EDB planning more projects in Armenia next year 

ArmInfo.This year has seen a serious growth in Armenia's economic activity, Denis Ilin, Vice Chairman of the EDB Management Board, stated at the 8th mass media  contest Eurasian Integration and Development, in Almaty, December 9. 

Armenia's financial sector has made great progress, setting records. 

"But, perhaps, it is of secondary importance for us though financial  partners in the country are important for us," he said. One of the  EDB mandates is assisting the country's financial stability -  transactions, investments and so on. 

Mr Ilin pointed out the bank is considering programmes in the mining  industry. 

"We are maintaining active contacts with the Zangezur copper and  molybdenum plan - our long-standing partner and client. We are now  considering their request for further funding of their investment  programme.  We are considering gold mine projects as programmes that  are supposed to have a serious economic effect.  We are also  considering the Amulsar gold mine project. In cooperation with the  Tashir group of companies we are considering a number of projects  involving industrial cooperation and energy efficiency of the  Electric Networks of Armenia company in terms of both generation and  power supply to companies and individuals," Mr Ilin said. 

The ADB is considering its participation in the construction of a new  subway station and modernization of the working ones. The project  will be implemented as part of the government-private sector  cooperation. 

"I think you are well aware of Yerevan's transport infrastructure  problems. We have a list of various projects at our disposal this  year - from large-scale transport projects to production logistics,"  he said. 

The EDB is also considering a concept of enlarging the Upper Lars  checkpoint, and resolving this strategic problem is of high  importance for Armenia. 

"And we think we can be involved in the preproject work and fund the  feasibility study by attracting private investors with favorable  financing terms, given the significance of the project for the  country," Mr Ilin said.  The bank considers it important to implement  as many projects in Armenia as possible, he added. 

Armenia became a full member of Eurasian Development Bank in April  2009. Its contribution to the Bank's capital is US $100,000.

By November 1, 2022, the EDB had implemented 22 projects worth a  total of $461.9mln - 3.5% of the total volume. 

The current investment portfolio is US $4.9bln. The cumulative  investment portfolio (including completed projects) is US 13.1bln. At  present, the EDB is financing 90 investment projects in six member  states.