PREMIER: ARMENIA HOPES TO CONSOLIDATE RELATIONS WITH EBRD

ARKA
Dec 4, 2008

YEREVAN, December 4. /ARKA/. RA Premier Tigran Sargsyan received the
delegation of the European Bank for Reconstruction and Development
(EBRD) on Thursday. The delegation members are head of EBRD Yerevan
office Michael Weinstein, directors of the bank in a number of
countries, representatives the European Investment Bank and European
Community in Eurobank’s Council of Directors.

According to the governmental press-service, Premier Sargsyan expressed
his assurance that the visit of EBRD delegation will contribute to
bilateral solid and deep relations between Armenia and the Bank.

Sargsyan noted despite earlier mentioned problems of implementing some
EBRD programs in Armenia, large-scaled works have been carried out
in the country to reach to a new level of cooperation with the Bank.

Sargsyan attached high importance to cooperation with the private
sector.

Touching upon Armenia’s priorities in collaboration with EBRD, he
stressed enlargement of assistance to small and medium businesses,
development of infrastructures, specifically of energy and road
construction, assistance in forming free economic zones in the
territories bordering on Zvartnots airport and the one in the city
of Gyumri, as well as development of capital market.

The Premier briefed delegation members on Armenia’s current economic
situation and programs for next year, the country’s potential to
resist =0 D world financial and economic crisis.

He noted that Armenia’s advantages are taken into consideration
while developing and implementing crisis management activities
and information on the country’s stability and attractiveness for
investments is supplied to the world community.

The delegation members produced their stand in the issues touched upon,
briefed on Bank’s activities under world financial and economic crisis.

Armenia became a member of EBRD on December 7, 1992, with â~B¬10mln
of share.

The Bank’s portfolio in Armenia is over 100mln EUR this year, and
EBRD intends to increase the sum by 60-70mln EUR.

EBRD currently takes part in the capital of four Armenian banks,
namely Byblos Bank Armenia CJSC, Armeconombank OSJC, ProCredit CJSC
and Araratbank OJSC.

EBRD is one of Armenia’s largest investors and placed â~B¬202mln
through realization of 52 programs.

–Boundary_(ID_5jV2i4stFatFbLWrvJgyCQ)- –

From: Emil Lazarian | Ararat NewsPress