EURASIAN DEVELOPMENT BANK INTENDS TO OPEN A BRANCH IN ARMENIA AND IMPLEMENT 2-3 LARGE INVESTMENT PROJECTS

ArmInfo
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.