Armenia: Germany Gives 105 Million Euros to Yerevan

German has set aside 105.5 million euros (roughly $145 million) to help cash-strapped Armenia promote an economic recovery.

On March 16, German Ambassador Hans-Jochen Schmidt signed an agreement with Armenian Finance Minister Tigran Davtian covering the terms of the assistance, the News.am information service reported. The aid is meant to underpin community infrastructure development, upgrade hydropower facilities, buttress mortgage markets and promote environmental projects.

Armenia has displayed feeble signs of recovery after the 2009 crash of its real estate market and a serious dip in Diaspora remittances from abroad. Russia, the World Bank and the International Monetary Fund have all channeled millions of dollars to Yerevan to soften the impact of the economic crisis.