On May 20, the Minister of Finance of Armenia, Vacheh Hovhannisyan, welcomed Andrei Shirikov, the Executive Director of the Foundation for Reforms and Upgrades of Armenia (FREAD). The Ministry of Finance stated that the meeting centered around the construction and improvement of the Yerevan-Yeraskh-Goris-Meghri-Armenian border road, which spans approximately 7 km and already has existing infrastructure. They also discussed the financing of this program, and the Minister expressed his appreciation for the Foundation’s involvement in such projects.

During the meeting, they also discussed various investment and financial programs, including both investment and grant programs. They also focused on enhancing the quality of financial reporting. Additionally, they highlighted the importance of evaluating the completion of assessments for the defense budgets of CSTO and CIS member states from 2022-2026.

As a result of the meeting, a memorandum of understanding was signed, which established a $100 million US dollar loan from the United States to the Foundation for Reforms and Upgrades of Armenia (FREAD).

The Foundation for Reforms and Upgrades of Armenia (FREAD) is a regional financial institution with a volume of $9 billion. It was created in 2009 by the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. The overall objective of the Foundation is to support the economic and financial stability of its member states and promote their economic development.

In Armenia, the Foundation has a portfolio of programs totaling $540 million, which surpasses the $100 million provided by the United States in grants.

Source: NEWS.am