Armenian government officials briefed lawmakers on Monday on the progress of ongoing EU-funded projects in Armenia.

At a session of the parliamentary committee on European integration affairs, opposition MP Armen Gevorgyan from the Armenia faction recalled that over the past few years there have been announcements of €3 billion in assistance, including the €2.6 billion Economic and Investment Plan, a €270 million project, and the recently announced additional €140 million in EU aid. Gevorgyan asked government officials to specify exactly how much of the pledged funds have reached Armenia and been reflected in the economy.

Finance Minister Vahe Hovhannisyan responded that several projects are ongoing, with most pertaining to infrastructure.

“Numerous projects have been implemented, with the bulk pertaining to the funding of the North-South road,” he said, adding that the Resilient Syunik and other programs are ongoing.

Meanwhile, Deputy Foreign Minister Vahan Kostanyan presented specific figures. He said that €1.496 billion from the €2.6 billion Economic and Investment Package has been distributed. He added that €62.5 million from the €270 million envisaged under the Resilience and Growth Plan has been spent, while the distribution of nearly €210 million has been confirmed.

During the discussion, the qualitative impact of investments was also addressed. Gevorgyan asked what effect these programs have on Armenia’s economic structure.

Finance Minister Hovhannisyan noted that, on average, capital investments have approximately a 1.4-fold impact on GDP growth, but each project is evaluated individually based on feasibility studies.

“For example, if we talk about the programs we are implementing with the European Union, there is no doubt that the work currently underway on the southern section of the North-South road will also have a significant impact on the implementation of the Crossroads of Peace project. I believe these are important projects both economically and strategically, although their full impact will only become visible once the infrastructure is actually constructed.

The same applies to the Resilient Syunik Program, which aims to create diverse infrastructure, including kindergartens, hospitals, water systems, and more,” Hovhannisyan emphasized.

Kostanyan, in turn, added that EU support also includes the development of standards and institutional infrastructure, which could yield more significant results in the medium and long term.