The European Union has pledged to provide Armenia with a financial aid package worth $290 million, an initiative aimed at boosting ties with Yerevan as the country’s relationship with Russia deteriorates.
The statement was made following discussions in Brussels focused on enhancing collaboration between Armenian Prime Minister Nikol Pashinyan, European Commission President Ursula von der Leyen, and US Secretary of State Antony Blinken.
The European Commission President Ursula von der Leyen said on Friday the four-year “resilience and growth” package of financial grants for Armenia showed the EU stood “shoulder to shoulder” with Yerevan.
“Europe and Armenia share a long and common history and the time has come to write now a new chapter,” she said.
The EU would allocate $290 million to support businesses and industry in Armenia over the next four years as part of “a new and ambitious partnership agenda”, said von der Leyen, while speaking with journalists following the three-way summit.
“We will make investments to strengthen Armenia’s economy and society, making them more robust and stable in the face of shocks” with funds being allocated for electrification and new renewable energy projects, she added.
The meeting comes as the land-locked West Asian country that was once a part of the Soviet Union, seeks to strengthen its economic ties with Western nations as it gradually distances itself from its long-standing ally, Russia.
Meanwhile, Baku criticized the Brussels meeting and accused Armenia of opening fire at the Caucasus arch-foe neighbors’ volatile border.
Yerevan has expressed its dissatisfaction with Moscow for its inability to prevent neighboring Azerbaijan from reclaiming territory in recent times.
Armenia has effectively put its membership in the Russian-led CSTO military alliance on hold while it extended an invitation for US troops to conduct training in the nation, provided aid to Ukraine, and hinted at the possibility of seeking EU membership.
Von der Leyen praised “the measures that Armenia has taken against the circumvention of our sanctions against Russia … This shows that the European Union and Armenia are increasingly aligned in values and interests.”
“We welcome Armenia’s efforts in the direction of democracy, fighting corruption and establishing the rule of law,” said the EU’s foreign policy chief, Josep Borrell, on the sidelines of Friday’s meeting.
Pashinyan emphasized that Friday’s meeting in Brussels demonstrated the growth of his country’s collaboration with the EU and the United States.
“I believe that our shared vision of a democratic, peaceful and prosperous future will continue to serve as the backbone and the guiding star of our mutually trusted relations,” he said.
Blinken also said that the US is increasing its financial support to Yerevan, granting $65 million this year, with the objective of aiding Armenia in its efforts to develop into a strong and independent country, promoting harmonious relationships with its neighboring nations.
“We have to harness this moment of choice for the Armenian people and for its leaders,” he said.
Geopolitical experts say that the West is supporting Armenia so that it can pull the country out of Russia’s orbit and support its economy in the face of growing tensions in the region, for its own regional interests, including having a trustworthy ally neighboring Iran.
