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.