News - Armenia needs to ratify Eurasian Economic Commission's $20M subsidy program

Armenia needs to ratify the Eurasian Economic Commission’s subsidy program in the amount of about $20 million. Narek Teryan, Acting Deputy Minister of Economy, announced this during Monday’s debates on the respective protocol in the special of the Standing Committee on Regional and Eurasian Integration of the National Assembly of Armenia.. In the framework of this program, the assistance is provided as a loan interest subsidy. Moreover, the amount of the subsidy will be equal to the amount of the balance sheet of the Central Bank of Armenia. "At the same time, entrepreneurs will be able to become a participant of this program only under one condition: if the interest rate of the loans does not exceed +6.5 percent of the summary percentage of the important balance," added Teryan. The budget within this program will amount to $20-22 million in 2024. Each business unit can be allocated assistance in the amount of up to 3.8 million rubles per year. However, there is a condition: the program should be calculated for no more than five years. "Particularly, the program should be implemented by the participants of three or more member states," informed the acting deputy minister of economy. Companies from 26 branches of industry—in particular, from light industry, renewable energy and energy storage systems, as well as from jewelry—can participate in this program.