Tuesday, September 7 2021 17:42

For the first time, ACRA will assign  sovereign rating to Armenia  with  assistance of the EDB

For the first time, ACRA will assign  sovereign rating to Armenia  with  assistance of the EDB

ArmInfo.The Eurasian Development Bank (EDB), the rating agency ACRA and the Ministry of Finance of the Republic of Armenia signed a Memorandum of Understanding establishing areas of cooperation between the parties in order to stimulate economic growth in the Republic of Armenia and the Russian Federation. This is stated  in the message of the EDB press center.

"The EDB intends to allocate a grant from the Technical Assistance  Fund (TCF) on an irrevocable basis, through which ACRA will carry out  actions to assign a sovereign rating to the Republic of Armenia. This  will stimulate the development of relations within the Eurasian  Economic Union and with other EDB member countries, and will open  access to rating services of ACRA to companies-residents of the  Republic of Armenia interested in entering the Russian financial  market, "said Nikolay Podguzov, Chairman of the EDB Management Board.  It should be noted that rating actions on Armenia will be carried out  by ACRA for the first time.

N. Podguzov also explained that the FCS was created to facilitate the  activities of the Bank and its potential clients.  Thus, the Fund's  resources, formed from the net profit of the EDB, can cover the costs  of pre-project preparation, subsidize the interest rate on loans  issued by the EDB, and ensure the expansion of investment activities  in general.   The Memorandum, among other things, provides for the creation of  conditions for increasing the availability of rating services and  expanding the rating coverage of companies-residents of the financial  market of Armenia, which in turn will contribute to the accessibility  of capital markets of neighboring countries. A separate area of  partnership will be cooperation in the field of sustainable  development in the Republic of Armenia, including through the use of  green financing instruments.

To note, in March 2021 Fitch affirmed Armenia's rating at "B +" with  a "Stable" outlook. Moody's in September 2021 confirmed Armenia's  sovereign rating at "Ba3", leaving the forecast stable.  To recall,  the Eurasian Development Bank (EDB) is an international financial  institution carrying out investment activities in the Eurasian space.  For 15 years, the EDB has been promoting the strengthening and  expansion of economic ties and the comprehensive development of the  participating countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan,  Russia and Tajikistan. The authorized capital of the EDB is US $ 7  billion. The main share in the EDB's portfolio is occupied by  projects with an integration effect in the areas of transport  infrastructure, digital systems, green energy, agriculture, industry  and mechanical engineering. In its activities, the Bank is guided by  the UN Sustainable Development Goals and ESG principles. 


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