ArmInfo. By the end of this year, the Eurasian Development Bank (EDB) will sign two new loan agreements with two business entities. Director of the EDB Office for the Republic of Armenia Armen Melkikyan announced this on October 9 at a meeting with reporters, evading to name the companies, directions and amount of appropriations.
According to Armen Melkikyan, the accumulated capital of the Bank in Armenia is $ 208 million, the current portfolio is $ 90 million. Moreover, there is a problem with the quality and activity of applications in the republic. As of today, more than 15 applications have been received by the EDB, most of which were rejected due to their inconsistency with the quality and strategy of the Bank. According to the EDB strategy, by the end of 2022, the volume of accumulated capital in Armenia should increase from the current 4.2% to 15%. "Of course, we want great results, and we will do everything in our power to achieve our goals," Armen Melkikyan said.
He also said that the EDB is interested in financing large projects in areas such as infrastructure and energy, including renewable energy. Given the active development of this sector, the EDB is ready to take part in this project, but at the same time it will not be about small stations, but about solar generation facilities of at least 30-40 MW. <Unfortunately, we did not have time to prepare for the Masrik-1 project, but we are ready to take part in other programs>, the head of the mission stated.
To recall, on October 1, on the sidelines of the meeting of the Supreme Eurasian Economic Council in Yerevan, Chairman of the Board of the Eurasian Development Bank (EDB) Andrei Belyaninov and Deputy Prime Minister of the Republic of Armenia Mher Grigoryan signed the Road Map for Investment Cooperation between the Republic of Armenia and the EDB. As ArmInfo was informed in the EDB press service, the developed Roadmap is a tool for implementing the EDB strategy for the period until 2022. The document defines the main steps for implementing Armenia's priority areas for developing cooperation with the EDB. According to the report, the EDB sees opportunities to strengthen its role in Armenia as an institution of development in increasing the growth rate of investments in the economy of the Republic, developing the country's export potential, developing human capital and improving the quality of life of the population. These priorities have identified key activities for the implementation of the Roadmap, which focus on two main mechanisms: implementation of existing and preparation of new projects, as well as interaction in the field of technical assistance and development in the social sphere. EDB is an international financial institution established in 2006. Its founders are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The authorized capital is $ 7 billion, including paid up - $ 1.5 billion. As of October 1, 2019, the bank's assets amounted to $ 5009 million, capital - $ 1833 million, the current investment portfolio - $ 3935 million.