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Pashinyan to Macron: Armenia-France relations have reached important milestone, transforming into strategic partnership
... a true strategic partnership. I warmly recall my visit to Paris on December 7 and participation in the moving and symbolic event of the opening of Cathédrale Notre-Dame de Paris. I would also like to express gratitude once again for the continuous support of the friendly French Republic and for your personal efforts aimed at strengthening the sovereignty, resilience and democracy of Armenia, as well as at establishing lasting and just peace in the South Caucasus region. Taking this beautiful opportunity,...
12/21/2024Armenia-Greece and Armenia-Greece-Cyprus defense cooperation programs for 2025 signed in Athens
... colleagues, emphasizing the contributions of partners from Greece and Cyprus, particularly in areas such as the preparation of various branches of the armed forces, military education, training and exercises, exchange of experience, as well as advisory support and other initiatives. The latest regional and international military-political developments were also discussed. The parties underscored the importance of regularly holding defense consultations.
12/20/2024Armenia agrees with Turkey on assessment of requirements for crossing the border on Gyumri-Kars railway - Mirzoyan
... global transport chains and bringing enormous benefits to all countries of our region. He added that the Project has already received positive reactions from numerous international partners, and that Armenia will continue efforts to consolidate further support towards its implementation. Armenian Prime Minister Nikol Pashinyan said in an interview with the Armenpress news agency on Thursday that a solution has been found to the issue of resuming railway communication with Azerbaijan, which will fully ...
12/20/2024From superfast internet to intercom systems and security: Fnet Telecom (VIDEO)
Fnet Telecom, which has a 15-year history and provides fixed communication services in 7 regions of Armenia and all over capital city Yerevan, has been re-equipped with the support of its partner Acba Leasing Company, Acba Bank's press service reports. YEREVAN, 19 December. /ARKA/. Fnet Telecom, which has a 15-year history and provides fixed communication services in 7 regions of Armenia and all over capital city Yerevan,...
12/19/2024Unibank named best bank for high-net-worth individuals in the CIS
... quickly resolve a wide range of issues — both in Armenia and internationally. Unibank Privé offers personalized investment strategies and capital diversification options. A personal manager is always in contact with the client and is ready to provide support at all stages of service. The resolution of financial matters is complemented by lifestyle management services, including hotel bookings, assistance with real estate transactions, as well as organizing medical care, education, and leisure abroad....
12/19/2024IMF outlines measures to boost Armenia's economic resilience and growth
... increasing potential growth, said IMF Deputy Managing Director and Acting Chairman Bo Li. "Advancing structural reforms will support sustainable and inclusive growth. Ongoing efforts to increase labor market participation, particularly among youth, women,... ... levels as temporary factors, such as the influx of labor from Russia and India and the integration of refugees from Nagorno-Karabakh into the labor market, begin to weaken. “This could affect potential growth for the next 4-5 years,” he said, adding ...
12/18/2024Eastern Horoscope for 2025: Year of the Snake – A Time for Change
... the Rat Birth years — 1960, 1972, 1984, 1996, 2008, 2020 Your field of activity may experience both highs and lows. The quick reactions and determination typical of the Rat may work against it in 2025. Avoid rushing ahead without a clear plan and support from colleagues. The Green Snake advises slowing down, carefully planning your steps, and always having a backup plan. Before pursuing your ideas, assess your capabilities and allocate time to develop tactics and strategies. Cunning, patience,...
12/18/2024Papikyan discusses defense cooperation with French Senate representatives
... cooperation was on the discussion agenda. The head of the Armenian Defense Ministry emphasized the importance of maintaining a high level of cooperation and its future prospects, noting that the achieved successes were made possible due to the continuous support of the Senate. Cédric Perrin confirmed the importance of Senate support in strengthening cooperation. The meeting also addressed issues related to regional security threats.
12/18/2024Dalan Technopark and OVIO sign memorandum of co-operation
... Armen Ter-Tachatyan, Director of Dalan Technopark, noted in his speech. ‘The co-operation with Dalan Technopark is an important step and we are confident that it will contribute to the progress of the technology community in Armenia. OVIO is ready to support the organisations operating in Dalan Technopark with its advanced technological solutions, contributing to their sustainable growth and development,’ said OVIO CEO Hayk Faramazyan. OVIO's data centre is the largest in Armenia and is built to ...
12/17/2024Armenia's industrial potential has considerable development prospects in EEU - Pashinyan
... partner states from the Eurasian Economic Union (EEU), Prime Minister Nikol Pashinyan said at a session of the Eurasian Intergovernmental Council in Moscow today. According to him, Armenia is highlighting the possibilities of provided by the financial support mechanism for co-operation projects. He said this is being done for enterprises in Armenia to participate in them. ‘The key moment was the launch of the mechanism of financial assistance to co-operation projects. This is a significant step to ...
