EBRD: WILL INVEST EUR180 MILLION IN ARMENIA OVER NEXT 2 YEARS
Wall Street Journal
09-706393.html
June 9 2009
LONDON (Dow Jones)–The European Bank for Reconstruction and
Development Tuesday said it will invest EUR180 million in Armenia
over the next two years.
The development bank said that although the country isn’t greatly
exposed to the global financial crisis, it will suffer from a drop in
remittances from Armenians working outside the country, and declining
exports.
The EBRD said it will provide loans to Armenian banks that will be
used to finance companies operating in the country, and will make
"selective" equity investments in its leading banks.
In its review of its strategy for the country, the EBRD said reforms
have slowed in recent years and a number of issues need to be
addressed, including "promoting competition and limiting monopolies,
tackling corruption (and) strengthening the financial sector."
The EBRD was established in 1991 to help countries in eastern Europe
and the former Soviet Union make the transition from centrally planned
to market economies.
It is the largest single investor in Armenia, having committed EUR240
million to 64 projects in the country.
From: Emil Lazarian | Ararat NewsPress
