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.
