Announcement

Collapse
No announcement yet.

EBRD To Earmark 180 Million Euro For Armenia's 2009-2010 Assistance

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • EBRD To Earmark 180 Million Euro For Armenia's 2009-2010 Assistance

    EBRD TO EARMARK 180 MILLION EURO FOR ARMENIA'S 2009-2010 ASSISTANCE PROGRAMS

    ARKA
    June 9, 2009

    YEREVAN, June 9. /ARKA/. EBRD is prepared to invest over 180 million
    Euro across various sectors of the Armenian economy over the next
    two years, according to 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, EBRD says in
    its statement.

    Under these circumstances, 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 vows staunch support to 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.

    In the public sector, EBRD will also support projects w hich promote
    transition and sector reform.

    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, EBRD's investment in Armenia has more than
    quadrupled and reached 125 million Euro across 43 projects. EBRD's
    pipeline for next two years in Armenia includes over 30 projects,
    for investments in excess of 180 million.

    EBRD is the largest single investor in Armenia. To date the Bank has
    committed over 240 million Euro in 64 projects in all major sectors
    of the economy.

    Owned by 61 countries and two intergovernmental institutions, EBRD
    is supporting the development of market economies and democracies
    from Central Europe to Central20Asia.
Working...
X