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.