The United States Agency for International Development (USAID) is planning to launch a new program with a budget of up to $25 million to support the Armenian economy, RT reports.

The program is planned for five years. Throughout this period, contractors will have to cooperate with the Armenian government, including with the Ministry of Economy and the Ministry of High-Tech Industry, as well as with representatives of the private sector.

As USAID noted, Armenia has faced several crises in recent years, including the coronavirus pandemic. After a relatively strong economic growth in 2021, Western sanctions against Russia came as a “shock” to the country's economy, the agency noted.

“This project will focus on the root causes of economic vulnerability and strengthen Armenia’s economic resilience in the face of precisely such challenges,” the document says.