logo
EU investments in Armenia to reach €2.5 billion: meeting in Brussels

EU investments in Armenia to reach €2.5 billion: meeting in Brussels

JAMnewsa day ago
EU investments in Armenia
Armenian Prime Minister Nikol Pashinyan is on a working visit to Brussels. He has already met with President of the European Council António Costa and President of the European Commission Ursula von der Leyen.
According to the communiqué adopted following the meeting, the EU and Armenia 'reaffirmed their deepening partnership.'
Within this framework, EU investments in Armenia are expected to reach up to €2.5 billion. This concerns Armenia's participation in the 'Global Gateway' strategy.
In addition, the joint statement notes that 'to support Armenia's information ecosystem,' the EU will allocate €1.5 million to strengthen independent media.
Pashinyan commented on the meeting on social media. On his Facebook page, he wrote that a 'productive and substantive discussion' took place with his European colleagues.
Everything known about the negotiations in Brussels, as well as commentary from the chair of the European Party of Armenia, Tigran Khzmalyan. He believes that the EU expects more decisive steps from the Armenian authorities towards the West.
The new EU-Armenia partnership agenda is welcomed
'President Costa and President von der Leyen welcomed Armenia's ambitious reform agenda and expressed their support for Armenia's sovereignty, territorial integrity, and democratic reforms. The leaders welcomed the recent political agreement on the text of the EU-Armenia New Partnership Agenda, a key milestone in their shared commitment to deepening ties,' the communiqué states.
The participants also noted progress in the visa liberalisation process. The statement 'welcomes' the Armenian parliament's adoption of the law 'On initiating the process of the Republic of Armenia's accession to the EU.'
EU will continue to provide financial support to Armenia
The EUR 270 million Resilience and Growth Plan, announced in April 2024, boosted EU funding to Armenia by 50%. With EUR 200 million in grant assistance and EUR 70 million in grant funding to leverage investments, it continues to support Armenia's socio-economic reform agenda, closer sectoral cooperation, and investments in energy, transport, and the private sector,' European partners stated.
They reaffirmed their commitment to support Armenia's resilience and development 'through substantial financial and technical assistance.'
'Crossroads of peace' and regional cooperation
EU representatives also addressed the Armenian government's proposal to unblock regional communications:
'EU reaffirmed its support for Armenia's Crossroads of Peace initiative, to promote regional connectivity and reconciliation.'
António Costa and Ursula von der Leyen particularly highlighted Armenia's efforts to establish stability in the South Caucasus. They welcomed the Armenian government's readiness for peace talks with Azerbaijan and the normalisation of relations with Turkey.
'The leaders also underlined the importance of the possibility to include Armenia's in the European Union's regional and economic initiatives, particularly within the framework of the Black Sea Strategy,' the communiqué said.
European partners thanked Armenia for its close cooperation and the steps it has taken to prevent sanctions circumvention. They agreed with the Armenian prime minister to continue joint efforts in this direction.
Armenia-EU security cooperation
Security cooperation was also discussed during the Brussels meeting. Participants welcomed the launch of EU-Armenia consultations on security and defence matters, stressing their 'shared commitment to peace, stability, and democratic resilience'.
'Addressing a range of security concerns, including foreign information manipulation and interference, disinformation, and cyber threats, the EU proposed to work together with Armenia to assess its needs, identify priority areas for cooperation, and leverage available EU instruments,' the joint statement said.
EU Commissioner for Enlargement to visit Armenia soon
Prime Minister Pashinyan also met with EU Commissioner for Enlargement Marta Kos. According to the prime minister's office, they discussed programmes being implemented in Armenia using EU financial tools. Pashinyan underlined the importance of EU support for:
Armenia's economic diversification,
transport and infrastructure development,
expanding the capabilities of small and medium-sized businesses,
introducing EU standards.
'Reference was made to the programs implemented by the Armenian Government to address the social problems of people forcibly displaced from Nagorno-Karabakh. Prime Minister Pashinyan highlighted the importance of the international community's continued support in this direction,' read a post-meeting statement shared with media.
Marta Kos expressed the EU's support for Armenia's ambitious democratic reform agenda and stated her intention to visit Armenia soon 'for more detailed discussions on joint programmes and initiatives'.
Comment
Chairman of the European Party of Armenia, Tigran Khzmalyan, believes that 'the EU is trying to get answers from Pashinyan' — which, in his view, was the main purpose behind the Armenian prime minister's visit to Brussels:
'Aliyev is backed by Turkey, the entire Islamic world, the Arab world, and Pakistan, whereas Armenia is backed by no one.
Armenia has lost its former allies [referring to Russia and members of the CSTO], who turned out not to be allies at all, but enemies. And over these 7 years, it hasn't acquired any new ones. That is precisely why Europe is calling on Armenia.
The logic is simple — almost like a law of physics: when something disappears from a space, something else fills it. Which country is filling this region in Russia's absence? Turkey.
Why have we [pro-Western political forces] insisted for years that Armenia should become a member of the EU? Because we know that, just as it was 100 years ago, Russia will inevitably be pushed out as a result of geopolitical processes.
Who can fill that vacuum in terms of power, economy, military, and political-military presence? Obviously, Turkey will be the primary candidate — unless Armenia joins the Euro-Atlantic alliance. And that is what's happening now.
But a hundred days after the law [on initiating Armenia's EU accession process] was passed by the National Assembly, Armenian authorities declared their intention to join not the EU, but the Shanghai Cooperation Organisation.
António Costa and Ursula von der Leyen invited Pashinyan to clarify: we sent Kaja Kallas [the EU's High Representative for Foreign Affairs and Security Policy]. You welcomed her warmly. But two days later, your foreign minister travelled to Beijing and spoke about Armenia joining the Shanghai bloc.
Now you want to talk to Turkey and Azerbaijan only in a bilateral format. Who will support you? What makes you so sure you won't be wiped out? That question is in the air. And even if European diplomats don't ask it openly, we [local pro-Western political forces] are obligated to.'
Follow us – Twitter | Facebook | Instagram
EU investments in Armenia
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Europe needs faster economic growth, not an unnecessary trade war
Europe needs faster economic growth, not an unnecessary trade war

