Wednesday, January 30 2019 12:22

ArmInfo.Armenia is developing a package of legislative initiatives aimed at streamlining public-private partnerships. Details of the package became the  subject of discussions during the meeting of RA Minister of Economic  Development and Investments Tigran Khachatryan on January 30 with the  delegation of the Asian Development Bank, led by ADB senior financier  for the economic sector Joao Farinha Fernandez.

According to the press service of the Ministry of Economic  Development and Investments of the Republic of Armenia, during the  meeting Tigran Khachatryan presented to the guests the details of the  initiatives being developed, as well as a number of other legal  documents related to them. The interlocutors discussed some  organizational issues. The parties exchanged views on the process of  streamlining public-private partnerships.

Joao Farinha-Fernandez praised the Bank's cooperation with Armenia,  noting that he worked with great pleasure and efficiency in  developing a package of laws with a responsible team of the Ministry  of Economic Development, headed by Deputy Minister Avag Avanesyan.

During the meeting, a roadmap for the development and adoption of  draft legislative initiatives was presented. Parties stressed the  importance of completing the process as soon as possible.  The  interlocutors also discussed issues relating to the training of  specialists and capacity building, proposing several solutions to the  problem. They also agreed on close cooperation between the Ministry  and the ADB mission. At the end of last year, ArmInfo, citing Joao  Farinha-Fernandez, announced that ADB approved a loan of $ 50  million, which will be used to promote financial reforms in Armenia,  including improving public debt management, financial risk management  and the development of financial markets in the republic . ADB  implements the Public Efficiency and Financial Markets Program. In  October 2017, the Bank provided Armenia with $ 40 million under the  first part of this program. Under the second part of the program, ADB  will assist the government in consolidating fiscal reforms, reducing  financial risks in the economy, creating a sustainable basis for  developing financial markets and creating more favorable conditions  for private sector participation in infrastructure development. "ADB  seeks to help the Armenian government improve economic growth and  prospects for financial stability through policy and technical  assistance," Joao Farinha Fernandez said at the time.

ADB has been working with the government of Armenia since 2005. The  bank approved 28 loans worth $ 1.37 billion and technical grants  worth $ 15.7 million.