12/13/2024Acba bank to Allocate $50 Million for MSME Development (video)
... for loans provided by Acba bank, covering up to 50% of the $50 million portfolio. This collaboration will allow Acba bank to further expand its financing for MSMEs across Armenia. "This new partnership with IFC is a significant project aimed at supporting micro, small, and medium enterprises. The program is about sharing risks—IFC's support allows us to be bolder and more active in financing MSMEs. I believe we can rapidly allocate these funds," said Hakob Andreasyan, CEO of Acba bank....
12/13/2024Armenian Economy Minister shares plans to develop Amulsar gold mine after EDB withdraws from the project
... likely risks could e controlled if appropriate measures are taken. The Armenian government is to own 12.5% of the company and provide insurance for the transaction against certain risks. Neighboring communities are to receive $7 million annually in support from the company. -0
12/12/2024Armenia extends housing program for retired military
Retired military personnel in Armenia who need housing will continue to receive apartments with state support. This decision was made at a meeting of the government on Thursday. YEREVAN, December 12. /ARKA/. Retired military personnel in Armenia who need housing will continue to receive apartments with state support. This decision was made at a ...
12/12/2024Converse Bank and IFC join forces to support the growth of SMEs in Armenia
... Bank, commented: “We are excited to announce this partnership with IFC as part of an innovative program aimed at enhancing SME financing in Armenia. This collaboration represents a significant step in unlocking financing opportunities for SMEs and supporting their sustainable growth. Through this initiative, we aim to expand our lending, particularly to underserved SMEs, while effectively reducing the credit risk associated with our portfolio. About Converse Bank Converse Bank is a dynamically ...
12/11/2024EBRD and EU, together with Galt & Taggart and Ameria Management Advisory launch a programme to support the Armenian capital market
The European Bank for Reconstruction and Development (EBRD) and the European Union, in collaboration with Galt & Taggart and Ameria Management Advisory, are launching a program to support the Armenian capital market, valued at approximately 500,000 euros. YEREVAN, December 11. /ARKA/. The European Bank for Reconstruction and Development (EBRD) and the European Union, in collaboration with Galt & Taggart and Ameria Management ...
12/11/2024Unblocking communications will restore region's role: Armenian speaker on talks with Azerbaijan
... fostering the expansion of economic cooperation and trade. “Crossroads of the Peace” aims to transform the paradigm of relations in our region from confrontation to cooperation. "We hope that the parliaments of the PABSEC member states will support this initiative, which is fully aligned with the principles and norms of international law. I am confident that, through joint efforts, we can make a significant contribution to a brighter and more prosperous future for all countries in our region,...
12/11/2024EU allocates €1.5m grant to Armenia to help Nagorno-Karabakh refugee
... the Armenian government with a grant of 1.5 million euros to meet the needs of the refugees from Nagorno-Karabakh, the press service of the EU Delegation to Armenia reports. The grant was provided as part of the budget support programme. The budget support program is aimed at meeting the short-term and long-term needs of Karabakh Armenians, as well as their long-term socio-economic integration, ensuring their involvement in the Armenian system of education, social protection, health care and the labour market. The EU office recalled that within the framework of the same ...
12/10/2024Armenia to receive $100m from World Bank for creation of tourism clusters
... through the International Development Association, the International Bank for Reconstruction and Development and trust funds. Currently, the WB is financing 10 projects in Armenia with a total value of $500 million. The World Bank intends to continue to support Armenia's development towards poverty reduction and shared prosperity.-0-
12/10/2024Indifferent attitude led to huge disappointment: Armenian Foreign Minister on CSTO
... help us protect our sovereignty and territorial integrity. Unfortunately, in recent years we have witnessed several attacks (by Azerbaijan) and our internationally recognised borders have been violated. When this happened, we never received any real support (from (CSTO),’ Mirzoyan said. He noted that allies with such commitments should help each other, which is the point of a military alliance. ‘This indifferent attitude led to a huge disappointment. It really changed public opinion in Armenia ...
