Tuesday, October 22 2013 19:25

EBRD's investments in Armenia throughout 2013 may total approximately EUR 90mln


ArmInfo. The European Bank for Reconstruction and Development (EBRD) is going to increase its investments in Armenia to approximately EUR 90mln by late 2013, which is as much as in 2012, Mark Davis, Head of the EBRD's Yerevan Resident Office, said at a press conference on Tuesday.

He said that the EBRD Office in Armenia focuses on financing MSMEs, agriculture, services, construction, production, mining industry, and energy. In the meantime, he pointed out the need to expand the EBRD agricultural projects, because this sector is of much importance to Armenia. He also stressed the EBRD's willingness to support serious business projects.

Davis also pointed out the high efficiency in implementation of EBRD investments in Armenia. He stressed the efficiency of partnership with Armenian banks, which are quite well aware of the customer base and local market environment and properly assess the loan risks, thereby accelerating and facilitating the procedure of investment implementation. He added that the EBRD cooperates with 12 Armenian banks. In other countries of the EBRD presence the number of EBRD partners is much lower.

When asked by ArmInfo whether the EBRD is planning new investments in the capital of Armenian banks in 2014, Davis replied that at the moment the Bank is considering no such possibilities.

To note, the EBRD is one of the largest investors in Armenia. The republic has been cooperating with the EBRD since 1994. The EBRD has invested over EUR 652mln in 123 programs in Armenia.
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