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EBRD LAUNCHES NEW STRATEGY FOR ARMENIA
armradio.am
09.06.2009 17:25
The EBRD is prepared to invest over â~B¬180 million across various
sectors of the Armenian economy over the next two years, according
to the EBRD's latest strategy for Armenia.
Serving as a roadmap for EBRD's activity, the strategy for 2009-2010
focuses on areas that will help the country alleviate the effects of
the economic downturn.
Although Armenia is not directly exposed to the turmoil on the
global capital markets, the crisis will reach the country through
diminishing remittances and declining exports. Armenia's fledging
prosperity is likely to be severely tested in the difficult years
ahead, and the country's best hope for weathering the crisis lies in
further developing its small and medium enterprises.
"In these circumstances the EBRD will uphold its commitment
to support private micro, small and medium-sized enterprises by
providing necessary financing for the development of this sector
through local partner banks. At the same time, EBRD will foster its
support for Armenian banks by offering credits for on-lending, and by
introducing such new products as energy efficiency loans. EBRD will
selectively pursue equity participation in Armenia's leading banks
and will encourage consolidation of the banking sector," EBRD says.
In the public sector, the EBRD will also support projects which
promote transition and sector reform.
The EBRD strategy notes that progress in structural reform in Armenia
has slowed down in recent years, and that significant challenges
need to be addressed to promote an investment-friendly environment
in the country. The Bank has identified a number of important issues
that need to be addressed, including diversification of the Armenian
economy, improving the competitiveness of export-oriented production,
promoting competition and limiting monopolies, tackling corruption,
strengthening the financial sector and promoting commercialisation
of public infrastructure.
To maximise the benefits of its investments in Armenia, the Bank will
maintain policy dialogue with local authorities in order to advance
structural and legislative reforms in the country, which will also
increase Armenia's investment appeal among potential investors.
Over the past four years, the EBRD's investment in Armenia has more
than quadrupled and reached â~B¬125 million across 43 projects. The
EBRD's pipeline for next two years in Armenia includes over 30
projects, for investments in excess of 180 million.
armradio.am
09.06.2009 17:25
The EBRD is prepared to invest over â~B¬180 million across various
sectors of the Armenian economy over the next two years, according
to the EBRD's latest strategy for Armenia.
Serving as a roadmap for EBRD's activity, the strategy for 2009-2010
focuses on areas that will help the country alleviate the effects of
the economic downturn.
Although Armenia is not directly exposed to the turmoil on the
global capital markets, the crisis will reach the country through
diminishing remittances and declining exports. Armenia's fledging
prosperity is likely to be severely tested in the difficult years
ahead, and the country's best hope for weathering the crisis lies in
further developing its small and medium enterprises.
"In these circumstances the EBRD will uphold its commitment
to support private micro, small and medium-sized enterprises by
providing necessary financing for the development of this sector
through local partner banks. At the same time, EBRD will foster its
support for Armenian banks by offering credits for on-lending, and by
introducing such new products as energy efficiency loans. EBRD will
selectively pursue equity participation in Armenia's leading banks
and will encourage consolidation of the banking sector," EBRD says.
In the public sector, the EBRD will also support projects which
promote transition and sector reform.
The EBRD strategy notes that progress in structural reform in Armenia
has slowed down in recent years, and that significant challenges
need to be addressed to promote an investment-friendly environment
in the country. The Bank has identified a number of important issues
that need to be addressed, including diversification of the Armenian
economy, improving the competitiveness of export-oriented production,
promoting competition and limiting monopolies, tackling corruption,
strengthening the financial sector and promoting commercialisation
of public infrastructure.
To maximise the benefits of its investments in Armenia, the Bank will
maintain policy dialogue with local authorities in order to advance
structural and legislative reforms in the country, which will also
increase Armenia's investment appeal among potential investors.
Over the past four years, the EBRD's investment in Armenia has more
than quadrupled and reached â~B¬125 million across 43 projects. The
EBRD's pipeline for next two years in Armenia includes over 30
projects, for investments in excess of 180 million.