EBRD: Armenian authorities to strengthen economic stability

YEREVAN, November 27. /ARKA/. The Armenian authorities need to do more to improve the quality of regulation, strengthen institutional capacity and enhance government effectiveness, said Elisabetta Falcetti, Managing Director for Turkey and the Caucasus at the European Bank for Reconstruction and Development (EBRD).

‘’We praise authorities’ sound macroeconomic management and professionalism in preserving financial sector stability. They serve as a strong pillar of economic stability. The government has made progress in reducing corruption, improving transparency and setting up anti-corruption institutions. Those reform efforts should continue. More efforts are needed in improving regulatory quality, enhancing institutional capacity and increasing government effectiveness,’’ she said in an interview with the ARKA news agency. 

Noting that low carbon economy and digitalisation are in the core of the current EBRD strategic focus in all our countries of operations including in Armenia, Falcetti explained that digitalisation of public services in Armenia has a potential to enhance efficiency of public administration and improve governance. 

‘’The ‘green’ policy agenda can improve energy resilience of the country bearing in mind favourable natural conditions. We are ready to support the investments in solar energy, upgrading the transmission network and building more interconnections with neighbouring countries. That can strengthen energy resilience and at the same time accelerate the economic growth,’’ stated she.

The EBRD is one of the leading institutional investors in Armenia. The Bank’s key priorities in Armenia include enhancing the competitiveness of companies and supporting financial sector intermediation through risk-sharing products. Since its establishment in Armenia, the EBRD has invested €2.4 billion through 220 projects in the energy, infrastructure, telecommunications and finance sectors.