Tuesday, December 10 2019 19:55
Alexandr Avanesov

Vice Prime Minister: Armenia`s cooperation with ADB is complex and  multifaceted

Vice Prime Minister: Armenia`s cooperation with ADB is complex and  multifaceted

ArmInfo. The cooperation of Armenia with the Asian Development Bank (ADB) is complex and multifaceted. This was announced on December 10 by Deputy Prime  Minister Mher Grigoryan during a meeting with the newly appointed  director of the ADB Armenian office Paulo Spantigati.

According to the press service of the Government of Armenia, during  the meeting Mher Grigoryan emphasized joint programs aimed at  developing the capital market and public-private partnership.   Expressing gratitude to the Deputy Prime Minister for constructive  cooperation, Paulo Spantigati presented the new five-year partnership  strategy of ADB with Armenia, approved in November this year. He  mentioned the main directions of the strategy and possible directions  of future ADB projects in Armenia.  The interlocutors emphasized the  importance of implementing infrastructure projects, developing human  capital and other programs.

Recall that at the end of November, the Asian Development Bank  approved a new 5-year partnership strategy for Armenia, aimed at  increasing economic diversification and ensuring access for all  Armenians to economic growth. According to the ADB Armenian office,  the Bank will ensure stability of investments in the road network and  accelerate the implementation of ongoing transport programs,  including the investment program of the North-South road corridor. In  the energy sector, ADB will help improve infrastructure by  encouraging greater use of solar and wind energy. This will help  diversify the energy structure of Armenia and reduce the country's  dependence on gas imports. To foster regional cooperation and  integration, ADB will provide financial resources and knowledge to  help develop economic corridors and improve border infrastructures. A  new economic corridor will be created in the Western Caucasus, the  purpose of which is to help Armenia make the best use of its  strategic position as the preferred link between the Eurasian  Economic Union (of which it is a member) and the West - the European  Union. ADB's strategy outlines sustained support for government  investment in technology and innovation ecosystems through  partnerships between government, academia, and industry. ADB has been  working with the Armenian government since 2005, allocating 31 loans  for the indicated period in the amount of $ 1.46 billion, including  11 loans for the private sector. ADB also provided technical support  grants in the amount of $ 14.9 million. As of June 30, 2019, ADB's  active portfolio amounted to 13 loans for the public and private  sectors, the total amount of which is $ 809.8 million 

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