U.S. to give $120 mln grant to Armenia to boost democracy and economic stability

YEREVAN. June 23 (Interfax) - The United States Agency of International Development (USIAD) will issue a $120 million grant to Armenia to help it promote democracy and economic stability.

The Armenian government has approved the signing of a grant agreement on cooperation with the U.S.

"In light of the shocks caused by the Covid-19 pandemic and the war unleashed against Nagorno-Karabakh, and given the fair and transparent parliamentary elections held [in Armenia] in 2021, the U.S. pledges in this agreement to help Armenia establish a system of efficient and accountable governance, safeguard its democratic achievements and overcome economic challenges," according to a feasibility evaluation, which was published on the Armenian government's website following the government's meeting.

USAID plans to distribute the grant as follows: $68.565 million will be spent on promoting democracy, and $51.435 million will be used to improve economic security.