Friday, February 10 2023 12:01

ArmInfo.The Eurasian Development Bank (EDB) intends to increase investments in Armenia, EDB Country Director Armen Melikyan stated at his meeting with  Armenia's Minister of Economy Vahan Kerobyan. Attending the meeting  was also Denis Ilin, Vice- Chairman of the EDB Management Board, and  Deputy Minister of Economy Narek Teryan.  

The sides discussed the bank's large-scale investment programmes in  Armenia, as well as the possibility of establishing a logistic center  at the Upper Lars checkpoint, which is of strategic importance for  Armenia.  The sides discussed issues related to the Eurasian congress  to take place in Sochi, Russia, this June. 

Minister Kerobyan stressed the potential for cooperation and spoke of  the projects that could be of interest to this international  organization. 

The Eurasian Development Bank (the "EDB" or the "Bank") is an  international financial institution established to promote economic  growth in its member states, extend trade and economic ties among  them, and support integration in Eurasia through investment.

The Bank was founded by an international treaty signed on 12 January  2006. The member states of the Bank are Armenia, Belarus, Kazakhstan,  the Kyrgyz Republic, Russia, and Tajikistan. 

Armenia's share in the bank is 4.2291%.

Late last year, Mr Denis Ilin announced the EDB's intention to invest  $100mln. Under its country strategy, the EDB planned $180mln  investments for Armenia in 2022-2026. 

"In fact, during the first year we invested about $100mln. That is,  the amount of $180mln investments planned for five years will be  exceeded this year," he said.