Eurasian Fund for Stabilization and Development Approves $527 Million in Funding for Armenia
According to the Eurasian Fund for Stabilization and Development (EFSD) report “Sovereign Financing in the Eurasian Region: H1 2024,” Armenia has emerged as one of the top recipients of approved sovereign financing in the region.
In the first six months of 2024, Armenia received approval for $527 million in funding, surpassing the total amount from the previous year by $178.1 million. This positions Armenia as the second-largest recipient among EFSD member countries, following Kazakhstan.
The primary lender to Armenia was the European Bank for Reconstruction and Development (EBRD), which approved funding totaling $251.4 million. A significant portion of these funds is allocated for the development of the transportation sector, public administration, and economic policy.
Additionally, the EFSD approved $100 million in funding to support Armenia’s economic reforms. This funding will be used to support the budget for 2024 and is provided as a result of the implementation of the Government of Armenia’s Reform Program.
It is noteworthy that in the first half of 2024, Yerevan hosted the annual EBRD meeting, highlighting Armenia’s growing role in the region and its close cooperation with international financial institutions.
