ADB has financed 25 programs in Armenia for $ 1.190 billion

ArmInfo. On June 23, RA Prime Minister Karen Karapetyan received the delegation of the Asian Development Bank (ADB), chaired by the Director General of the ADB Department for Central and Western Asia Sean O'Sullivan.

According to the press service of the government, the prime minister noted the impressive cooperation with ADB. He noted that as a result of this cooperation over the past few years, 25 programs have been implemented in Armenia for a total of $ 1.190 billion. Karen Karapetyan stressed that the Armenian government is interested in cooperation with ADB in such areas as energy, capital market development, and road construction. In addition, the executive body welcomes the Bank's intention to intensify programs with the private sector. "We want to change many things, and are open to cooperation with the Asian Development Bank," the head of the Armenian government said.

In his turn, Sean O'Sullivan expressed his satisfaction with the implementation of various programs to improve the infrastructure. He noted that at the moment ADB is working towards implementing new projects in Armenia. According to him, the Bank is ready for cooperation on new programs, including improvement of the country's educational system, digitalization of the management system, etc.

To note, according to the strategy for 2014-2018 ADB plans to provide Armenia with financial assistance of about $ 500 million. The funds are directed to support infrastructures, energy and social services to promote a flexible, comprehensive and stable development of the country. In the field of transport, ADB will continue to assist in the construction of the North-South transport corridor, as well as in strengthening transport links between cities with high poverty levels. For regional cooperation and integration of the country, ADB will provide support for the development of roads connecting Armenia with neighboring Georgia. In addition, ADB will assist in the sustainable development of cities with a high level of poverty, helping local governments to develop coordinated plans and providing the investments needed to modernize infrastructures, including water supply, and the management of urban roads and solid waste. The worn-out electric power infrastructure of Armenia and the strong dependence on imported mineral fuel weaken the energy security of the country. ADB will assist in solving this problem by supporting the development of renewable energy sources, as well as the restoration and modernization of energy infrastructures.

Armenia joined ADB in 2005 and is included in the group of countries with mixed (preferential and usual) financing. ADB deals with poverty reduction in the Asia-Pacific region by stimulating economic growth and regional integration.