12/09/2024Armenia's service sector grows 5.8% to 2.7 trillion drams
... by 12.9% to 133,489.0 million drams, while the healthcare and social security sector (share - 4.7%) saw an increase of 8.1% to 129,071.3 million drams. The real estate sector (share - 4.1%) grew by 12.6% to 111,302.1 million drams, administrative and support activities (share - 3.5%) increased by 6.3% to 94,910.6 million drams, and the education sector (share - 2.4%) grew by 4.4% to 66,510.3 million drams. ($1 = 401.31 drams)
12/09/2024Converse Bank has become an official signatory of the UN Principles for Responsible Banking
... to systematically understand the risks and seize the opportunities arising from the transition to more sustainable economies. Signatories to the Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and planet. These banks also join the world’s largest global banking community focused on sustainable ...
12/09/2024Canada supports Yerevan's efforts to normalise relations with Baku - special envoy
... Dion’s visit to Armenia and emphasized his role in the consistent development of Armenia-Canada relations, Pashinyan's press service reported. Nikol Pashinyan highlighted the importance of expanding ties with Canada in various fields and that country’s support in promoting democratic reforms in Armenia. The Prime Minister emphasized that reforms in the public administration system, the development of institutional capacities, and the implementation of reforms in the judicial and legal sphere are of ...
12/06/2024WB may assist Armenia in expanding tourism clusters in the country
... through the International Development Association, International Bank for Reconstruction and Development and trust funds. The WB is currently financing 10 projects in Armenia with a total value of $500 million. The World Bank is committed to continue to support Armenia's development towards poverty reduction and shared prosperity. -0-
12/06/2024Armenian Parliament ratifies €50 million loan from OPEC fund
... Development on Thursday, intended to cover the budget deficit. The loan funds will be used to implement several reforms, including measures to improve energy efficiency in households and businesses, reforms to the education and healthcare systems, and social support for refugees from Nagorno-Karabakh. The loan repayment period will be 18 years, with a 5-year grace period, and a floating interest rate.-0-
12/06/2024US Secretary of Defence expresses support for Armenia's aspiration to achieve long-term peace in the region
... "Your visit is historic," Austin said as he welcomed his counterpart. "Armenia extended its hand to the United States and I'm proud to host you here today," Armenian Defense Ministry quoted him as saying. He added that the U.S. supports a sovereign, independent and prosperous Armenia and that relationship between the two nations continues to grow closer. Austin added that the U.S. plans to sustain the momentum in strengthening the relationship. He also emphasized the United ...
12/06/2024Armenia's economic activity slows in October due to services sector slowdown – Finance Ministry
... main sectors contributing to the growth of economic activity (contributing 2.1 percentage points), trailing behind services (contributing 3 percentage points) and trade (contributing 2.6 percentage points). The growth of construction also continued to support economic activity (contributing 1.2 percentage points)," the review says. According to data for January-September, industrial growth was mainly driven by increased metal production, agricultural growth by the expansion of crop production,...
12/05/2024Ardshinbank Partners with the European Investment Bank to Improve Climate Risk Management
... the European Investment Bank (EIB) within the framework of the Greening Financial Systems program. The goal of this collaboration is to enhance the bank’s climate risk management methods, ensure the achievement of sustainable development goals, and support the implementation of the Climate Transition Plan. According to the program, the bank will undertake a series of actions aimed at aligning with global climate goals and driving green financing. This initiative will further strengthen our capacity ...
12/05/2024Armenia boosts defense to support education development - Finance Minister
Armenia is increasing its defense capability in order to be able to build schools and develop the education sector, Finance Minister Vahe Hovhannisyan said in an interview with Public Television of Armenia. YEREVAN, December 5. /ARKA/. Armenia is increasing its defense capability in order to be able to build schools and develop the education sector, Finance Minister Vahe Hovhannisyan said in an interview with Public Television of Armenia. He reported that the draft state budget of Armenia for...
12/05/2024Armenian Parliament approves $200 million loan agreement with EFSD for Kajaran tunnel construction
... years. About EFSD Projects in Armenia The Eurasian Fund for Stabilization and Development (EFSD) is implementing over 10 programs in Armenia across sectors such as agriculture, water management, road construction, healthcare, energy, and state budget support (partly co-financed by the republic's authorities and other international organizations). The total value of the fund's project portfolio in Armenia is $840 million. Among the largest EFSD projects are: stabilization financing and reform support ...
12/04/2024Yerevan's participation in Rome Statute harms Armenia's relations with Russia - Zakharova
... In her opinion, the ICC has not helped to resolve any conflict it has tried to deal with. ‘Moreover, there are plenty of direct violations of international law, basic standards of justice, and simply common sense in its record. The statement of support and readiness to co-operate only encourages the so-called ‘court’ for new adventures,’ Zakharova noted. Armenia officially joined the International Criminal Court (ICC) in February 2024.
