On June 26, RA Minister of Finance Vahe Hovhannisyan and the Eurasia Regional Director of the French Development Agency Mathieu Vasier signed the “Credit Agreement No. CAM 1024 01 C between the Republic of Armenia and the French Development Agency” under the budget support program in the form of a policy-based loan of 75 million euros. in order to receive funds. The French side also co-signed the loan agreement with Olivier Decotin, Ambassador Extraordinary and Plenipotentiary of the French Republic to Armenia.
The goal of the project is to support the Government of Armenia in improving the efficiency and stability of public service delivery and the 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 money 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.
