The European Investment Bank’s development arm, EIB Global, is lending €50 million to the Republic of Armenia for key socio-economic projects in the country’s southernmost province. The new financing agreement was signed during the first-ever visit by an Armenian Deputy Prime Minister to the EIB Headquarters.
The Armenian government will use the funds to improve community livelihoods and foster growth, by increasing access to reliable potable water supplies, and improving access to quality education and health services in the region.
The Syunik region, which faces economic and infrastructural challenges, has been the focus of development efforts by both the Armenian government and the European Union. The project is part of the Resilient Syunik Team Europe Initiative. Launched in 2023, the initiative aims to support the socio-economic resilience of the southern region of Armenia, which has been most affected by the 2020 hostilities and the arrival of around 120,000 Karabakh Armenians following the military escalation in September 2023.
“The financing we have agreed today is a powerful example of the European Union’s collective commitment to Armenia’s long-term development and stability,” said EIB President Nadia Calviño. “It means the provision of drinking water to 30,000 people, improved healthcare and vocational training as well as a focus on the inclusion of women.”
“Today’s announcement is another proof of the EU’s commitment to promoting Armenia’s sustainable socio-economic growth in a Team Europe approach,” said European Commissioner for Enlargement Marta Kos. “A resilient and inclusive Armenian society is a priority under the Resilience and Growth Plan and investing in rural areas is crucial to empower communities and foster social cohesion.”
EIB Global has worked closely with the Armenian authorities and local stakeholders to develop this project. In addition to the EIB loan, the European Union and Eastern Partnership Technical Assistance Facility (EPTATF) provide essential support to both project preparation and implementation.
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