News - Vahan Kerobyan: Germany will assist Armenia with €84.6M

Germany will provide an assistance of 84.6 million euros to Armenia in the form of grants and loans, which will be directed to the development of secondary vocational education, as well as to the implementation of new projects in renewable energy. Armenian Minister of Economy Vahan Kerobyan told this to reporters Wednesday—and based on the results of the Armenian-German intergovernmental negotiations in Yerevan. A protocol was signed based on the results of these talks, which were the first since 2014. Cooperation with Germany should bring Armenia closer to energy independence, which is very important for economic development, the minister noted. "Cooperation in the field of secondary vocational education should help to fill the vacant places [in Armenia] by several tens of thousands. Germany will assist also in the implementation of effective management systems at the community level," said Kerobyan. The economy minister reminded that an official representative office of the German Agency for International Cooperation (GIZ) and a representative office of the Credit Institution for Reconstruction (KfW) Development Bank of Germany were opened in Armenia. "KfW has implemented projects worth about 1 billion euros in Armenia, it funds the large project Caucasian Power Transmission Network. Armenia's power transmission lines are being modernized. The German Development Bank has provided a loan for the construction of the Kaps Reservoir; the work is already underway," he noted. Kerobyan added that the German side conducted research on hydrogen production in Armenia. "I believe we will submit the draft decision to the government at the end of the year," said the economy minister. Vahan Kerobyan emphasized that overall, trade between Armenia and Germany has tripled in three years.