ArmInfo.The Armenian government approved the ratification of the agreement on financial cooperation for 2022 with the German government.
On August 16, an agreement on financial cooperation for 2022 was signed between the government of the Republic of Armenia and the Federal Republic of Germany.
On the Armenian side, the document was signed by RA Minister of Economy Vahan Kerobyan, and on the German side by Viktor Richter, Ambassador Extraordinary and Plenipotentiary of the Federal Republic of Germany.
The agreement envisages providing financial support of up to 12 million euros for the "Expansion of renewable energy and energy saving. for implementing phase III" project.
The use of the amount specified in Article 1 of the Agreement and the conditions for the provision of this amount are determined by agreements concluded between the German Development Bank (VVB-KfW) and borrowers who are subject to German law. If these agreements are not concluded within five years after the allocation, then the allocation of the amount specified in Article 1 is canceled irrevocably. The deadline for disbursing loan funds is set until October 13, 2027. It is noted that the Government of the Republic of Armenia exempts KfW from direct taxes payable in the Republic of Armenia in connection with the conclusion and implementation of agreements specified in Article 1 and Article 2 of the draft.
The agreement provides the framework within which it is planned to sign separate financial or credit agreements under the above programs in the future.
