Vardan Aramyan offered EBRD to review possibility to extend directions of support to reforms in Armenia

ArmInfo. Armenian Finance Minister Vardan Aramyan and European Reconstruction and Development Bank executive Director of Armenia Frans Weekers discussed issues of effective cooperation between Armenia and EBRD.

According to Armenian Finance Ministry, during the meeting Vardan Aramyan highly appreciated the assistance provided by the EBRD to the Armenian government. In particular, the Minister noted the assistance to reforms in the field of procurement and efforts aimed at the development of public-private cooperation.

The head of Armenian Finance Ministry suggested Frans Weekers to review the possibility to extend directions of cooperation with EBRD carried out in Armenia reforms.

The sides expressed readiness to continue steps in the direction of development partnership relations.

Recently, during the meeting of Prime Minister Karen Karapetyan with EBRD President Sumi Chakrabarty, the Armenian government head highlighted the importance of the EBRD's programs for the reforms initiated by the government and the agenda for economic development. Karapetyan stressed that the current strategy for cooperation with the bank for 2015-2019 includes three extremely important areas, in particular, stimulating private sector competitiveness, developing capital markets, developing sustainable and commercialized public services. The prime minister also noted that with the assistance of the EBRD, the program for managing solid waste, improving the water supply system, upgrading the metropolitan metro, and urban lighting have been implemented and are in the process of implementation. He also expressed gratitude to EBRD management for assistance in making a decision on the establishment of the office of the Federation of Euro-Asian Stock Exchanges in Armenia. The prime minister also stressed the importance of the EBRD's assistance to the government's program, such as the development of a mechanism for cooperation between the state and the private sector, reform of the tax code. From the standpoint of further cooperation, Karapetyan also stressed the importance of maximizing the use of sovereign credit mechanisms, giving priority to the format of state-private sector cooperation and the possibilities of direct lending to communities. Karen Karapetyan suggested that the EBRD consider options for the formation of investment mechanisms for start-ups in the sphere of information technology and high technologies.

To note, EBRD being an institutional investor in Armenia, has invested over 1.1 billion euros in implementation of 158 programs in the financial, corporate, infrastructure, energy sectors since the launch of activities since 1992 to this day. Moreover, 88% of these investments were directed to the development of private entrepreneurship.