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France to provide 75 million euros of credit funds to Armenia

Armenia’s Finance Minister Vahe Hovhannisyan and French Development Agency’s Regional Director for Eurasia Mathieu Vasseur signed the a credit agreement between the Republic of Armenia and the French Development Agency in order to receive 75 million euros of credit funds under the budget support program. The French side also co-signed by Olivier Decottignies, Ambassador Extraordinary and Plenipotentiary of the French Republic to Armenia.

The project aims to support the Government of Armenia in improving the efficiency and stability of public service delivery and development of the financial sector.

It consists of three main components: 1) improvement of the public finance management system, 2) strengthening of the framework of issuing and management of state securities and the infrastructure of fiscal markets, and 3) development of new instruments for financing business activities and ensuring more transparent management.

The budget financing is part of a multi-year project implemented jointly with the Asian Development Bank.

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