EU to Mobilize an Additional Billion Euros for Armenia

EU to Mobilize an Additional Billion Euros for Armenia

The European Union has expanded its aid offer to Armenia by 1 billion euros in addition to the 1.6 billion euros already announced by EU Commissioner for Neighborhood and Enlargement, Olivér Várhelyi.

Acting Prime Minister Nikol Pashinyan announced the news at a press conference after meeting with European Council President Charles Michel.

We have previously talked about the projects that will be implemented in Armenia using the initial aid package, however, it is still unclear what new projects will be added using the additional aid package provided by the EU.

EU to Mobilize an Additional Billion Euros for Armenia
Photo by Mark Dovich

Olivér Várhelyi said the EU is ready to significantly contribute to Armenia’s economic recovery together with the entire Eastern Partnership region.

Our plan includes transport connectivity, resilience, and recovery of the southern provinces, energy efficiency and renewable energy, digital transformation, and support for SMEs. We are allocating 1.6 billion euros for these flagship initiatives, and altogether we are able to mobilize 2.6 billion euros for Armenia under this plan.

The EU’s Eastern Partnership initiative brings together the EU and its 27 member states with six post-Soviet countries to “strengthen and deepen the political and economic relations” among the countries involved. The Eastern Partnership officially covers Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine.

Armenia has received one of the largest aid packages of any offered to those six countries, especially on a per capita basis.

This money will be invested in Armenia over the next five years and the annual amount will represent almost 5% of Armenia’s yearly GDP.

Read further details about the aid package that the European Union intends to muster in assistance to Armenia.

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