YEREVAN, October 22. / ARKA /. The European Bank for Reconstruction and Development (EBRD) is expected to invest in the Armenian economy about 90 million euros this year, virtually as much as in 2012, according to Mark Davis, the head of EBRD Yerevan Office, who told reporters that the effectiveness of EBRD’s investments in Armenia is very high.
Mr. Davis also said that cooperation with Armenian partners allows EBRD to accelerate and facilitate all financing procedures as local banks are familiar with the clientele base, have an understanding of local market conditions and therefore their credit risks assessments are quite reliable.
He said loans provided to clients through Armenian banks become much more accessible and the fact that EBRD cooperates here with 12 banks indicates the willingness of banks to cooperate.
Mr. Davis said the amount of 2014 financing has not been determined yet, but the Bank will make every effort to finance implementation of interesting projects.
Mr. Davis noted that the EBRD focuses on the financing of small and medium-sized businesses, agriculture, services, construction, manufacturing, mining sector and energy.
He said EBRD could provide finances to more agricultural projects because it believes that agriculture is a very important sector.
The EBRD has been active in Armenia since the country’s independence in 1991, and has, to date, invested over €652 million in 123 investment projects. The Bank is focused on supporting the development of the financial sector, with the aim of improving access to finance for local enterprises, especially those operating in the rural regions of Armenia. In 2013 the EBRD signed seven projects in Armenia, for a total of approximately US$ 44 million. .-0-