EBRD assists Armenia to reduce energy dependence on third countries – President

YEREVAN, May 17. /ARKA/. The European Bank for Reconstruction and Development (EBRD) is assisting Armenia to reduce energy dependence on third countries, EBRD President Odile Renaud-Basso said in Yerevan on Thursday.

"We are working on the development of renewable energy, which is very important in terms of supporting the green agenda. It is also important in terms of increasing energy security and reducing dependence on third countries. We had seen the risks of extreme dependency in Europe," she told a press conference on the sidelines of the EBRD's 33rd Annual Meeting and Business Forum.

Renaud-Basso noted that the issue is being discussed with the government of Armenia and the assistance in this direction will continue.

The EBRD President once again emphasized that in 2024 EBRD plans to invest about 500 million euros in Armenia and expressed hope that it will be possible to maintain this level of investments in the future.

ARKA news agency was the media sponsor of the EBRD Annual Meeting and Business Forum, which are held on May 14-16 in Yerevan.

Earlier Renaud-Basso called the planned investment of 500 million Euros a historic figure, noting that 640 million Euros have already been invested in Armenia over the past 5 years, 50% of which in the private sector.

EBRD is one of the leading institutional investors in Armenia. Among the Bank's main priorities in Armenia are increasing the competitiveness of companies and supporting financial sector intermediation through risk-sharing products. Since operating in Armenia, the EBRD has invested over EUR 2.1 billion through 211 programs in areas such as energy, infrastructure, telecommunications and finance. -0-