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ASIAN DEVELOPMENT BANK TO PROVIDE CONCESSION CREDITS OF 140 MILLION DOLLARS TO ARMENIA IN NEXT TWO YEARS
Noyan Tapan
http://www.nt.am?shownews=1009870
Nov 19, 2008
YEREVAN, NOVEMBER 19, NOYAN TAPAN. With the foundation of the Yerevan
Office of the Asian Development Bank (ADB), a new page opens in
cooperation between the ADB and Armenia. Armenia joined ADB three
years ago, after which agreements on credit assistance of the total
amount of 83 million USD in three strategic directions have been
signed with the Armenian government.
The bank is prepared to provide concession credits of 140 million
USD to Armenian government in the next two years for implementation
of a number of projects. The President of the ADB Haruhiko Kuroda
stated this at the opening ceremony of the ADB Office in Yerevan on
November 18. 67 countries are ADB members, and the bank has offices
in 27 of these countries.
In the words of H. Kuroda, in recent years the Armenian government
has conducted a sound macroeconomic policy. It has contributed to
an impressive economic growth of the country, which is a pledge of
future success in cooperation with ADB. "However, in parallel with
this progress, Armenia is facing new challenges to its development,
and we are pleased with the fact that the Armenian government expressed
a willingness to overcome these challenges and deepen the process of
reforms," H. Kuroda stated.
According to him, the concession credits to be allocated by ADB to
Armenia will be spent, in particular, on several short-term programs,
including the creation of a transport corridor through Armenia,
the improvement of governance, and the development of the banking
and non-banking sectors. "We will assist so that the economic growth
rates will not slow down," H. Kuroda underlined.
In the opinion of Armenian Prime Minister Tigran Sargsyan, the ADB
Office in Yerevan opens just in time as the bank's mission is help
the Armenian authorities to overcome the existing challenges and
increase the resistibility of Armenian economy. "We attach importance
not only to financial resources to be allocated for implementation of
projects in Armenia but also to the technical assistance, experience
and knowledge accumulated by ADB," the prime minister pointed out. He
added that the main programs on cooperation between the bank and
Armenia were approved, ther implementation has begun, which will
become a great stimulus for creating a favorable climate for business
development and Armenian GDP's growth in 2009.
As regards the programs to be implemented jointly with ADB, T. Sargsyan
noted that the improvement of rural roads is of special importance in
terms of indentifying the economic potential of Armenian regions. The
implementation of such credit programs as development of the water
supply systems, as well as strategic projects on creation of an
e-government system, improvement of the business climate and formation
of free economic zones will have a considerable impact on Armenian
economy and allow the country to reduce the consequences of the
global economic crisis to a minimum. It was also considered important
to create, within the framework of ADB programs, an opportunity of
obtaining additional funds for small and medium enterprises in Armenia.
During a press conference held following the opening ceremony,
T. Sargsyan explained that the underdevelopment of infrastructures
is one of the weaknesses of the Armenian economy, while ADB has
the necessary experience and opportunities to help Armenia in this
problem. In his words, it is no accident that the first program
implemented in Armenia with ADB resources is the project on development
of rural motorways and the water supply systems of small towns. It was
mentioned that ADB carried out programs on introduction of e-government
systems in South Korea, Singapore and Malaysia.
The speaker attached importance to ADB's participation in the project
of constructing the Armenia-Iran transit railway and a parallel
motorway.
During the opening ceremony of the ADB Office in Yerevan, H. Kuroda
and the RA minister of economy Nerses Yeritsian signed a new agreement
between ADB and Armenian government, by which the bank will provide
an additional loan to Armenia. According to N. Yeritsian, the loan
will amount to SDR 11 million at IMF. This money will be used for
the improvement of motorways in 5 marzes (provinces) adjacent to
Ararat Valley and the development of water supply systems in Vayots
Dzor marz. He said that the additional loan was provided to make up
for the loss of funds under the previous credit program because of
currency fluctuations.
Noyan Tapan
http://www.nt.am?shownews=1009870
Nov 19, 2008
YEREVAN, NOVEMBER 19, NOYAN TAPAN. With the foundation of the Yerevan
Office of the Asian Development Bank (ADB), a new page opens in
cooperation between the ADB and Armenia. Armenia joined ADB three
years ago, after which agreements on credit assistance of the total
amount of 83 million USD in three strategic directions have been
signed with the Armenian government.
The bank is prepared to provide concession credits of 140 million
USD to Armenian government in the next two years for implementation
of a number of projects. The President of the ADB Haruhiko Kuroda
stated this at the opening ceremony of the ADB Office in Yerevan on
November 18. 67 countries are ADB members, and the bank has offices
in 27 of these countries.
In the words of H. Kuroda, in recent years the Armenian government
has conducted a sound macroeconomic policy. It has contributed to
an impressive economic growth of the country, which is a pledge of
future success in cooperation with ADB. "However, in parallel with
this progress, Armenia is facing new challenges to its development,
and we are pleased with the fact that the Armenian government expressed
a willingness to overcome these challenges and deepen the process of
reforms," H. Kuroda stated.
According to him, the concession credits to be allocated by ADB to
Armenia will be spent, in particular, on several short-term programs,
including the creation of a transport corridor through Armenia,
the improvement of governance, and the development of the banking
and non-banking sectors. "We will assist so that the economic growth
rates will not slow down," H. Kuroda underlined.
In the opinion of Armenian Prime Minister Tigran Sargsyan, the ADB
Office in Yerevan opens just in time as the bank's mission is help
the Armenian authorities to overcome the existing challenges and
increase the resistibility of Armenian economy. "We attach importance
not only to financial resources to be allocated for implementation of
projects in Armenia but also to the technical assistance, experience
and knowledge accumulated by ADB," the prime minister pointed out. He
added that the main programs on cooperation between the bank and
Armenia were approved, ther implementation has begun, which will
become a great stimulus for creating a favorable climate for business
development and Armenian GDP's growth in 2009.
As regards the programs to be implemented jointly with ADB, T. Sargsyan
noted that the improvement of rural roads is of special importance in
terms of indentifying the economic potential of Armenian regions. The
implementation of such credit programs as development of the water
supply systems, as well as strategic projects on creation of an
e-government system, improvement of the business climate and formation
of free economic zones will have a considerable impact on Armenian
economy and allow the country to reduce the consequences of the
global economic crisis to a minimum. It was also considered important
to create, within the framework of ADB programs, an opportunity of
obtaining additional funds for small and medium enterprises in Armenia.
During a press conference held following the opening ceremony,
T. Sargsyan explained that the underdevelopment of infrastructures
is one of the weaknesses of the Armenian economy, while ADB has
the necessary experience and opportunities to help Armenia in this
problem. In his words, it is no accident that the first program
implemented in Armenia with ADB resources is the project on development
of rural motorways and the water supply systems of small towns. It was
mentioned that ADB carried out programs on introduction of e-government
systems in South Korea, Singapore and Malaysia.
The speaker attached importance to ADB's participation in the project
of constructing the Armenia-Iran transit railway and a parallel
motorway.
During the opening ceremony of the ADB Office in Yerevan, H. Kuroda
and the RA minister of economy Nerses Yeritsian signed a new agreement
between ADB and Armenian government, by which the bank will provide
an additional loan to Armenia. According to N. Yeritsian, the loan
will amount to SDR 11 million at IMF. This money will be used for
the improvement of motorways in 5 marzes (provinces) adjacent to
Ararat Valley and the development of water supply systems in Vayots
Dzor marz. He said that the additional loan was provided to make up
for the loss of funds under the previous credit program because of
currency fluctuations.