Times

timean hour ago

  • Times

Europe needs faster economic growth, not an unnecessary trade war

Having been in Paris for a few days — not a state visit, although I did see some of the Bastille Day military parade — I thought it was time to write about Europe's economy. Judging by the crowds flocking to see an excellent exhibition by one of our most successful exporters, the artist David Hockney, the entente cordiale is in pretty good shape. Anyway, there are two reasons for writing about Europe's economy. The first is the euro and the eurozone economy, which continue to defy predictions of impending disaster. The second is to counter some high-profile nonsense about the wider European Union economy. It is little more than ten years since the euro went through the darkest hours in its short history: the eurozone crisis that almost resulted in 'Grexit', Greece's departure, with widespread predictions that Italy would also soon follow it out of the door. Marine Le Pen, leader of France's populist National Front, now called National Rally, then favoured 'Frexit' from the euro and the EU, although does not now. • EU has few cards with Donald Trump, and it's bad at playing them The euro survived, has been strong recently, and a few days ago it was announced that on January 1 next year it will add its 21st member, Bulgaria. Founded at the start of 1999 with 11 members — Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain — its most recent new member was Croatia two years ago. It joined other later members, namely Greece, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia and Lithuania. It is an academic question now, but I was always strongly against the UK joining the euro, even though it was one of the hottest topics in British politics 20 years ago. The late Eddie George, Lord George, the former Bank of England governor, put it well when he said that we would have been the elephant in the rowing boat, risking capsizing both it and us. Our two previous flirtations with European currency arrangements, the 'snake' in the early 1970s and the European exchange rate mechanism (ERM) in the early 1990s, had both ended in disaster. For countries that joined and stuck with the euro, apart from convenience, membership has brought wider credibility benefits, lowering the cost of government borrowing. Against 10-year UK gilt yields approaching 4.6 per cent, their eurozone equivalents are in a range of 2.69 per cent (Germany) to 3.55 per cent (Italy). New eurozone members have bought into that credibility. Croatian 10-year government bond yields are around 3.15 per cent. Our government would love to be able to borrow that cheaply. • Strength of sterling offers holidaymakers alternatives to America The eurozone is always associated with slow growth and has recently been dragged down by very weak growth in Germany, although that may now be changing. Despite this, the eurozone has comfortably outgrown the UK since the EU referendum in 2016 and formal Brexit on January 31, 2020. It is on this growth point that a corrective is due. A few days ago, Jamie Dimon, chief executive of JP Morgan Chase, one of the most influential men in finance, was blunt, telling a conference in Dublin that the EU's gross domestic product had slumped from 90 per cent of US GDP to just 65 per cent in the past ten to 15 years. 'That's not a good sign. You are losing,' he said. While Dimon had some good points to make in his speech, highlighting the EU's lack of enough global-scale companies and the need to complete the EU's single market in services, particularly financial services, this was a schoolboy error. What he was describing was an exchange rate effect. Fifteen or so years ago, during and after the financial crisis, the euro was a lot stronger against the dollar, reaching a peak of nearly $1.60. Converting the EU's GDP, measured in euros, to dollars thus gave a high figure. The euro's subsequent drop against the dollar — it briefly fell below parity last year and is currently around $1.17 — thus explains most of the fall in EU GDP measured in dollar terms. • EU GDP driven by surge in Irish economy Fortunately, economists have a way of dealing with this obvious distortion, adjusting exchange rates for what is known as purchasing power parity, which takes into account different price levels. On this basis, according to World Bank data, the EU's GDP was 97 per cent of that of America in 2010 and 96 per cent last year. A better measure, GDP in purchasing power parity adjusted also for inflation, probably gives a fairer picture. Measured this way, the EU's GDP was slightly bigger than that of America through the 2010s but a crossover occurred in 2020, when the UK left. Last year, the EU's GDP was 95 per cent of that of the US. Although proper comparisons show the EU in a better light, this leaves no room for complacency. The