EU to allocate €500 million to Armenia

The European Union (EU) will invest €500 million to strengthen and diversify Armenia's energy security, EU Commissioner for Enlargement Marta Kos said, Report informs via Armenian media outlets.

"This is an investment of €500 million to connect your energy system with Georgia's, and we are also working on the Armenia–Türkiye energy system to reduce your dependence on Russian energy. We have special energy programs for Moldova, Ukraine, and even for ourselves. For example, when the war began in 2022 [in Ukraine - ed.], Europe imported 60% of its gas, 50% of its coal, and about 40% of its oil from Russia. Now coal and oil imports have stopped, and we are gradually reducing dependence on gas imports, which, as you know, is never easy," she explained.

Kos noted that under the agreement reached in Tashkent, Armenia will receive support within the Caucasus Energy System project to improve energy infrastructure, strengthen and diversify energy security, and reduce dependence on external actors. The EU is cooperating with Germany's KfW Development Bank in this area.

The goal of the Caucasus Energy System project is to ensure reliable and mutually beneficial cross-border energy exchange in the South Caucasus by synchronizing the energy systems of Armenia and Georgia.