ArmInfo.The European Bank for Reconstruction and Development (EBRD) will extend its geographical mandate to North Africa (sub-Saharan Africa) and Iraq. At a meeting on May 13, the RA National Assembly Commission on Financial, Budgetary and Credit Issues issued a positive conclusion on the amendments submitted by the RA government to the first article on the creation of the Bank.
According to Deputy Minister of Finance R. Eduard Akopyan, Resolution No. 259, allowing for a limited and gradual expansion of the bank's geographic coverage to sub-Saharan Africa and Iraq, was adopted by the bank's Board of Governors on May 18, 2023. According to the resolution, the geography of the Bank's operations has been expanded to include a limited number of countries in the African region and Iraq. Among African countries, the deputy minister pointed to Cote d'Ivoire, Benin, Ghana, Kenya, and Senegal. Thus, the EBRD seeks to expand its activities and diversify its loan portfolio, which, however, as Hakobyan noted, will not affect the financial assistance of the Bank of Armenia. There are also no risks associated with a possible downgrade of the Bank's rating, just as there are no concerns regarding an increase in the authorized capital of the EBRD.
As the Deputy Minister noted, the development of relations with African countries, as an important area, is included in the program of activities of the RA government for 2021-2026. Developing political dialogue with these countries, holding regular political consultations, including in multilateral formats, especially with those international organizations of which Armenia is not a member, ensuring pro-Armenian (or at least neutral) positions of African countries, developing relations in the economic sphere and various other areas, are especially important for intensifying business contacts, protecting the interests of citizens of the Republic of Armenia conducting economic or other activities in these countries.
Armenia attaches great importance to the development of relations with Iraq, which is one of Armenia's main trading partners in the Middle East region, the trade turnover with which has recorded steady growth, especially in recent years. There is a high level of political dialogue, and mutual visits are active at different levels.
Members and shareholders of the Bank are 72 states and 2 organizations - the European Union and the European Investment Bank.
