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. Last Updated: 07/27/2016

EU Proposes Aid for Armenia, Georgia

BRUSSELS — The European Commission has proposed providing 100 million euros ($149.2 million) of macroeconomic assistance to Armenia and 46 million euros to Georgia, the EU's executive arm said on Friday.

The aid to Armenia — a loan of up to 65 million euros and a grant of up to 35 million euros — would support an adjustment program agreed with the International Monetary Fund to help the country through the global crisis, the Commission said.

The assistance to Georgia is part of a European Union package of up to 500 million euros to help the economy after the country's conflict with Russia last year. It will also support an IMF adjustment program, a Commission statement said.

The proposals must be formally approved by the 27 EU states.