European Commission President: EU plans to allocate EUR 2.5bln to  Armenia under the "Global Gateway" initiative

ArmInfo. The EU plans to allocate EUR 2.5bln to Armenia under the "Global Gateway" initiative. This was stated by European Commission President Ursula von der Leyen at the first-ever EU-Armenia summit in an expanded format.

"Armenia and the EU are truly closer than ever. We have made  significant progress in liberalizing visa travel between Armenia and  the EU and in facilitating investment flows. EUR2.5 billion has  already been allocated under the Global Gateway initiative. With this  summit, we are entering a new level of cooperation, particularly in  the context of connectivity. Armenia provides the shortest route from  Europe to Central Asia and the Caspian Sea," Von der Leyen said.

Noting that this route was previously closed due to existing  conflicts, the European official stated that the Armenian  government's policies are currently changing this reality. "Thanks to  your bold step in the name of peace and greater integration into the  European network, Armenia can become a regional hub for new trade  routes," the head of the European Commission added.

She emphasized that the EU is ready to assist Armenia with physical  infrastructure, as these goods and raw materials require  transportation, and in facilitating the development of energy links  and the country's integration into European mobile networks.