The European Union intends to muster another 1 billion Euros in assistance to Armenia in addition to the 1.6 million already announced by EU Commissioner for Neighbourhood and Enlargement Olivér Várhelyi.

“Our plan includes transport connectivity, resilience and recovery of the southern provinces, energy efficiency and renewable energy, digital transformation and support for SMEs. We are allocating 1.6 billion euros for these flagship initiatives, and altogether we are able to mobilize 2.6 billion euros for Armenia under this plan,” Várhelyi said at a joint press conference with Armenian Deputy PM Mher Grigoryan.

Várhelyi said the EU is ready to significantly contribute to Armenia’s economic recovery together with the entire Eastern Partnership region.

“We have been working on a plan together with the Armenian government, a plan that should bring growth and jobs in the fastest time possible after the pandemic,” he said.

Várhelyi noted that the plan envisions 2.3 billion euros of grants for the entire region, adding that the EU can mobilize at least 17 billion euros of investments throughout the region.