ArmInfo. On March 26, the Armenian government approved a proposal to sign Supplementary Agreement No. 1 to the Agreement on Technical Assistance "Developing the Capacity of the Management Staff of the Ministry of Finance of the Republic of Armenia. Conducting a Training Seminar" funded by the Eurasian Development Bank (EDB).
As stated in the explanatory note to the document, the Agreement on Technical Assistance between the Ministry of Finance of the Republic of Armenia and the EDB was signed on July 14, 2025. The agreement provides for the provision of non-repayable financial assistance to the Ministry of Finance in the amount of USD 80,000 from the Eurasian Fund for Stabilization and Development for the implementation of a comprehensive program to develop the capacity of employees of the Ministry of Finance of the Republic of Armenia. Draft Additional Terms of Agreement No. 1, attached to the Agreement, provides for a number of changes: an extension of the program's implementation period until September 30, 2026, changes to the program's funding and monitoring schedules, the introduction of electronic document management, etc. In particular, the intensive training activities planned under the Program, including needs assessments, simulation exercises, individual coaching sessions, and the development of employee psychological profiles, are confirmed and aligned with the new implementation schedule.
The draft also correspondingly amends the funding allocation procedure. Unlike the previous terms, where the first tranche was intended as an advance payment, this draft stipulates that tranches of 20% and 80% of the budget will be implemented on a cashback basis.
It is noted that this funding model is aimed at increasing accountability and transparency in the use of allocated funds. At the same time, the draft simplifies administration by allowing for the exchange of documents (excluding originals) via email. It was previously reported that the volume of financing planned by the EDB in Armenia in 2026 amounts to $100-150 million. The Bank's total investments in Armenia in 2022-2025 amounted to $380 million, and those accumulated since 2010 amount to $639 million. The EDB's authorized capital amounts to $7 billion. Armenia has been a member state of the EDB since 2009.
