Eurasian Development Bank intends to open a branch in Armenia and
implement 2-3 large investment projects

2009-05-23 13:02:00

ArmInfo. The Eurasian Development Bank intends to open a branch in
Armenia and implement 2-3 large investment projects, Armenian Prime
Minister Tigran Sargsyan said, Friday, when replying
to ArmInfo correspondent’s question.

He said that within the frames of the sitting of the Council of CIS
prime ministers, he met Chairman of Board of the Eurasian Development
Bank Igor Finogenov. "We discussed issues directly related to
investment projects to be implemented by the bank in Armenia",- the
prime minister said. In particular, Armenia has become the third
country-founder of EDB. He added that in summer 2009 the EDB is going
to visit Armenia, and this visit will cover various investment
projects, one of them in the sphere of ore-mining industry. "Armenian
banks can’t implement large investment projects, and the Eurasian Bank
can do this",- he stressed.

To recall, on February 3 the Armenian parliament ratified the agreement
"On creation of the Eurasian Development Bank", founders of which are
Russia and Kazakhstan. Armenia’s share participation in the bank will
initially make up $100 thsd allocated from the government’s emergency
fund. The invested amount will allow the Armenian party to fully
participate in management of the bank, and during distribution of
profit to receive a share commensurable with its participation.
Armenia’s participation in EDB will give an opportunity to attract
funds when reforming the country’s infrastructures, developing
agriculture, industry, ore-mining industry. The energy sphere will most
of all benefit from Armenia’s participation in EDB capital. In
particular, large projects will be implemented – construction of a new
power unit of Armenian Nuclear Power Plant , Meghri, Lori-Berd and
Shnogh hydro-power plants, as well as laying of Iran-Armenia railway
mainline.