ArmInfo. Vache Gabrielyan, the Vice Prime Minister, the Minister of Economic Development and Reforms, his Advisor Raphael Avetisyan and Armenan Central bank Chairman Arthur Djavadyan participated in the annual meeting of European Bank of Reconstruction and Development (EBRD) held in Cyprus on May 9-11.
According to the information shared with ArmInfo at the press office of Armenian Government, the issues of economy and finances were discussed during the session mentioned. The priority sectors development plans were adjusted as well.
Meanwhile, according to RIA Novosti, during the meeting Armenia together with Belarus. Kyrgyz Republic and Mongolia, supported the position of Russia. " It is very important that many countries did not participate to voting. Azerbaijan and Uzbekistan withheld their votes in public, and Belarus, Kyrgyzia, Armenia and Mongolia supported the position of Russian Federation, " the RIA Novosti source reads. To remind, in 2014 EBRD shareholders announced the ban in respect to new projects funding in Russia due to the complication of geopolitical situation, as well as because of the bans implemented by USA and Europe. On May 10 Russia raised an issue of unacceptability of funding rejection by the bank, bu the majority of bank members voted for the decision of Bank being legitimate.
To remind, EBRD is the institutional investor in Armenia. From the very beginning of EBRD activities in Armenia in 1992, and by now, over EUR 1.13 bln has been invested in the implementation of various projects in financial, corporate eand energy sectors.