EDB investment portfolio


13 projects

$270.5 million

3.5% of the total

EFSD investment portfolio


4 projects

$491 million

9% of the total

Armenia became a full member of Eurasian Development Bank in April 2009. Its contribution to the Bank’s capital is US $100,000.



According to the Statistical Committee, in 3Q2018 GDP growth was 2.7% YoY, down from 7.5% YoY in the 2Q2018 and from 9.7% YoY in 1Q2018. In January to September 2018, economic growth was 6.0% compared to the same period of the previous year.

The slowdown in GDP growth from its level of the first half of 2018 is mainly attributable to a fall in agricultural output by 10.8% YoY in the 3Q2018, caused by adverse weather conditions which affected the 2018 harvest. Other significant factors behind the economic growth deceleration included a decrease in the mining of ores due to tighter environmental standards’ enforcement and a halt in growth in the construction industry, that recorded a 0.4% YoY activity decline in 3Q2018 after 6.9% YoY growth a quarter before.

Economic growth was still being supported by trade (wholesale and retail), that recorded a growth of volumes by 9.0% YoY in 3Q2018 (vs. 8.3% YoY a quarter before).

Among the main manufacturing industries, fast growth continued in the food industry (14% YoY in September 2018) and in the production of other non-metal mineral products (39% YoY in September).


Inflation increased from 0.9% YoY in June 2018 to 3.5% YoY in September 2018. The main factor behind its acceleration was food price growth resulting from a smaller harvest than the previous year’s. Non-food product price growth slowed from 5.3% in June to 3.9% in September 2018, while service price growth decelerated from 1.4% YoY in June to 0.7% YoY in September.

In November 2018, inflation slowed again to 1.8% YoY as food inflation decreased and the prices of other components of the consumer basket showed a stable growth rate. The factors behind inflation’s decrease in October and November 2018 included the comparative base effect created by relatively fast food price growth in October and November 2017.

External Sector

In the first half of 2018, the balance of payments posted a current account deficit of USD 449 million, or 8.9% of GDP. In 3Q2018 the current account remained in deficit, as is indicated by the widening of the trade deficit in the 3Q2018 compared to the first half of 2018. One of the causes of the trade deficit growth was higher spending on energy imports as oil and gas prices increased.

In 3Q2018 remittances sent by Armenians working abroad, a major source of external funding for the economy, decreased by 3.6% YoY in dollar terms. The decrease in remittances from Russia as the ruble to dollar exchange rate weakened was partly offset by the growth of remittances from other countries.

Despite the persistence of a considerable current account deficit, gross external debt stabilized as a share of GDP in the first half of 2018. Rapid economic growth reduced it from 91.2% of GDP in December 2017 to 86.9% in June 2018 (USD 10.6 billion).

Fiscal Policy

In January to September 2018, the State budget posted a deficit of 15.0 billion drams, or 0.4% of GDP (vs. a deficit of 92.8 billion drams, or 2.5% of GDP, the year before). Public finance improved in particular due to the decrease in budget expenditure from 26% of GDP to 23.1%.

The 2019 budget aims to reduce the deficit to 152 billion drams, down from 161 billion in 2018. The Budget Law envisages 14% income growth and 12% expenditure growth over the 2018 levels.

Public debt stabilized as the State budget was better balanced. In 3Q2018, public debt was 3.2 trillion drams, or 55.1% of GDP, down from 3.3 trillion drams, or 58.7% of GDP, at the end of 2017.

Monetary Policy

The Central Bank of Armenia did not change its refinancing rate between July and November 2018. The monetary authority expects inflation to keep below its 4% target level for most of 2019–2021 and to reach the target level at the end of the projection period only.

In September 2018, the cumulative volume of commercial banks’ loans to residents exceeded the level of the same period in the previous year by 19.6% YoY. The portfolio of loans to corporate sector slowed its growth to 15.6% YoY in September, after 22.3% YoY in June. This slowdown was offset by accelerated growth in lending to individuals, to 25.6% YoY in September 2018, up from 19.7% YoY in June 2018.

