The European Commission has transferred 34 million euros in emergency financial aid to Armenia to support the country's private sector, which has suffered from Russia's trade restrictions.
Modern.az reports that the European Commission has released information about this.
The funds were allocated two weeks after a phone conversation between European Commission President Ursula von der Leyen and Armenian Prime Minister Nikol Pashinyan. It was emphasized that this aid demonstrates the European Union's readiness to promptly fulfill its commitments to support Armenia.
This funding is the first tranche of a broader support package announced by von der Leyen. In addition to direct financial aid, the program also includes measures to facilitate trade and strengthen the country's economic resilience.
The European Commission stated that the EU and Armenia will continue to work on developing business ties and expanding Armenian producers' access to foreign markets. Additional support will be directed to the sectors most affected by trade restrictions, including agro-industry, floriculture, and other export-oriented production areas.
