Thursday, November 14 2024 16:34
Alina Hovhannisyan

Asian Development Bank exploring possibility of setting up special  economic zone in Gyumri

Asian Development Bank exploring possibility of setting up special  economic zone in Gyumri

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. 

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