EDB delegation in Yerevan discusses current and future cooperation between EDB and Armenia
Yerevan, 15 April 2015. On
During the visit Dmitry Pankin met with Armenia’s President Serzh Sargsyan to discuss the preliminary results of EDB’s five years of work in Armenia and key areas for its future operations in the country.
The delegation also had negotiations with Prime Minister Ovik Abraamyan, Central Bank Chairman Artur Dzhavadyan, Vice Prime Minister and Minister of International Economic Integration and Reform Vache Gabrielyan, and Minister of Transport and Communications Gagik Beglaryan. The parties discussed the work of EDB and the EurAsEC Anti-Crisis Fund (ACF), which is managed by EDB, as well as potential joint investment projects and programmes.
In addition, EDB and the Armenian government signed an agreement on the provision of an investment credit from the ACF to finance the construction of the North-South road corridor. The Chairman of the Management Board at EDB said that he appreciated EDB and Armenia’s cooperation in preparing this first large joint infrastructure project. «Financing investment projects in the area of infrastructure is a priority for EDB and the EurAsEC ACF,» said Dmitry Pankin.
EDB’s current investment portfolio in Armenia amounts to US $51.5 million and accumulated investment portfolio US $127.5 million. The ACF has two projects in Armenia: the construction of the North-South road corridor (Phase 4) and the upgrade and enhancement of irrigation systems.
During EDB’s mission to Armenia in February 2015 Armenian ministries said they were interested in raising ACF funds to finance infrastructure projects, including the new phase of the North-South road corridor, the construction of the South Armenian railroad, a network of irrigation reservoirs in Armenia, and some other projects.
Additional Information
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
Read more at https://www.eabr.org
The EurAsEC Anti-Crisis Fund (ACF) amounting to US$8.513 billion was formed on 9 June 2009 by the governments of six countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The objectives of the ACF are to assist the member countries in overcoming the consequences of global financial crisis, ensure their economic and financial stability, and foster integration processes in the region. The ACF member countries signed the Fund Management Agreement with Eurasian Development Bank giving it the role of the ACF Resources Manager.
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