Friday, August 5 2022 15:50
Alexandr Avanesov

EDB: Armenia ranks first among member countries with small economies  in current investment portfolio of EDB 

EDB: Armenia ranks first among member countries with small economies  in current investment portfolio of EDB 

ArmInfo. During the meeting with the Deputy Prime Minister of Armenia, Mher Grigoryan, the Chairman of the Management Board of the Eurasian Development Bank  (EDB), Nikolai Podguzov, presented the implementation of the Bank's  2022-2026 Country Strategy in the republic. The parties also  discussed current and possible projects. This was reported by the  Bank's press service.

Since 2009, when Armenia became a member of the EDB, the Bank has  implemented 20 projects in the republic for a total of $420 million.  In terms of the share in the current investment portfolio of the EDB,  Armenia ranks first among member countries with small economies -  5.1%, or $211 million. This indicator tends to steadily increase. In  pursuance of the Strategy for 2022-2026, the Bank has developed a  five-year strategy for the Republic of Armenia, taking into account  the specifics of economic development and the needs of the country.  As part of this strategy, in H1 2022, the EDB approved a number of  projects for implementation with a total investment of about US$ 180  million in such sectors as small-scale generation from renewable  energy sources (RES), electrical production, agricultural production  and processing.

Among the projects are the construction of 11 solar power plants with  a total capacity of 55 MW in Gegharkunik and Aragatsotn regions - the  project of New Energy CJSC, the modernization of the plant of  innovative equipment for electricity consumption metering devices of  Cascade Energy LLC, the construction of a dairy farm and a pig farm,  the expansion of agricultural areas, modernization of the assets of  the Yeremyan Projects Group.

"Our main goal for the next 5 years in the Republic of Armenia is to  contribute to the solution of the tasks of the national development  agenda. Together with the private sector - leaders in their  industries, we will implement projects in infrastructure,  export-oriented manufacturing, food security, financial services and  digitalization. The target result of our work will be an increase in  the total investments of the Bank in Armenia by more than 3 times, -  they will amount to 287 million US dollars in 2022-2026.

To date, we have launched 3 new large-scale projects in the areas of  renewable energy, improving the efficiency of Armenia's energy  networks and food security. All projects are fully consistent with  the mission and strategy of the EDB in Armenia and have the potential  to open more than a thousand new, highly paid jobs, develop the  manufacturing sector and export," said Nikolay Podguzov, Chairman of  the EDB Board.

"We can state that after the approval of the EDB Country Strategy for  2022-2026, we have actively started its implementation. The document  includes all strategic directions that are priority for the  Government of the Republic of Armenia. The EDB has been and will  continue to be one of the important partners with which we are  implementing significant projects. Taking this opportunity, on behalf  of the Armenian government, I would like to thank the Eurasian  Development Bank for its productive activities in our country," said  Deputy Prime Minister of the Republic of Armenia Mher Grigoryan.

The EDB Country Strategy for the Republic of Armenia defines 5 key  tasks and a number of work priorities until 2026.

First, the EDB promotes sustainable infrastructure development. The  Bank's task is to support projects for the construction and  modernization of the basic infrastructure that ensures the energy and  transport security of the country and the sustainable development of  the economy. This includes the development and modernization of  energy infrastructure, taking into account the diversification of  sources of electricity generation and the implementation of renewable  energy projects.

Secondly, the Bank aims to promote the diversification of Armenia's  industry and exports. The sectors of the economy with export  potential include the mining industry and the agro-industrial  complex.  Another priority of the bank is to support job opening in  service sector, such as tourism and retail. 

Thirdly, the EDB is concerned about ensuring food security, which is  a necessary condition for the sustainable economic development of  Armenia in the strategic period up to 2026.

The main task of the EDB is to help reduce dependence on imports of  key agro-industrial products, develop a commodity distribution  network that ensures food supplies.

Fourthly, the Bank is faced with the task of developing the  availability of financial services in Armenia.  The EDB continues to  work with banks to support targeted lending programs.

Fifthly, the EDB, using the competencies of its Fund for Digital  Initiatives, assists in the digital transformation of the economy and  the public administration sector of the Republic of Armenia.

In 2022, a new five-year EDB Strategy came into force, according to  which the Bank will strengthen its unique integration role in the  EAEU+ space. The plans include the implementation of at least 3 key  integration megaprojects. Projects in the field of transport  infrastructure and logistics, food security, water management and  energy, such as the Eurasian Transport Corridor, the Eurasian  Commodity Distribution Network, the Central Asian Water and Energy  Complex, will be organized and launched.  

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