Armenian Economy Minister and Director of ADB Armenian Office discuss ways to raise investment attractiveness of Armenia

ArmInfo. Minister of Economic  Development and Investments of Armenia Suren Karayan and Director of  Asian Development Bank Armenian Office Shane Rozentale discussed  prospects of further cooperation on December 22, the press-service of  the Ministry informs. 

Shane Rozentale presented the information about ADB activities,  programs implemented by the bank in public and private sectors  including programs of loan and technical assistance. ADB Armenian  Office Director proposed to expand the frameworks of cooperation  between the Bank and the Ministry of Economic Development of Armenia.  During the meeting an agreement was reached to make proposals related  to priorities of cooperation. The sides exchanged opinions in the  context of raising investment attractiveness of Armenia as well as  solving problems related to attracting investments.

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.