US plans to allocate $25M to project to strengthen Armenian economy

The United States Agency for International Development (USAID) plans to launch a new program allocating $25 million to support the Armenian economy, Report informs, citing News.am.

“The USAID Economic Framework for a Resilient Armenia project will strengthen Armenia’s economic security, as well as its ability to capitalize on periods of economic growth and cope with periods of economic downturn,” the project description reads.

The program is planned for five years. At this time, contractors will have to cooperate with state agencies of Armenia, including the Ministry of Economy and the Ministry of High-Tech Industry, as well as with representatives of the private sector. It is planned to allocate $25 million for the implementation of the project.

As USAID noted, Armenia has faced several crises in recent years, including the coronavirus pandemic. After a relatively strong economic growth in 2021, Western sanctions against Russia came as the “newest shock” to the country’s economy, the agency stressed.

“This project will focus on the root causes of economic vulnerability and strengthen Armenia’s economic resilience in the face of precisely such challenges,” the document says.