Friday, May 3 2013 20:47

Head of Central Bank of Armenia receives EBRD Director for Belarus, Moldova and Caucasus


ArmInfo. Chairman of the Central Bank of Armenia Arthur Javadyan received EBRD Director for Belarus, Moldova and Caucasus Paul-Henri Forestier, who is completing his mission. Bruno Balvanera, the newly appointed director for Belarus, Moldova and Caucasus, was also present at the meeting.

The CBA press service told ArmInfo that Javadyan stressed the importance of the EBRD's long-lasting activity in Armenia and its role in the sustainable development of Armenian economy, including the EBRD's contribution to development of the real sector, specifically, agriculture, energy, transport and communication, modernization of the municipal and environmental infrastructures, and the financial sector.

Paul-Henri Forestier expressed his gratitude for cooperation and stressed the high-level business contacts between the EBRD and the banking system of Armenia. He also pointed out the significance of the efforts the CBA has exerted to ensure financial stability and development of the financial sector.

The European Bank for Reconstruction and Development is one of the largest investors in Armenia. The republic has been cooperating with the EBRD since 1994. According to November's data, the EBRD's investments in Armenia's economy amounted to 579 mln EUR. These funds have been spent on more than 110 projects. 94% of the EBRD's investments fell on the private sector of Armenia.
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