ArmInfo. All projects of the Eurasian Development Bank (EDB) in Armenia are relatively large. Nikolai Podguzov, Chairman of the Board of the EDB, stated this on December 14 in Almaty, summing up the Bank's activities this year.
Thus, in order to clarify what caused the fact that the EDB's investment portfolio in Armenia amounted to only $85 million instead of the declared over $100 million, Podguzov stated that the EDB cannot maintain a certain pace of investment. He added that the EDB does not set itself the task of accurately meeting any figure.
At the same time, if we look at the strategy, we are following it significantly ahead of investment activity in Armenia. And I think there is every chance to continue at the same pace. The most important thing for us is the pool of projects that are being developed. If it is two or three times higher than our investment plan in any particular year, then we can predict quite confidently that it will be implemented," he said, adding that plus or minus $10-15 million is not critical. At the same time, he added that the EDB will increase investment activity in Armenia.
At the same time, Podguzov stated that, based on experience, the Bank is implementing 4-5 projects in Armenia. "And in order for these 4-5 projects to take place, you need to have a funnel of 10-15 projects. She is formed. These are projects in the energy sector, including renewable energy. Now the project for the reconstruction of the Armenian metro and the development of the urban infrastructure of Yerevan is being discussed. A number of industrial projects are also interesting and relevant for us," added the head of the EDB.
In turn, Denis Ilyin, Deputy Chairman of the Board of the Eurasian Development Bank (EDB), stated that 3-4 projects in Armenia provide the desired portfolio of $100 million. "If we talk about specific projects for next year, this is the transport and logistics center in Gyumri, which will be implemented jointly with the South Caucasus Railway. We are considering a project for the construction of the Ajapnyak metro station together with the Yerevan City Hall. This is an important project for the city, but it requires serious work in preparing project documentation, for which we are also ready to allocate grant funds. All We are actively discussing this now. These include projects for the development of medical infrastructure - we are considering projects for the development of a network of hospitals," noted Denis Ilyin.
According to him, another significant project that is being considered in Armenia today is the construction of a world trade center complex in the center of Yerevan. Ilyin added that the Bank is exploring the possibility of participating in the implementation of this important project.
Regarding the work this year, the EDB Deputy Chairman noted that by the end of the year the total investment package will reach $85 million. "In the middle of the year, we signed a $20 million agreement for the construction of a 50 MW block of the Hrazdan Thermal Power Plant. We also continued to actively work with Eremyan Pharm CJSC. The scope of the project increased and additional funding was required. And we allocated an additional $7 million to ensure the project was successfully completed. In addition, we are considering another project, it is at the signing stage - we are talking about the Sevan-Hrazdan cascade of hydroelectric power stations for $51 million, which we also expect to sign by the end of the year," noted Denis Ilyin.
In conclusion, he stated that in general, the total investments in 23 projects implemented by the Bank over the entire period in Armenia amounted to $500 million. <For 2024, the prospects for projects in Armenia are $165 million, however, there are a number of quite serious projects, each of which is up to $100 million, which we are currently studying. Our activity in the Republic continues," Denis Ilyin concluded.
The Eurasian Development Bank is an international financial organization carrying out investment activities in the Eurasian space. For more than 17 years, the EDB has been promoting the strengthening and expansion of economic ties and the comprehensive development of its member countries. The EDB's authorized capital is $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.
