YEREVAN, March 2. /ARKA/. Armenian Economy Minister Vahan Kerobyan and German Ambassador to Armenia Viktor Richter signed today an agreement whereby the German Agency for International Cooperation (GIZ) and the KfW Bank will open local offices in Armenia.

The Economy Minister said that the establishment of local offices opens a new page in relations between Germany and Armenia.

Kerobyan said after the agreement is ratified by the Armenian parliament the offices will expand to have a broader scope of work.

German Ambassador Richter, in turn, said that the agreement is an important foundation stone in Armenian-German cooperation.

"We have been cooperating since 1992 and thanks to that cooperation the German Ministry for Development and Economic Cooperation promoted the establishment of market economy, the rule of law and democracy in Armenia. Over the 30 years of cooperation some 943 million euros have been provided to Armenia," he said.

Richter said that 18mln euros worth of assistance was rendered to Armenia in 2022 to develop the energy sector.

The GIZ office is expected to assist in implementation and management of assistance programs. The GIZ office will also be able to carry out other professional and administrative functions.

GIZ has been working in Armenia since 1990, assisting the Armenian authorities in sustainable economic development, improvement of investment climate, local governance and the environment. Its experts advise the Armenian government on reforms in areas such as employment, information technology, education and labor market, engineering, tourism and viticulture.

Germany's KfW Bank (Kreditanstalt für Wiederaufbau) works to ensure economic and social progress in developing countries and countries in transition to improve living standards. Its shareholders are the government of the Federal Republic of Germany and the administrative-territorial units of the country. KfW has been operating in Armenia since 1998, lending to micro, small and medium enterprises, energy, infrastructure and municipalities. --0—