On June 26, a loan agreement worth 75 million euros was signed in Yerevan by Armenian Finance Minister Vahe Hovhannisyan and Matthieu Vassier, regional director of the French Development Agency for Eurasia. The French side also co-signed the loan agreement with Olivier Decottignies, Ambassador Extraordinary and Plenipotentiary of the French Republic to Armenia.
The funds will be provided within the framework of the budget support program aimed at assisting the Armenian government in improving the efficiency and stability of public services, as well as in the development of the financial sphere.
The program consists of three main components:
1) improving the public finance management system,
2) strengthening the basis for issuing and managing state securities and money market infrastructures,
3) developing new instruments for financing business activities and ensuring more transparent management.
The budget financing is part of a multi-year program with the Asian Development Bank.