Baghdasaryan: EIB-financed projects very important for Armenia’s economy

|

USD

391.83

EUR

425.02

RUB

4.665

GEL

141.07

Economy

05.03.2014, 17:36

The projects financed by the European Investment Bank are very important for development of Armenia’s economy, Arthur Baghdasaryan, the secretary of Armenian National Security Council, said Wednesday as met with an EIB delegation headed by Philip Simchak, chief of the bank’s division in charge of lending.

Baghdasaryan: EIB-financed projects very important for Armenia’s economy

YEREVAN, March 5. /ARKA/. The projects financed by the European Investment Bank are very important for development of Armenia’s economy, Arthur Baghdasaryan, the secretary of Armenian National Security Council, said Wednesday as met with an EIB delegation headed by Philip Simchak, chief of the bank’s division in charge of lending.

Baghdasaryan is quoted by the council’s press office as saying that Armenia has experience in cooperating with the European Investment Bank.

As an example of successful cooperation with the EIB, he pointed out the modernization of three border crossings - Bagratashen, Bavra and Gogavan. The European Investment Bank is co-financing this project.

In addition to the EBRD that has released 10.294 million euros, also the European Investment Bank will release 30,316 million euros to finance the modernization project. Funds will come also from the European Union’s Neighbourhood Investment Facility (12 million euros in grants) and the United Nations Development Programme (more than 4 million euros as grant).

Simchak, on his side, said that the European Investment Bank has embarked on the analysis of Eastern Partnership countries’ strategic needs and will finance projects in education health care, infrastructure modernization, energy and SME areas.

As part of the integrated border modernization program, Bagratashen , Bavra and Gogavan border crossings will be modernized in conformity with the best international standards to make it easier to cross the border, to reduce corruption risks and red tape. .-0---

Deputy Minister of Economy reveals reason behind decline in trade with European Union

Armenian Deputy Economy Minister Narek Hovakimyan revealed the main reason behind the decline in the trade turnover with the EU in 2024.

24.03.2025 17:48

Armenia's 2025 budget introduces mechanism for carrying over unrealized capital expenditures to next year - Finance Ministry

For the first time, a mechanism for carrying over unrealized commitments on contractual capital expenditures to the next budget year has been introduced in Armenia's 2025 state budget, Finance Minister Vahe Hovhannisyan said.

24.03.2025 16:35

EDB predicts completion of refinancing rate reduction cycle in Armenia

The Eurasian Development Bank (EDB) expects that the cycle of reducing the refinancing rate in Armenia has concluded, following the stabilization of inflation within the target range set by the Central Bank of Armenia (3±1%).

24.03.2025 10:48

Armenia's withdrawal from EEU at the stage of negotiations on joining the EU will cost 30-40% of its GDP – Shoigu

Armenia will lose many privileges if it joins the European Union, as it will have to withdraw from the Eurasian Economic Union (EEU), Secretary of the Russian Security Council Sergei Shoigu told reporters.

20.03.2025 19:54

Armenia and Russia discuss expansion of trade and economic cooperation

Armenian Minister of Economy Gevorg Papoyan, who is on a working visit to Moscow, discussed with Russian Minister of Economic Development Maxim Reshetnikov a set of issues related to the expansion of trade and economic cooperation between the countries.

20.03.2025 17:01

Armenia's economy may show growth of around 6% in 2025 - Central Bank Board member

Surveys conducted by the Central Bank of Armenia among participants in the real sector indicate that economic growth is expected to stabilize at around 5% in the long term, with expectations for the current year slightly below 6%, said Levon Sahakyan, a member of the Central Bank Board.

20.03.2025 14:44

Armenian parliamentary committee approves double taxation agreement with Hong Kong

The Parliamentary Committee on Economic Affairs gave a positive conclusion regarding the ratification of the agreement on the elimination of double taxation of income between Armenia and Hong Kong during a meeting on Wednesday.

19.03.2025 13:00

Armenia is ready to deepen trade and economic relations with EU in all areas – Minister

Armenia is ready to continue and deepen its trade and economic relations with the EU in all possible areas, said Economy Minister Gevorg Papoyan on March 18 during a meeting with Meglena Kuneva, a lecturer at the Diplomatic Academy of the European External Action Service, former chief negotiator and EU commissioner, and former Deputy Prime Minister of Bulgaria.

19.03.2025 09:49