EDB to build up its investments in Armenia to $300 million
06.09.2018,
13:09
The Eurasian Development Bank (EDB) will build up its investments in Armenia to $300 million, up from the current $60 million, Eurasian Development Bank (EDB) board chairman Andrei Belyaninov said at a Eurasian Media Congress in Almaty, Kazakhstan, on Thursday.
ALMATY, September 6. /ARKA/. The Eurasian Development Bank (EDB) will build up its investments in Armenia to $300 million, up from the current $60 million, Eurasian Development Bank (EDB) board chairman Andrei Belyaninov said at a Eurasian Media Congress in Almaty, Kazakhstan, on Thursday.
He said this is very good figure for the country, given that Armenia’s share in the bank is $100,000 only.
"We work through Armenian banks to finance small and medium businesses and have prepared a program for investing in the energy system," said Belyaninov.
He said the investment program is at the final stage with the Bank’s board expected to make the final decision as early as next week, to be followed by phased implementation, as stipulated in the agreement.
The next sector is the agriculture of Armenia, in particular, the Spayka company - the largest player in the agricultural sector of the country, which deals not only with the production, but also with the processing, transportation and sale of Armenian agricultural products mostly in Russia. The bank is also considering the possibility of investing in the Armenian telecommunications company Ucom.
Among other financial projects in Armenia, Belyaninov mentioned the work of the Eurasian Fund for Assistance and Development, which through the EDB is engaged in the development of economies by providing long-term loans with 1% interest rate.
EDB’s investment portfolio as of August 1, 2018 stood at $3.092 billion. Some 76 investment projects in 6 member countries of the Bank are in the financing stage.
The Eurasian Media Congress, organized by the Eurasian Development Bank, is taking place in the suburbs of Almaty on September 5-8. About 60 representatives of the leading media of the EDB member states are taking part in the congress.
The Eurasian Development Bank (EDB) is an international financial institution established by Russia and Kazakhstan in January 2006 to promote development of the market economy of the participating countries, their sustainable economic growth and the expansion of mutual trade and economic ties. The authorized capital of the EDB is $7 billion. The participating states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. --0--
He said this is very good figure for the country, given that Armenia’s share in the bank is $100,000 only.
"We work through Armenian banks to finance small and medium businesses and have prepared a program for investing in the energy system," said Belyaninov.
He said the investment program is at the final stage with the Bank’s board expected to make the final decision as early as next week, to be followed by phased implementation, as stipulated in the agreement.
The next sector is the agriculture of Armenia, in particular, the Spayka company - the largest player in the agricultural sector of the country, which deals not only with the production, but also with the processing, transportation and sale of Armenian agricultural products mostly in Russia. The bank is also considering the possibility of investing in the Armenian telecommunications company Ucom.
Among other financial projects in Armenia, Belyaninov mentioned the work of the Eurasian Fund for Assistance and Development, which through the EDB is engaged in the development of economies by providing long-term loans with 1% interest rate.
EDB’s investment portfolio as of August 1, 2018 stood at $3.092 billion. Some 76 investment projects in 6 member countries of the Bank are in the financing stage.
The Eurasian Media Congress, organized by the Eurasian Development Bank, is taking place in the suburbs of Almaty on September 5-8. About 60 representatives of the leading media of the EDB member states are taking part in the congress.
The Eurasian Development Bank (EDB) is an international financial institution established by Russia and Kazakhstan in January 2006 to promote development of the market economy of the participating countries, their sustainable economic growth and the expansion of mutual trade and economic ties. The authorized capital of the EDB is $7 billion. The participating states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. --0--
