YEREVAN, September 19. / ARKA /. The new head of the Yerevan Resident Office of the European Bank for Reconstruction and Development ( EBRD), Mark Davis, told a news conference today he is going to make every effort to continue the implementation of the Bank's programs to promote Armenia’s private sector development. According to him, currently about 90 % of EBRD investments here are channeled into the private sector.
"I am very pleased to have been appointed to this position , and I hope to be able to work effectively with the Yerevan Office team. We will continue efforts to promote business development , both directly and through financial intermediary, as well as continue to provide advisory services to the private sector , " he said.
Mr. Davis said the Bank’s priorities in Armenia for the next few years are to continue developing the financial sector and access to finance, upgrading municipal and urban transport infrastructure, developing agribusiness and high value-added, export-oriented industrial companies, improving the regulatory and institutional framework for sustainable energy, and raising corporate governance standards and increasing transparency in the mining sector.
"I think we also have enough resources to promote the development of the local capital market. This is the direction the Bank follows all over the world , and we see the potential in this sphere in Armenia" , - he concluded.
Mark Davis replaced Valeriu Razlog who has been appointed as Senior Banker in the Natural Resources team at the EBRD’s headquarters in London.
Prior to taking up the position at the EBRD, Davis was an Executive Director at Goldman Sachs (2010-12), and Morgan Stanley (2007-10), focusing on debt capital markets, derivatives, distressed debt and structured commodity finance. Prior to working in the private sector, Davis served as an economist, policy advisor and development policy loan leader at the World Bank (1996-2006), with assignments in Moldova, Ukraine and Kazakhstan. Davis, who is a US citizen, holds a Doctorate in Economics from Tulane University and is fluent in English, Russian and French.
The EBRD has been working in Armenia since the country gained independence in 1991. Its focus is on helping to diversify the economy by supporting investment in various sectors, as well as supporting the development of the financial sector and small and medium-sized enterprises. To date, the Bank has invested more than EUR 656 million across 120 projects in the country. -0-