Friday, July 7 2017 18:22
Alexandr Avanesov

Armenian PM and EDB head discussed prospects of implementation of new projects

Armenian PM and EDB head discussed prospects of implementation of new projects

ArmInfo. The partnership between Armenia and the Eurasian Development Bank is developing effectively. This was stated during the meeting of Prime Minister Karen Karapetian on July 7 with the chairman of the EDB's Dmitry Pankin.

According to the press service of the Armenian government, the parties stated that the investment programs financed in Armenia by the EDB are successfully implemented in various spheres. Stressing mutual interest in expanding this cooperation, Karen Karapetyan and Dmitry Pankin discussed the prospects for implementing new projects. In particular, it is about programs in such areas as agriculture, transport, infrastructure. As of December 31, 2016, the EDB's investment portfolio in Armenia for 8 projects is $ 130 million, and financing from Armenia by the Eurasian Stabilization and Development Fund (EDF), which is managed by the EDB, is $ 490 million. An agreement on budget assistance for $ 300 million, construction of a $ 150 million North-South highway and an irrigation project worth $ 40 million. A project for the construction of a $ 40 million Mastara reservoir is also under consideration.

The Eurasian Development Bank (EDB) Is an international financial organization designed to promote the economic growth of participating 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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