EU's population is roughly 450 million, compared with 333 million for the US. EU per capita GDP, properly measured, is about 72 per cent of America's, with the UK slightly below the EU average. Within the EU, only Luxembourg and Ireland exceed US per capita GDP, each for special and somewhat distorted reasons, though Denmark and the Netherlands also come close. When it comes to growth, America has done well in recent years, pulling away during Joe Biden's presidency and the pandemic and Russia invasion, growing more than twice as fast as the eurozone and three times as fast as the UK since late 2019. Latest figures suggest that growth is just about holding up in the EU but it faces the potential wrecking ball of Donald Trump's 30 per cent tariffs and is threatening to retaliate, which would harm European consumers. There is no justification, of course, for Trump's tariffs. The EU's overall trade surplus with the US last year, taking account of goods and services, was a modest €50 billion (£43 billion), less than 3 per cent of bilateral trade. Markets think the US president's bark is worse than his bite and that recent experience suggests he will chicken out on tariffs. Political leaders cannot, however, rely on that. Europe needs faster growth, not a growth-sapping trade war. David Smith is Economics Editor of The Sunday Times

Europe gives Iran deadline to contain nuclear programme or see sanctions reinstated
Europe gives Iran deadline to contain nuclear programme or see sanctions reinstated

The Guardian

timean hour ago

  • The Guardian

Europe gives Iran deadline to contain nuclear programme or see sanctions reinstated

The EU will start the process of reinstating UN sanctions on Iran from 29 August if Tehran has made no progress by then on containing its nuclear programme, the bloc has announced. Speaking at a meeting of his EU counterparts, the French foreign minister, Jean-Noël Barrot, said: 'France and its partners are … justified in reapplying global embargos on arms, banks and nuclear equipment that were lifted 10 years ago. Without a firm, tangible and verifiable commitment from Iran, we will do so by the end of August at the latest.' Europeans have been largely elbowed aside from the Iranian nuclear issue by Donald Trump, who ordered the bombing of Iran's nuclear sites last month, and this intervention can be seen as an attempt to reassert Europe's influence. The end of August deadline starts a process that could see an armoury of sanctions reimposed by 15 October, giving European signatories to the 2015 nuclear deal – the UK, France and Germany – a continuing lever in negotiations with Iran. The European powers want to see the return of the UN nuclear inspectorate to Iran in part to prevent Iran trying to reconfigure its nuclear programme after the damage inflicted by the US strikes in June. The way in which the 2015 nuclear deal was negotiated does not allow the other signatories, China or Russia, to veto the sanctions snapback, but the European states can defer the imposition of snapback beyond October to allow time for further consultation. The US, after leaving the nuclear deal in 2018, also cannot veto the UK or French move. The sanctions snapback would be triggered under chapter V11 of the UN charter, making the reinstatement of six UN resolutions mandatory, including one that requires Iran to suspend all activities related to uranium enrichment and reprocessing, including at the research and development level. Another reimposed resolution would require all UN member states to prevent the transfer of any items, materials or technologies that could serve these activities or Iran's missile programme. Iranian sanctions experts claim the reinstated resolutions would not automatically halt all Iranian oil exports, cut off Iran's access to international financial systems, or cut off general trade communications. But all countries and international financial institutions would have to refrain from providing financial assistance, new commitments, or preferential loans to the Iranian government, except for humanitarian and development purposes. Abbas Araghchi, the Iranian foreign minister, has said recently the activation of snapback 'will mean the end of Europe's role in the Iranian nuclear issue and may be the darkest point in the history of Iran's relations with the three European countries; a point that may never be repaired.' He said: 'It would mark the end of Europe's role as a mediator between Iran and the US.' He told diplomats at the weekend 'One of the big mistakes of the Europeans is that they think that the 'snapback' tool in their hands gives them the power to act on the Iranian nuclear issue; while this is a completely wrong perception. If these countries move towards snapback, they will make the resolution of the Iranian nuclear issue even more complicated and difficult.'

