€1.3 Billion Allocated for Modernization of Armenia's Energy, Road, and Water Infrastructures

On September 23, Deputy Prime Minister Tigran Avinyan received a delegation led by Jürgen Rigtering, the first vice president of the European Bank for Reconstruction and Development (EBRD). This information was reported by the official website of the Government of Armenia.

Welcoming the guest, Tigran Avinyan expressed gratitude to the EBRD for the established effective cooperation, which includes an investment package worth over €1.3 billion and 178 projects. This has contributed to the construction of a more stable financial sector in Armenia, the modernization of energy, road, and water infrastructures, as well as enhancing the country's competitiveness.

Thanking for the reception, Jürgen Rigtering noted that Armenia is going through impressive transformations and they are ready to assist the country in achieving even greater accomplishments. In this context, he also recalled the launch of the "EU-Armenia SME Fund" on September 20, in which the EBRD is one of the participants.

The interlocutors discussed the EBRD's new strategy for the country for 2019-2024, which will be submitted for approval at the EBRD board meeting at the end of November. The cooperation priorities of the strategy were discussed, emphasizing the dynamic approach to project implementation from both sides.

Deputy Prime Minister Avinyan highlighted the importance of the fact that most of the Bank's investment package is focused on the private sector, which is not only a crucial source for mitigating the financial gap in the field but also contributes to the advancement of a culture of corporate governance, accountability, and transparency.

The participants discussed issues related to public-private partnership, the development of local capital markets, and the initial placement of shares of state-owned enterprises. They also touched upon existing projects in the areas of road and water infrastructures, intensive agriculture, renewable energy, public transportation, and information technology, as well as the possibilities for launching new initiatives.