12/04/2024EFSD and Armenian Ministry of Territorial Administration to assess condition of flood-damaged bridges in Lori and Tavush
... About EFSD projects in Armenia The Eurasian Fund for Stabilisation and Development (EFSD) is implementing more than 10 projects in Armenia in such areas as agriculture and water management, road construction and healthcare, energy and state budget support (some of them co-financed by the authorities of the country and other international organisations). The total portfolio of the Fund's projects in Armenia totals $840 million. Among the largest projects are financing and reform support ($300 million),...
12/04/2024Ardshinbank Successfully Completes Acquisition of HSBC Armenia
... banking application, where their login credentials have been retained. A simple password update is all that’s required for activation, eliminating the need for branch visits. This careful approach aims to ensure customer convenience, with personalised support offered to address any concerns. Ardshinbank is the leading bank in Armenia. It provides a wide range of universal banking services, providing solutions in the areas of retail, corporate, investment, as well as private banking and asset management....
11/29/2024Ardshinbank Donates 120 Million AMD to Hayastan All-Armenian Fund
... hosting its 27th annual national charity telethon. YEREVAN, November 28. /ARKA/. On November 28, 2024, the Hayastan All-Armenian Fund is hosting its 27th annual national charity telethon. During this event, Ardshinbank is donating 120 million AMD in support of strengthening and developing our country. The all-Armenian fundraising campaign, held under the slogan “For You, Armenia!” unites the global Armenian community, directing our collective efforts toward the implementation of a number of national-scale ...
11/28/2024Armenia extends cement import restrictions for six months
... the decision, cement imports continued to grow in January-July 2024, reaching 305.1 thousand tons. This is 3.6 times higher than in the same period last year. "This growth is attributed to the reduction in the price of Iranian cement due to state support provided to producers by the government of the Islamic Republic of Iran. As a result, the competitiveness of Armenian-made cement has further decreased, which, in turn, has worsened the financial situation of producers," the document states....
11/28/2024Drinking water prices in Armenia to remain unchanged in 2025
... notes that, as a result of the monitoring conducted, it was found that the additional volume of water supplied to subscribers amounted to 438,387 cubic meters, which positively impacted the price, reducing it by 0.4 drams per cubic meter. About State Support On March 28 of this year, the Armenian government granted subsidies of 1.1 billion drams to ‘’Veolia Djur’’ CJSC to ensure that, in 2024, the prices for drinking water and wastewater treatment services for retail consumers remain unchanged....
11/27/2024EBRD: Armenian authorities to strengthen economic stability
... 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 ...
11/27/2024EBRD expected to approve Armenia Country Strategy in first quarter of 2025
... Caucasus, Elisabetta Falcetti said in an exclusive interview with the ARKA news agency. 'So many interesting initiatives are being deployed in Armenia by the EBRD. We have very energetic, skilled and enthusiastic team in Yerevan that are passionate about supporting Armenia’s further development and integration into global economy,' she said. According to her, next month with the support of EU, EBRD will be launching Capital Markets Support Program to boost the local capital markets and create alternative ...
11/26/2024EBRD to announce 44 million euro financing package for refugees in Armenia
... package of EUR 44million will soon be announced and deployed via several partners banks for the benefit of refugees from Nagorno-Karabakh, EBRD Managing Director for Turkey and the Caucasus, Elisabetta Falcetti s said in an exclusive interview with the ARKA ... ... upskilling and reskilling initiatives for the refugees to facilitate their economic integration. ‘We have also been actively supporting the development of the infrastructure in Armenia. These efforts complement and support the Government’s Crossroads ...
11/26/2024Supporting renewable energy development in Armenia is yet another strategic priority for EBRD- Elisabetta Falcetti
Supporting renewable energy development in Armenia is yet another strategic priority for the EBRD, EBRD Managing Director for Turkey and the Caucasus, Elisabetta Falcetti s said in an exclusive interview with the ARKA news agency. YEREVAN, November ...
11/26/2024EBRD has invested record 2.4 billion euros in Armenia - EBRD Managing Director for Turkey and Caucasus (EXCLUSIVE)
... EUR 374 million across 15 transaction and it is likely the number to surpass EUR 400 million by the year end. As an indicative comparison how large the volume was, for the past 5 years we invested in average of EUR 130 million per annum in Armenia. Supporting private sector development is one of the main priorities for EBRD in Armenia. And one of the main instruments of reaching out to businesses is via local banks. We normally provide financial package to our local partner banks to be on-lent to ...
