. /ARKA/. The Armenian government approved an agreement on economic cooperation with Hungary at a meeting on Thursday. As stated in ...
12/19/2024Pashinyan: Armenia must give up second hand as humanitarian aid
During a government meeting, Armenian Prime Minister Nikol Pashinyan stated that legislative changes must be introduced to stop sending aid in the form of used goods to Armenia. YEREVAN, December 19. /ARKA/. During a government meeting, Armenian Prime Minister ...
12/19/2024David Arushanyan appointed new governor of Armenia's Shirak region
The Armenian government decided at a meeting on Thursday to appoint David Arushanyan to the vacant position of governor of the Shirak region. YEREVAN, December 19. /ARKA/. The Armenian government decided at a meeting on Thursday to appoint David Arushanyan to ...
12/19/2024About $14 million invested in modernization of Shirak airport in Armenia
... about $14 million in the modernization of Shirak airport in Gyumri. YEREVAN, December 19. /ARKA/. Armenia - International Airports CJSC has invested about $14 million in the modernization of Shirak airport in Gyumri, the press service of the Armenian government said following Prime Minister Nikol Pashinyan's visit to the new departure hall of the airport. It is noted that the hall, covering an area of 1000 square meters, has two boarding gates, with the capacity to service two flights simultaneously,...
12/19/2024IMF: Armenia's 2025 budget well-balanced
... spending priorities, and adopting a medium-term expenditure framework. "Progress in public financial management reforms is essential to reducing fiscal risks, particularly those associated with state-owned entities, public-private partnerships, and government guarantees," he said. In the state budget of Armenia approved on December 4, the state budget revenues amount to 2.84 trillion drams, and expenditures total 3.4 trillion drams (of which 2.7 trillion drams are current expenditures, and ...
12/18/2024Dalan Technopark and OVIO sign memorandum of co-operation
.... The Technopark will consist of 22 floors, 13 of which will house office premises, an exhibition hall, a research and development centre, a restaurant, a food court, a hotel, a gym, a swimming pool, conference halls and a shopping area. The Technopark ... ... company. OVIO's corporate customers are many large enterprises in Armenia, including banks and other financial institutions, government agencies, telecommunications companies and major international organisations. In May 2024, the company put into commercial ...
12/17/2024Armenia faces financial trilemma – State Revenue Committee Head
... The revised draft also shows that state budget expenditures will be reduced by 40.8 billion drams, totaling 3.4 trillion drams (of which 2.7 trillion drams are current expenditures, and 734 billion drams are capital expenditures). Additionally, the government debt-to-GDP ratio is forecasted at 54.3%. ($1 = 393.82 drams).
12/17/2024New Armenian ambassador to France presents credentials to President Macron
... the two countries. In his turn, the Ambassador reaffirmed the Armenian government's aspiration to expand and develop relations with friendly France, which have transformed into strategic partnership. The two officials also exchanged views on the developments in the South Caucasus and the ongoing efforts of the Armenian government towards the establishment of lasting and just peace in the region.-0-
12/14/2024USAID has invested about $1.3bn in Armenia - Armenia Mission Director
... media, Allelo said that USAID seeks to bring the voice of the people to the authorities, to establish this dialogue so that the government can determine which programs are important to the citizens. ‘In terms of media, it is very important that citizens ... ... actively involved in events, but for that to happen, they need to be properly informed. We promote media literacy, skills development so that the media provide more accurate information and citizens understand what is going on in the country,’ emphasised ...
12/14/2024Armenian Economy Minister shares plans to develop Amulsar gold mine after EDB withdraws from the project
... the Investigative Committee of Armenia published the final expert report commissioned to Earth link & Advanced Resources Development (ELARD) in the framework of a criminal case initiated on July 20, 2018. According to the Investigative Committee, there ... ... threats from the operation of the mine, and the likely risks could e controlled if appropriate measures are taken. The Armenian government is to own 12.5% of the company and provide insurance for the transaction against certain risks. Neighboring communities ...
12/12/2024Armenia extends housing program for retired military
Retired military personnel in Armenia who need housing will continue to receive apartments with state support. This decision was made at a meeting of the government on Thursday. YEREVAN, December 12. /ARKA/. Retired military personnel in Armenia who need housing will continue to receive apartments with state support. This decision was made at a meeting of the government on Thursday. This program ...
12/12/2024Armenian government dissolves Gyumri Council of Elders
The Armenian government decided at a meeting on Thursday to suspend the activities of the Council of Elders in Gyumri. YEREVAN, December 12. /ARKA/. The Armenian government decided at a meeting on Thursday to suspend the activities of the Council of Elders in ...
