Armenian President met with ADB Vice President within Investment Forum in New York

ArmInfo. President Serzh  Sargsyan, who is in the United States on a working visit, in the  framework of the Investment Forum held a meeting with the  Vice-President of the Asian Development Bank Wencai Zhang, the  press-service of the Armenian President informs. 

At the meeting President Sargsyan hailed the Bank's mission and role  in Armenia's economic development and underscored that in ten years  of Armenia's membership to the ADB our country and the Bank have  established efficient cooperation. Serzh Sargsyan stressed the  importance of the major investment projects implemented in Armenia  through the financing of the Bank, including the development of  infrastructures, assistance provided in different areas, programs  financed by the private sector, which are aimed at the increased  competitiveness and sustainable economic development. Stressing the  importance of attracting investments at this stage of Armenia's  economic development, Serzh Sargsyan expressed gratitude to the Asian  Development Bank for the assistance to the organization of the  investment forum in New York. The interlocutors exchanged views on  the Bank's assistance to the development of Armenia's priority areas  to be realized in the framework of the ADB Armenia Partnership  Strategy. 

Vice-President Wencai Zhang declared that the ADB will continue its  assistance with the Armenian authorities and in addition to the  projects already in progress will provide assistance also to the  development of social infrastructures and economic corridors,  reforms, innovative programs which, according to Mr. Zhang will  attract new investments to the economy to Armenia.

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.

ADB, based in Manila, is dedicated to reducing poverty in Asia and  the Pacific through inclusive economic growth, environmentally  sustainable growth, and regional integration.  Established in 1966,  it is owned by 67 members - 48 from the region.  In 2013, ADB  assistance totaled $21.0 billion, including co-financing of $6.6  billion. Armenia joined ADB in 2005.