EBRD Vice-President names factors of Armenia's economic growth

YEREVAN, January 18, /ARKA/. Armenia has a long and impressive track record of sound regulatory decision making, which in turn, ensures the resilience of its financial sector, European Bank for Reconstruction and Development (EBRD) Vice President Mark Bowman said in an exclusive interview with ARKA news agency.

He said this means that financial institutions were ready for recent crises, allowing them to meet the challenges without bankruptcies or capital issues.

'In terms of green finance, things are definitely moving towards the right direction. We would like to welcome Armenia’s efforts to mitigate and adapt to the effect of the climate change. The country remains committed to the multilateral process and has ratified the Paris Agreement back in February 2017, and it aims to double the share of renewables in its energy generation and to become carbon neutral by the second half of the century,' he said.

According to EBRD Vice-President, regulatory decision making in Armenia has been very stable, which is very important for foreign investments.

In the long-run, this is a very positive factor for Armenia’s economic growth. There are some sectors, which can act as catalysts for the long-term growth. Armenia has very good prospects in solar power generation – the country receives a lot of sunshine and conditions are favourable for high efficiency solar power plants. Armenia also excels in the regional ICT sector, with a large pool of highly skilled professionals and several unicorns in the making. Tourism sector can also be very attractive due to Armenia’s rich cultural heritage, tradition of hospitality, and beautiful nature,' he said.

You can read the interview in full  here. -0-