ARMENIA NEEDS TO DEVELOP ITS CAPITAL MARKET
PanARMENIAN.Net
15.01.2010 15:09 GMT+04:00
/PanARMENIAN.Net/ Development of capital market will enable Armenian
companies to access other funding sources, according to Valeriu Razlog,
Head of EBRD Yerevan RO.
Armenia needs to diversify its economy and enhance business atmosphere
to provide companies’ access to other funding sources, he told a
PanARMENIAN.Net reporter.
"In that regard, we see great progress in Armenian economy," he said,
adding that the country is currently implementing legislative reforms
to increase its competitiveness on international market.
The European Bank for Reconstruction and Development (EBRD) is an
international financial institution that supports projects in 29
countries from central Europe to central Asia. Investing primarily in
private sector clients whose needs cannot be fully met by the market,
the Bank promotes entrepreneurship and fosters transition towards
open and democratic market economies.
The EBRD is the major investor in Armenia. Its 2009, investments
totaled USD 150 million against of the USD 75 million in 2008. So far,
EBRD has invested over 335 million euro in the country’s economy for
implementation of over 70 projects.