12/12/2024“Crossroads of Peace” initiative aligns with CIS interests – Armenian Deputy Prime Minister
... region’s trade and economic potential by unblocking borders and creating a regional system of transport and communication infrastructure, both in the East-West and North-South directions,” Grigoryan noted at a meeting of the CIS Council of Heads of Government on Thursday. According to him, sustainable and inclusive regional economic development cannot be ensured without the establishment of a necessary modern infrastructure network and seamless logistics. The Deputy Prime Minister of the Armenian Republic also stated that, to ensure the competitiveness of the economies of the CIS countries ...
12/12/2024Armenian PM says he is freesing in government dacha
Armenian Prime Minister Nikol Pashinyan complained at a government session that government dachas are poorly heated. YEREVAN, 12 December. /ARKA/. Armenian Prime Minister Nikol Pashinyan complained at a government session that government dachas are poorly heated. ‘The residences of government members ...
12/12/2024Passage on Armenia's longest bridge allowed again
... December. /ARKA/. Traffic on Nor-Hachin Bridge, the longest bridge in Armenia, which spans the Hrazdan Gorge, has been resumed, the Road Department reported. Traffic on the bridge had been closed since 20 August due to a major overhaul financed by the government. The repair is still ongoing, the Road Department said. The bridge has a total length of 640m and a width of 14.5m together with the carriageway and pavements. The crossing consists of metal trestles on the right and left banks. The height ...
12/11/2024EBRD and EU, together with Galt & Taggart and Ameria Management Advisory launch a programme to support the Armenian capital market
... companies are the ones seeking alternative sources of financing. "As a result of the program's implementation, the development of the securities market in Armenia is expected. When we started in Georgia, the number of issuers was quite small, but ... ... economy highlights issues in the capital market Deputy Minister of Economy of Armenia, Sevak Mikaelyan, stated that the Armenian government considers the capital market one of its most important priorities. “There are many problems in the Armenian capital ...
12/11/2024Unblocking communications will restore region's role: Armenian speaker on talks with Azerbaijan
... trade and transport communications in the South Caucasus will open new opportunities not only for the region's economic development, but also for fostering respect for the principles of sovereignty, territorial integrity, equality, and reciprocity among ... ... significantly contribute to security and stability both within the region and beyond," Simonyan said. He stated that the Armenian government, guided by this vision, introduced the “Crossroads of Peace” initiative. This program, as part of our peace agenda,...
12/11/2024EU allocates €1.5m grant to Armenia to help Nagorno-Karabakh refugee
The European Union has provided the Armenian government with a grant of 1.5 million euros to meet the needs of the refugees from Nagorno-Karabakh, the press service of the EU Delegation to Armenia reports. YEREVAN, 10 December. /ARKA/. The European Union has provided the Armenian government ...
12/10/2024Central Bank head disagrees that MiCA-like regulation of cryptocurrencies could scare away potential investors
... questions arising in this sphere will get quite simple answers, and people will be able to make investments in crypto-assets,’ Galstyan said. The Central Bank Chairman also said that the draft law on regulation of this sphere has been sent to the government. 'It is planned to hold another meeting on it, after which it will be sent to the Parliament for consideration and approval,’ Galstyan said.-0-
12/10/2024Armenia to receive $100m from World Bank for creation of tourism clusters
... tourism clusters in the regions of the country to stimulate the development of the field and contribute to the economic progress of the country. According to the press service of the Ministry of Economy, the interlocutors discussed the prospects of development of Armenia's tourism industry and new opportunities of international cooperation. The Minister noted that the government plans to develop the potential of the sector through systematic investments and expansion of infrastructures. He emphasised the importance of strengthening Armenia's position in international platforms as a tourist attractive country. For his ...
12/10/2024Canada supports Yerevan's efforts to normalise relations with Baku - special envoy
... Nikol Pashinyan highlighted the importance of expanding ties with Canada in various fields and that country’s support in promoting democratic reforms in Armenia. The Prime Minister emphasized that reforms in the public administration system, the development of institutional capacities, and the implementation of reforms in the judicial and legal sphere are of strategic importance for the Government of the Republic of Armenia. Stéphane Dion noted that Canada welcomes the steps of the Government of the Republic of Armenia in the protection of human rights, strengthening of democracy and implementation of reforms in other areas and is ready ...
12/06/2024Pashinyan fires heads of Enforcement and Probation services
... Service. YEREVAN, 6 December. /ARKA/. Armenian Prime Minister Nikol Pashinyan dismissed Arsen Mnatsakanyan, acting Chief Enforcement Officer, and Aram Nikoyan, head of the Probation Service. The corresponding decisions were signed by the head of the government on Thursday. Mnatsakanyan was appointed Chief Enforcement Officer by Prime Minister's decision of 26 January 2023, while Nikoyan was appointed head of the Probation Service on 18 September 2023. Pashinyan also appointed Nelli Davtyan as new ...
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