
The European Union to allocate more than $1.9 billion to Armenia
On July 2nd, 2021, the European Commission has announced that they will allocate $1.9 billion (1.6 billion euros) to Armenia in the next 5 years.
The respective document signed by the European Commission highlights the initiatives that the European Commission intends to implement by 2025 in the member states of the “Eastern Partnership”.
As per the plan, $2.72 billion will be invested in Eastern Partnership countries with the potential to mobilize up to $20.1 billion in public and private investments.
The list of the countries includes Armenia (funding in the amount of $1.9 billion), Georgia ($1.4 billion), Ukraine ($2.3 billion), Moldova ($1.94 billion), and Azerbaijan ($166 million).
The following 5 projects will be implemented in Armenia:
- Direct support to 30,000 small and medium-sized businesses for a sustainable, innovative, competitive economy (priority will be given to entrepreneurs who work with nature-saving technologies, especially in the regions, as well as businesses run by women),
- Promotion of socio-economic development and communication by supporting the North-South highway corridor,
- Investments in information technology, science, and technology,
- Strengthening the resilience of the southern regions of Armenia,
- Investments in green Yerevan for energy efficiency and the launch of more environmentally friendly buses.
The plan published by the European Commission is titled “Recovery, resilience, and reform,” and is available here.
Were the EU to invest the maximum amount of almost $1.9 billion in Armenia evenly over five years, the annual aid alone would represent over 3% of Armenia’s yearly GDP, according to World Bank data.
On July 9, 2021, the EU Commissioner for Neighborhood and Enlargement Olivér Várhelyi came to Armenia as part of a regional visit and met Prime Minister Nikol Pashinyan, Deputy Prime Minister Mher Grigoryan, President of Armenia Armen Sarkissian, and His Holiness Karekin II.
The EU Commissioner noted: “We think, in the next four to five years, the realities on the ground can change significantly for the people of Armenia. Because they will have growth, they will have jobs and they will have a completely different, stronger economy, and more resilient economy”.
Interested in investing in Armenia? At Kingsmen Investments, we are ready to address all your concerns and guide you through your investment journey in Armenia. Check out our investment opportunities here or give us a call at (+374) 95 110 301. High return on investment guaranteed!