Serzh Sargsyan highly appreciates activities of ADB aimed at infrastructure and sustainable economic development in Armenia

ArmInfo. Armenian President Serzh Sargsyan received yesterday delegation of the Asian Development Bank (ADB) Board of Directors.

The press-service of the Armenian President informs that the President hailed the visit of the delegation to Armenia, which according to him is another evidence of strong partner relations.  Sargsyan highly appreciated activities of ADB aimed at development of infrastructures and sustainable economic development in Armenia.  Stressing that the bank has made significant investments in the economy within the recent 10 years the president expressed hope that this cooperation will be continuous.

The interlocutors discussed a number of projects implemented in the country via loan funds allocated by ADB as well as future programs of cooperation. The President ensured that the reforms being conducted in the country and the improvement of business environment will be continuous.

Members of the ADB Board of Directors highly assessed Armenia's smart macroeconomic policy in conditions of negative external challenges and the registered results. They noted that the bank will continue to provide assistance to Armenia in implementation of programs on reforming and developing the country's economy.

To note, under ADB's country partnership strategy, 2014-2018, Armenia will receive about $500 million financial assistance to develop infrastructures, energy and social services that will ensure flexible, comprehensive and sustainable development of the country.  In the transport sector, ADB will continue to support improving the north-south road corridor, and promoting transport links between and within secondary towns, especially those with the highest poverty rates.  To promote regional cooperation and integration, ADB will coordinate with Georgia to help improve roads linking Armenia and Georgia.  ADB will support urban development in towns with the highest poverty rates by helping local governments prepare integrated urban development plans, and financing modernization of infrastructures, including in water supply, urban roads, and solid waste management.  Armenia's aging electricity infrastructure and heavy dependence on imported fuels affect its energy security. ADB will help addressing this issue by supporting the development of renewable energy resources and helping to rehabilitate and upgrade energy infrastructure.

Armenia joined ADB in 2005. ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.