EDB plans to finance $100-150 million worth of projects in Armenia in 2026
18.12.2025,
13:22
The Eurasian Development Bank (EDB) plans to finance $100-150 million worth of projects in Armenia in 2026, stated Yaroslav Mandron, Deputy Chairman of the EDB Management Board.
ALMATY, December 18. /ARKA/. The Eurasian Development Bank (EDB) plans to finance $100-150 million worth of projects in Armenia in 2026, stated Yaroslav Mandron, Deputy Chairman of the EDB Management Board.
"This is primarily focused on the mining sector, particularly in relation to the digitalization of the industry. This is where our attention lies," Mandron stated during the final press conference, addressing a query from ARKA.
He also answered a question about the bank's role in the Amulsar mine development project. "We are aware of the project you mentioned, but it is not currently a priority for us. We do not consider it a part of our immediate plans," Mandron explained, noting that the project lacks an integration component, which is essential for the bank.
In February 2023, Armenia, the Eurasian Development Bank (EDB), and Lydian Armenia entered into a Memorandum of Understanding, agreeing to secure around $150 million, along with an additional $100 million outside this agreement for the Amulsar mine's development. The agreement specified that the EDB would extend a $100 million loan, with a local bank expected to contribute an additional $50 million.
In November 2024, Nikolay Podguzov, Chairman of the Management Board of the EDB, mentioned that the bank was ready to engage with the Amulsar mine project, but the financing application had been retracted. He indicated that Armenia needs to resolve this matter.
The total investments made by the EDB in Armenia from 2022 to 2025 (actual figures) reached $380 million, while the cumulative investments since 2010 have totaled $639 million.
About the EDB
The Eurasian Development Bank is a multilateral international financial institution established to promote economic growth among its member states, enhance trade and economic relationships, and foster integration processes in the Eurasian region through investment initiatives. Founded by Russia and Kazakhstan, the bank later welcomed Armenia, Tajikistan, Belarus, Kyrgyzstan, and Uzbekistan as members.
The authorized capital of the EDB stands at USD 7 billion. Armenia has been a member of the EDB since 2009. The Bank's country strategy through 2026 is aimed at supporting projects that develop and modernize essential infrastructure—ensuring energy and transport security, diversifying energy sources, and enhancing food security—while also bolstering the capabilities of the country's export-oriented sectors and financial system.-0-
"This is primarily focused on the mining sector, particularly in relation to the digitalization of the industry. This is where our attention lies," Mandron stated during the final press conference, addressing a query from ARKA.
He also answered a question about the bank's role in the Amulsar mine development project. "We are aware of the project you mentioned, but it is not currently a priority for us. We do not consider it a part of our immediate plans," Mandron explained, noting that the project lacks an integration component, which is essential for the bank.
In February 2023, Armenia, the Eurasian Development Bank (EDB), and Lydian Armenia entered into a Memorandum of Understanding, agreeing to secure around $150 million, along with an additional $100 million outside this agreement for the Amulsar mine's development. The agreement specified that the EDB would extend a $100 million loan, with a local bank expected to contribute an additional $50 million.
In November 2024, Nikolay Podguzov, Chairman of the Management Board of the EDB, mentioned that the bank was ready to engage with the Amulsar mine project, but the financing application had been retracted. He indicated that Armenia needs to resolve this matter.
The total investments made by the EDB in Armenia from 2022 to 2025 (actual figures) reached $380 million, while the cumulative investments since 2010 have totaled $639 million.
About the EDB
The Eurasian Development Bank is a multilateral international financial institution established to promote economic growth among its member states, enhance trade and economic relationships, and foster integration processes in the Eurasian region through investment initiatives. Founded by Russia and Kazakhstan, the bank later welcomed Armenia, Tajikistan, Belarus, Kyrgyzstan, and Uzbekistan as members.
The authorized capital of the EDB stands at USD 7 billion. Armenia has been a member of the EDB since 2009. The Bank's country strategy through 2026 is aimed at supporting projects that develop and modernize essential infrastructure—ensuring energy and transport security, diversifying energy sources, and enhancing food security—while also bolstering the capabilities of the country's export-oriented sectors and financial system.-0-
