ArmInfo. Armenia's delegation led by Deputy Prime Minister - Minister of International Economic Integration and Reforms Vache Gabrielyan is on a three-day visit to Frankfurt (Germany) where he is attending the 49th Annual Meeting of the Asian Development Bank Board of Governors.
According to the Ministry of International Economic Integration and Reforms, at the event, Minister Gabrielyan presented the current state and the development rates of Armenia's economy, the programs implemented by the government and the anticipated results. Vache Gabrielyan had a series of meetings in Franfurt, including with ADB President Takehiko Nakao. The sides discussed implementation of a number of projects the Bank is implementing in Armenia as well as further cooperation enhancement measures.
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.