11/26/2024Poland willing to support Armenia's integration with EU and European family - Duda
‘’Poland is ready to assist in all processes that will connect Armenia with Europe and the European family’’, Polish President Andrzej Duda said. YEREVAN, November 26. /ARKA/. ‘’Poland is ready to assist in all processes that will connect Armenia with Europe and the European family’’, Polish President Andrzej Duda said. He highly praised Armenia's rapprochement with European politics and civilization. "For us, the strengthening of political ties with Armenia and cooperation in various fields...
11/26/2024Armenian Parliament considers transforming EFSD into independent structure
... charter capital of the fund stands at $8.513bn, of which $1m is Armenia's share, while EFSD’s loan portfolio in Armenia makes $840m, of which $540m is allocated for 10 projects being implemented. In particular, a $300 million loan has been allocated to support the state budget, and another $100 million will be allocated additionally. Besides, about $150 million loan has been allocated for the construction of the southern section of the North-South transport corridor. Also, $200 million will be provided ...
11/25/2024A young farmer develops his village through hard work
... fields, enabling him to complete the work more quickly and also assist his fellow villagers. Karen’s partner in purchasing the tractors was the company "Acba Leasing," which made land work with the new equipment more efficient. "With the support of Acba Leasing, we purchased new tractors, which have made agricultural work faster and easier: we can now cultivate the soil in a timely manner. Thanks to the new equipment, we are currently able to process up to 15 hectares of land per day,...
11/25/2024Chinese and Armenian businesspersons to make a series of mutual visits in 2025 to expand co-operation
Chinese and Armenian businesspeople have planned a series of mutual visits in 2025 to discuss prospects of cooperation, Mariam Manukyan, President of Armenia's Council for Support of International Business Relations said in an interview with ARKA news agency. YEREVAN, 25 November. /ARKA/. Chinese and Armenian businesspeople have planned a series of mutual visits in 2025 to discuss prospects of cooperation, Mariam ...
11/25/2024Armenia counts on DFC's contribution to financing of SME, capital market and agro sector- minister
... for those who have ideas and determination, but lack the means. With your assistance, we can take a step forward towards building a developing and inclusive economy,’ Papoyan was quoted as saying. Key issues discussed during the meeting included support for SME programmes and capital market development, housing for refugees, food security and the agribusiness sector, in particular the promotion of organic agriculture and the integration of renewable energy, and the development of the tourism ...
11/25/2024Armenia's budget surplus in September reached 11.6 billion drams, reducing the deficit to 0.7% of GDP – WB
... profit tax (up 14.2 percent, yoy). VAT grew modestly, recording an increase of 3.9 percent (yoy),’’ noted in the study. Total expenditure grew 10.6 percent (yoy) in September, primarily driven by a rise in defense spending (up 44 percent, yoy) and support for refugees (up 55 percent yoy). Meanwhile, capital expenditure grew 7.4 percent (yoy), following a 0.5 percent (yoy) decline in August. ‘’This drove the budget deficit to AMD 73 billion in January-September 2024 from a surplus of AMD 74....
11/22/2024''Energy Efficient Regions'' program implemented in Armenia with $1.7 million EFSD grant
... regional financial mechanism with assets exceeding $9 billion. It was established in 2009 by the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan to support the economic and financial stability of its member states and promote their sustainable development. -0-
11/21/2024Ameriabank joins EngageArmenia2024 Forum UAE to present a special offer for Diaspora Armenians
... and networking opportunities, Ameriabank says in a press release.. Key topics include: Volunteering and internships, Education, culture and healthcare, Repatriation and career opportunities, business, investments, and export promotion, mentorship and support for social initiatives. During the event, Ameriabank will unveil its "Your Home in Armenia" special offer, a unique opportunity designed to simplify the home-buying process for Diaspora Armenians. This exclusive package includes flexible ...
11/20/2024Armenian PM tells Pope about Armenian-Azerbaijani peace process
... Holy See, the Armenian government's press service reported. Pashinyan added that the appointment of the Apostolic Nuncio Resident in Armenia will serve the progress in friendly relations. At the same time, the Prime Minister emphasised Armenia's full support to the Holy See in serving the peace agenda on international platforms, as well as to joint actions in this regard. Pashinyan also emphasised that the Republic of Armenia is determined to contribute to peace. The Prime Minister thanked His Holiness ...
11/18/2024ADB explores special economic zone in Gyumri
... invested $1.9 billion in the country's economy, making it one of the largest multilateral development partners of the Republic. These investments include projects in transport, energy, water supply, and urban infrastructure. In the private sector, ADB supports utilities, infrastructure, financial institutions, and agribusiness. As Don Lambert, Director of the Asian Development Bank's Permanent Mission to Armenia, previously stated in an exclusive interview with ‘’ARKA’’ news agency, discussions ...
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