Friday, July 7 2017 16:43
Alexandr Avanesov

Eurasian Development Bank and Armenia are completing preparatory work for projects in fields of agriculture and energy

Eurasian Development Bank and Armenia are completing preparatory work for projects in fields of agriculture and energy

ArmInfo. Minister of Economic Development and Investments of the Republic of Armenia Suren Karayan received on June 7 the Chairman of the Board of the Eurasian Development Bank Dmitry Pankin.

As the press service of the ministry informs, during the meeting the issue of expanding bilateral cooperation was discussed. In particular, the minister stressed the importance of EDB participation in private sector projects. He recalled that several programs are already being implemented in a number of areas. During the meeting, the interlocutors discussed the programs implemented in the field of agriculture and energy, the preparatory work for which is nearing completion. The parties also discussed the issue of accessibility of small investment credit programs. Dmitry Pankin noted that the EDB has developed active cooperation with Armenian commercial banks.

During the meeting, an agreement was reached on continuing active cooperation.

To note, as of December 31, 2016, the EDB's investment portfolio in Armenia for 8 projects is $ 130 million. The financing for Armenia from the Eurasian Stabilization and Development Fund (EDF), managed by the EDB, is $ 490 million. Agreements have already been signed and in force Budget assistance for $ 300 million, construction of the North-South highway for $ 150 million and an irrigation project for $ 40 million. There is also a project for the construction of the Mastara reservoir for $ 40 million.

The Eurasian Development Bank (EDB) is an international financial organization aimed to promote the economic growth of member states, expand trade and economic ties between them and develop integration processes in the Eurasian space through investment activities. The Bank was established on the basis of an interstate agreement signed on January 12, 2006 by authorized representatives of the Russian Federation and the Republic of Kazakhstan. The initiative to create the Bank belongs to the presidents of Russia and Kazakhstan. The EDB is open to new participants. States and international organizations become its participants upon the decision of the Council of the Bank after their accession to the Agreement on the establishment of the EDB and payment in due course of the acquired shares of the Bank. In 2009, the Republic of Armenia and the Republic of Tajikistan, in 2010 - the Republic of Belarus, and in 2011 - the Kyrgyz Republic became full participants of the Bank. The main result of the past years of the EDB is the completion of the Bank's establishment as a recognized international financial development institution with a specialization in regional integration. The Bank's activities are aimed both at creating conditions for sustainable economic development and deepening the integration processes between the EDB member states and solving the problems of overcoming the consequences of the global financial and economic crisis.

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