The European Union announced on Thursday 51 million euros ($55 million) in assistance designed to help Armenia deal tackle the coronavirus epidemic and its severe socioeconomic consequences.
The EU Delegation in Yerevan said this includes 18 million euros in “new funds” allocated to Armenia and 33 million euros that will be “redirected” from other projects which it had planned to finance in the country.
It said the aid package will be used for supplying medical equipment, training medical personnel, supporting small and medium-sized enterprises and providing humanitarian assistance to socially vulnerable groups of the population.
“More is yet to come through access to important regional banking facilities and further restructuring of projects,” the delegation added in a statement.
According to additional information posted on the mission’s Facebook page, the EU will spend 30 million euros on supporting Armenian businesses by improving their “access to cheap loans, working capital and guarantees.”
It also says: “Over 3,000 vulnerable households with elderly people, people with disabilities and large families in Shirak, Tavush and Lori regions will receive humanitarian aid packages.”
The EU announcement marks the largest coronavirus-related aid allocation secured by Armenia so far.
The United States last week pledged to provide with more than $1 million in similar aid. It is primarily aimed at strengthening Armenian health authorities’ capacity monitor infections and detect the virus.