Thursday, December 14 2023 10:56

ArmInfo. All projects of the Eurasian Development Bank (EDB) in Armenia are relatively large.  Nikolai Podguzov, Chairman of the Board of the EDB, stated this on December 14 in Almaty, summing up the Bank's activities this year.

Thus, in order to clarify what caused the fact that the EDB's  investment portfolio in Armenia amounted to only $85 million instead  of the declared over $100 million, Podguzov stated that the EDB  cannot maintain a certain pace of investment. He added that the EDB  does not set itself the task of accurately meeting any figure.

At the same time, if we look at the strategy, we are following it  significantly ahead of investment activity in Armenia. And I think  there is every chance to continue at the same pace. The most  important thing for us is the pool of projects that are being  developed. If it is two or three times higher than our investment  plan in any particular year, then we can predict quite confidently  that it will be implemented," he said, adding that plus or minus  $10-15 million is not critical. At the same time, he added that the  EDB will increase investment activity in Armenia.

At the same time, Podguzov stated that, based on experience, the Bank  is implementing 4-5 projects in Armenia. "And in order for these 4-5  projects to take place, you need to have a funnel of 10-15 projects.   She is formed. These are projects in the energy sector, including  renewable energy. Now the project for the reconstruction of the  Armenian metro and the development of the urban infrastructure of  Yerevan is being discussed. A number of industrial projects are also  interesting and relevant for us," added the head of the EDB.

In turn, Denis Ilyin, Deputy Chairman of the Board of the Eurasian  Development Bank (EDB), stated that 3-4 projects in Armenia provide  the desired portfolio of $100 million. "If we talk about specific  projects for next year, this is the transport and logistics center in  Gyumri, which will be implemented jointly with the South Caucasus  Railway. We are considering a project for the construction of the  Ajapnyak metro station together with the Yerevan City Hall. This is  an important project for the city, but it requires serious work in  preparing project documentation, for which we are also ready to  allocate grant funds. All We are actively discussing this now. These  include projects for the development of medical infrastructure - we  are considering projects for the development of a network of  hospitals," noted Denis Ilyin.

According to him, another significant project that is being  considered in Armenia today is the construction of a world trade  center complex in the center of Yerevan. Ilyin added that the Bank is  exploring the possibility of participating in the implementation of  this important project.

Regarding the work this year, the EDB Deputy Chairman noted that by  the end of the year the total investment package will reach $85  million. "In the middle of the year, we signed a $20 million  agreement for the construction of a 50 MW block of the Hrazdan  Thermal Power Plant. We also continued to actively work with Eremyan  Pharm CJSC. The scope of the project increased and additional funding  was required.  And we allocated an additional $7 million to ensure  the project was successfully completed. In addition, we are  considering another project, it is at the signing stage - we are  talking about the Sevan-Hrazdan cascade of hydroelectric power  stations for $51 million, which we also expect to sign by the end of  the year," noted Denis Ilyin.

In conclusion, he stated that in general, the total investments in 23  projects implemented by the Bank over the entire period in Armenia  amounted to $500 million. <For 2024, the prospects for projects in  Armenia are $165 million, however, there are a number of quite  serious projects, each of which is up to $100 million, which we are  currently studying. Our activity in the Republic continues," Denis  Ilyin concluded.

The Eurasian Development Bank is an international financial  organization carrying out investment activities in the Eurasian  space. For more than 17 years, the EDB has been promoting the  strengthening and expansion of economic ties and the comprehensive  development of its member countries. The EDB's authorized capital is  $7 billion. The main share in the EDB's portfolio is occupied by  projects with an integration effect in the areas of transport  infrastructure, digital systems, green energy, agriculture, industry  and mechanical engineering. In its activities, the Bank is guided by  the UN Sustainable Development Goals and ESG principles.