ArmInfo. The Asian Development Bank (ADB) is currently exploring the possibilities of establishing a special economic zone in Gyumri. This was reported by the Bank's press service, citing the visit of an ADB delegation to Gyumri.
The Asian Development Bank team has specifically focused on the legal framework, identifying gaps in the current conceptual project, and assessing investment opportunities and infrastructure needs. During these tasks, the ADB collaborated with the Ministry of Economy of Armenia, the Gyumri City Hall, representatives from the private sector, and representatives from existing free economic zones.
as stated by the source. Note that The ADB has been working with Armenia since 2005. As of April 2024, the Bank has implemented numerous projects in Armenia worth $1.9 billion, aimed at developing the transport, financial, energy, water, and other infrastructure sectors. According to the Bank's April forecast, Armenia is expected to see 5.7% economic growth in 2024, accelerating to 6% in 2025.
