Armenian Government to Secure New Loan

Armenia will obtain a loan of 50 million euros as budgetary support. The Armenian government today approved the ratification of the loan agreement for the "Green, Resilient, and Inclusive Development Program 2" between the Republic of Armenia and the OPEC Fund for International Development at its session.

The agreement was signed on November 12, 2024.

"The goal of the program is to promote green, resilient, and inclusive development in Armenia by contributing to climate change mitigation and adaptation, improving environmental management, and energy efficiency, and encouraging the development of human capital, such as supporting the needs of a new vulnerable group among the refugees from Nagorno-Karabakh," the justification for the decision states.

The signed loan agreement incurs additional financial commitments for the state budget of Armenia and will be presented to the Constitutional Court for compliance with the Constitution. The Deputy Minister of Finance, Eduard Hakobyan, has been appointed as the representative of the Armenian government at the Constitutional Court.

After the Constitutional Court's review, the agreement will then be presented to the National Assembly for discussion.