ADB presents cooperation with Armenia in 2019

YEREVAN, May 19. /ARKA/. In its published report for 2019, the Asian Development Bank presented a new Partnership Strategy with Armenia. The ADB-approved program also touches Azerbaijan, Bhutan, Cambodia, Fiji, Georgia, Nepal, and Uzbekistan.

Partnership strategy

As previously reported, the new 5-year Partnership Strategy with Armenia, approved by the Asian Development Bank, aims to expand economic diversification and provide opportunities for all residents of the country to take advantage of economic growth.

As part of the new Partnership Strategy with Armenia for 2019-2023, ADB will attach importance, first of all, to infrastructure investments, improving the most important public services, as well as expanding regional cooperation and stimulating integration. Enhancing institutional capacity and fostering governance reforms will be overarching priorities.

The future-oriented partnership strategy, approved in October 2019, will help to understand how a country can use technology for economic diversification, plan scientific and technological programs, use investments in human capital and urban development to have a knowledge-based economy.

It is noted that the goal of the strategy is to create a market-oriented economy, ensure inclusive and sustainable growth, as well as expand trade.


USD 10 million for education and healthcare reform

In 2019, for the first time, ADB provided a $ 10 million loan to Armenia’s social sector to improve the quality, access to education and healthcare for poor children and youth.

Earlier, the press service of the bank reported that a demographic shift was observed in Armenia: the share of children under the age of 18 in the total population decreased from 37% in 1990 to 25% at present, which indicates a forthcoming reduction in the workforce in the country. It was reported that access to quality education, medical care, and funding for these areas was unsatisfactory. This leads to a decrease in the professional skills of the young generation and the emergence of health problems, which creates a shortage of personnel for employers and has adverse impacts on the health of the population.

Gender equality and ecology

In 2019, ADB has completed the development of gender assessments in Armenia, Azerbaijan, and the Kyrgyz Republic, which will impact future investment planning and help dialogue with partners to increase gender equality.

In 2019, the ADB signed an agreement with the United Nations Development Program to apply business models for technology enterprises in Armenia. Through the agreement, ADB and UNDP will provide technical expertise and financing to help environmental-friendly companies use new technologies for sustainable development.

USD 40 million to improve economic management

In 2019, ADB provided a $ 40 million loan to Armenia to improve management by strengthening fiscal sustainability, investing in the private sector and developing the capital market.

Cooperation with Armenia

According to the report, as of 2019, the ADB financing in Armenia totaled $ 142.9 million, of which $ 94.2 - loans and grants (sovereign and non-sovereign), $ 2.1 - technical support, $ 46.7 - project co-financing. A $ 43.9-million loan was singled out in the program for the construction of a steam-gas combined cycle power unit of the Yerevan CHP.

The Asian Development Bank (ADB) was founded in 1966. The Asian Development Bank envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific. ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. It has been cooperating with Armenia’s government since 2005. The total package of implemented programs of the bank in Armenia as of October 2019 exceeds $ 1.5 billion. The bank has 68 member countries, 49 of which are from this region. -0-

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12:48 05/19/2020