The deposit base growth in 3Q2018 fell behind the growth in lending and continued to decelerate: the volume of residents’ deposits with commercial banks grew by 10.3% YoY in September 2018 after 14.2% YoY growth in June 2018.

The dollarization level continued to decrease gradually: the share of deposits in foreign currency was down to 53.3% in September 2018 (from 57.2% the year before), while the share of foreign currency loans fell to 56.6% (62.3% the year before).

Публикации по стране

Belt and Road Transport Corridors: Barriers and Investments
Learn more
28 December 2018
The Eurasian Development Bank (EDB) and Armsanproduct signed a loan agreement to finance the construction of a 53.4 ha semi-closed greenhouse for year-round tomato cultivation, and a 6.6 ha seedling section
24 August 2018
The Eurasian Development Bank (EDB) has become a participant in Nasdaq OMX Armenia’s foreign exchange and government bond markets. Thereby, the EBD gets direct access to transactions in Armenia’s national currency and government securities. Should there arise demand on the part of market participants, the Bank is ready to offer market making services on Nasdaq OMX Armenia in respect of transactions in the national currencies of its member states. The EDB is at present a market maker for the RUB/KZT pair at the Kazakhstan Stock Exchange and Moscow Exchange
06 August 2018
The net profits of the Eurasian Development Bank (EDB) amounted to US $37.542 million in the first half of 2018, while the target fixed in the bank's strategy until 2022 for the whole year is at US $32 million
03 August 2018
The Eurasian Development Bank (EDB), the Resources Manager of the Eurasian Fund for Stabilization and Development (EFSD, the Fund), and the Republic of Armenia have signed a Grant Agreement of US $1 million to be provided from the EFSD resources to support the Project “Improving Prevention and Control of Noncommunicable Diseases in Primary Health Care”. Andrey Beliyaninov, Chairman of the EDB Management Board, and Vardan Aramyan, Minister of Finance of the Republic of Armenia, signed the relevant document in April 2018
25 July 2018
The EDB announces the completion of the technical issue of 001P-01 bond of the nominal value of RUB 10 billion at the Moscow Stock Exchange under the programme (identification number 4-00002-L-001P-02E of 14 June 2018). The coupon rate is 7.60% per annum, the yield is 7.74%. The bond maturity is 1.5 years
19 July 2018
The Council of the Eurasian Fund for Stabilization and Development (EFSD), based on the outcomes of voting by correspondence, has approved the EFSD Annual Report 2017. The EFSD Annual report includes information on the activities undertaken by the Eurasian Development Bank in its capacity of the EFSD Resources Manager and related to manging and administering the EFSD resources in 2017
17 July 2018
Andrey Beliyaninov, Chairman of the Management Board of the Eurasian Development Bank, will talk at the Financing the Real Sector of the Economy Business Forum to take place on 19 July in Moscow
16 July 2018
Applications are invited for enrolment to the International Eurasian Integration School 2018 titled The Eurasian Economic Union: Contouring the Future. The school has been launched by the Russian International Affairs Council, the Alexander Gorchakov Public Diplomacy Fund, the Eurasian Economic Commission, and the Eurasian Development Bank
25 June 2018
The Council of the Eurasian Development Bank (EDB) approved the Bank’s new mid-term strategy for 2018-2022. The meeting was chaired by Bakytzhan Sagintayev, Prime Minister of the Republic of Kazakhstan and Chair of the EDB Council
04 June 2018
The Eurasian Development Bank’s (EDB) delegation headed by Andrey Beliyaninov, Chairman of the Management Board, took part in the Third Annual Meeting of the New Development Bank (NDB) in Shanghai on 28-29 May

Yerevan Representative Office

Erebuni Plaza Business Centre, office 811, 26/1 Sargsyan St., Yerevan, 0010, Republic of Armenia

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