ArmInfo. You cannot expect high-quality financial flows without a high level of corporate governance. This was announced on February 7 during a meeting with the delegation of the European Bank for Reconstruction and Development (EBRD), headed by Pierre Halbronn, Vice President of the Bank for Politics and Partnerships, Minister of Economy Tigran Khachatryan stated.
According to the press service of the Ministry of Economy, welcoming the guests, Tigran Khachatryan expressed satisfaction with the decision of the Council of EBRD Governors, according to which Yerevan was chosen as the venue for the annual meeting in 2021. He expressed confidence that the event will help orient the Bank towards Armenia and its economy. The Minister outlined the goals and actions of the economic policy of the Government of the Republic of Armenia, emphasizing the importance of ensuring competition and transparency in the private sector. "The participation of the EBRD is very important in the economic life of Armenia. It is especially important that the Bank works directly with private sector enterprises, allowing setting standards of economic culture for the development of these enterprises. High- quality financial flows cannot be expected in this segment without a high level of corporate governance at the international level - the minister noted. Tigran Khachatryan also pointed out the importance of the participation of the Bank and the European Union in creating the first private private equity fund in Armenia.
"We arrived in Yerevan at a very important time. 71 members of our structure decided to hold their next meeting here. This is a great opportunity for all of us. In this context, Armenia can count on the interest of an international audience and investors," Pierre Heilbronn said. He also pointed to the EBRD's cooperation strategy with Armenia, noting that the republic is making significant efforts to improve the business environment.
The vice president of the bank inquired about the priorities of the economic policy of the Armenian government to clarify further cooperation. In this context, the parties discussed the development of the capital market as a means to increase competitiveness, where, according to Tigran Khachatryan, Armenia has great potential. Recall that in September last year, a memorandum of cooperation was signed in Yerevan, providing for the creation of the first Amber Capital - EU - Armenia SME Private Equity Fund, funded by the EU and the European Bank for Reconstruction and Development (EBRD) in the amount of EUR 16 million. It is planned that the fund will provide an opportunity to attract investment in private enterprise for a total amount of up to 70 million euros. The EBRD is a leading institutional investor in Armenia, which, since 1992, has invested 1.36 billion euros in 178 programs in the financial, corporate, infrastructure and energy sectors, with 99% of the investments coming from the private sector.
