PRIME MINISTER MEETS EBRD DIRECTORS
Armenpress
Oct 14 2005
YEREVAN, OCTOBER 14, ARMENPRESS: Prime minister Andranik Margarian
met today directors from the European Bank for Reconstruction and
Development, who are in Armenia, after visiting Georgia, to learn
more about the state of reforms and transition in the region as the
Bank prepares its new two-year strategy for Armenia, due before the
end of 2005.
Both Georgia and Armenia participate in the Bank’s 2004 Early
Transition Countries (ETC) initiative, which aims to stimulate
market activity in the Bank’s seven lowest-income countries of
operations by using a streamlined approach to financing more and
smaller projects. Armenian government press office said EBRD directors
praised the government for its persisting efforts as a result of which
the economy continues to perform encouragingly in 2005, recording a
growth rate of 11.7 per cent in the first eight months of the year,
in line with the average of the past four years.
They also said the EBRD is considering a variety of new equity
investments and cooperation with Armenia’s strengthening banking sector
to bring more financing to smaller businesses and stressed the key
importance of establishment of a friendly business environment. Total
EBRD investment in Armenia was Euro 32.1 million in May 2005