Everything To Know About Oliver Haarmann
Everything To Know About Oliver Haarmann

Graziadaily

timean hour ago

  • Graziadaily

Everything To Know About Oliver Haarmann

Reese Witherspoon has a new leading man – and if those PDA pics are anything to go by, this duo is smitten. Enter Oliver Haarmann, the European-born private equity financier whose caught the eye of the Oscar winning actress and producer. The Legally Blonde star was recently spotted enjoying some quality time with financier Oliver, confirming what we've all been suspecting ever since their lowkey New York date last year. The pair were pictured soaking up the sun off the coast of Saint-Tropez this summer on a luxury yacht, swimming in the water before sharing a sweet kiss. So, who is the man who's swept one of Hollywood's most beloved stars off of her feet? Here's everything to know about Oliver Haarman... Carl Ludwig Oliver Haarman – who goes by the name Oliver - is a German born private-equity financier, having graduated from Brown University and Harvard Business School with a master's in business administration. Currently, he divides his time between London and New York. Born in September 1967, he is around 57 years old – making him eight years older than 49-year-old Reese. Oliver co-founded Searchlight Capital Partners in 2010, overseeing billions of pounds in assets. Before establishing his own private equity firm, he was a partner at KKR. As well as being very successful in his line of work, he's also a philanthropist. He's a trustee of Brown University, is said to chair IntoUniversity in the UK, and co-founded the Surgo Foundation – a charity he founded with his ex-wife Mela, and their friend Sema Sgaier. When it comes to his charity work, it seems Oliver's main passion is using his mammoth wealth to help disadvantaged children access university education. It also turns out that Oliver is a huge sports fan. The financier owns shares of the New York Islanders hockey team, having bought a 10% stake around December 2023. As of 2024, it was reported that the financier has a impressive net worth of around $440 million (£327.18 million), thanks to his many investments. Oliver shares two sons with his ex-wife, Mala Gaonker. A fellow financier, it's not know exactly how long Mala and Oliver were married – but it's speculated the pair split sometime before 2022. Around that time, Reese was also going through her own divorce. The Big Little Lies star was married to Jim Toth, 54, for 12 years. The couple – who share a son named Tennessee, 12 – announced their split in 2023, writing, 'We have enjoyed so many wonderful years together and are moving forward with deep love, kindness, and mutual respect for everything we have created together.' Reese with her ex-husband, Jim. ©Kevin Mazur/ Getty Images Prior the Jim, Reese was also married to actor Ryan Phillippe from 1999 to 2008, with the couple sharing daughter Ava, 25, and son Deacon, 21. The newly-single pair were first linked in July 2024, spotted dining together at L-Artusi in New York. According to insiders, Oliver flew the Legally Blonde star to New York via private helicopter. Who needs budget flights when you're a millionaire? Sources have described their romance as being very low key, with Reese's children reportedly fans. In October 2024, an insider said, '[Oliver] is spending time with Reese's kids too. Reese loves that he's a businessman and not into Hollywood.' Fast-forward to now, and it seems this is one relationship that's only on the up! In July 2025, the couple were photographed enjoying a yacht holiday in Saint-Tropez, cosying up as they swam in the waters. Charlotte Roberts is a news and entertainment writer at Grazia UK. She spends her days covering everything celebrity, culture, and entertainment.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store