On Monday, March 19, Armenia's deputy minister of Economy Rafael Gevorgyan presented the ratification project of the 2022 agreement on financial cooperation between the two countries.
According to this agreement, Germany will provide Armenia with a preferential credit of €12 million for investment in the renewable energy sector.
These funds will be directed to the private sector of the country to stimulate the development of renewable energy sources. The loan will be available to both legal entities and individuals planning to invest in solar power stations or small autonomous energy installations.
The credit is provided on preferential terms with a fixed interest rate of 0.9 percent and a repayment period until 2030. It is noted that this credit resource is provided by Germany exclusively to support the development of renewable energy in Armenia.
The German-Armenian Fund, operating under the Central Bank of Armenia, will be responsible for the placement of funds through commercial banks.
