EDB is interested in significantly increasing portfolio in Armenia in  the Next 5 Years: Chairman of the Bank`s Management Board

ArmInfo. On September 6, Deputy Prime Minister of Armenia Suren Papikyan received the Chairman of the Management Board of the Eurasian Development Bank (EDB) Nikolay  Podguzov and the delegation lead by him.

As the press service of the government informs, greeting the guests,  the Deputy Prime Minister expressed satisfaction over the productive  cooperation with the EDB.  He noted that the cooperation between the  Armenian Government and the EDB is a good basis for the successful  implementation of future joint programs.

Chairman of the Management Board of the Eurasian Development Bank  (EDB) Nikolay Podguzov congratulated Suren Papikyan on assuming the  post of Deputy Prime Minister of the Republic of Armenia, emphasizing  that the joint work and efforts of the Armenian Government and the  EDB open prospects for successful economic development. He added that  the EDB is interested in considerably increasing Armenia's portfolio  in the next 5 years, seriously considering the opportunities for  economic investments.  The parties discussed the directions of  economic development in Armenia, referring to specific sectoral  programs. The prospects of the digital sphere, financial market,  infrastructure, including road construction and railway capacity  renewal and development were touched upon. The creation, launch and  expansion of the "Journey without Covid-19" application was pointed  out as the first successful example of the Armenian-Russian platform  partnership.  During the meeting, the new ways of cooperation between  the Government of the Republic of Armenia and the EDB were discussed,  as well as the possibility of using the state-private format in that.  

The EDB delegation was also received by Deputy Prime Minister Mher  Grigoryan. Welcoming the guest and the members of the delegation  headed by him, the Deputy Prime Minister stressed the need to deepen  cooperation between Armenia and the EDB, stressing the need to  implement joint programs, especially in the field of infrastructure  and finance. The Deputy Prime Minister also stressed the special role  of the EDB in the development of integration within the framework of  the Eurasian Economic Union. The interlocutors exchanged views on the  necessary prerequisites for the development of the capital market in  Armenia and possible steps to be taken in this direction. 

The Eurasian Development Bank (EDB) is an international financial  organization established by Russia and Kazakhstan in January 2006  with the aim of promoting the development of the market economies of  the member states, their sustainable economic growth and the  expansion of mutual trade and economic ties.  The authorized capital  of the EDB is US $ 7 billion. The member states of the Bank are the  Republic of Armenia, the Republic of Belarus, the Republic of  Kazakhstan, the Kyrgyz Republic, the Russian Federation and the  Republic of Tajikistan.

According to the Bank's Strategy for 2022 - 2026, the aggregate  amount of EDB investments in Armenia, Kyrgyzstan and Tajikistan will  reach $ 500 million by 2026.  As stated in the document, separate  strategies will be developed for each of the member countries of the  Bank, taking into account macroeconomic characteristics. In order to  achieve sustainable development goals (SDGs) and strengthen project  activities in countries with "small" economies, the Bank plans to  quickly respond to the needs and qualitatively strengthen the  territorial offices of its presence, a flexible approach to the  pricing of credit, investment, commission products, an adaptive  approach to implementation in them projects.