On January 16, the Armenian government approved a financial cooperation agreement with Germany aimed at significant advancements in renewable energy and energy efficiency within the country.
Under the agreement, the German Development Bank (KfW) will provide Armenia with a €26 million loan to implement the fourth phase of the Renewable Energy and Energy Efficiency Development Program. Additionally, a €2 million grant will be allocated for consulting services and related project activities.
Moreover, the German government is offering the opportunity to secure a concessional loan of €40 million for the fifth phase of the same program. This comes with an additional €1 million grant for consulting services. Notably, the funds can be accessed by the Armenian government or other borrowers jointly selected by both nations.
The approved agreement serves as a framework, allowing for the subsequent conclusion of individual financial and loan contracts for each of the specified projects.