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Armenian government amends loan agreement with EDB on allocation of $200 million from ESDF for construction of Kajaran tunnel
... the agreement between the Republic of Armenia and the Eurasian Development Bank (EDB) on the provision of an investment loan in the amount of $200 million to finance the construction of the Kajaran tunnel. The loan will be provided from the Eurasian Fund for Stabilization and Development (EFSD). As stated in the explanatory note to the document, the agreement was signed on July 26, 2024 and later ratified by the parliament. The 8.6 km long Kajaran tunnel will become an important element of the North-South ...
12/27/2024Russia allocates $68m to fund school meals programme in Armenia
... 26 December. /ARKA/. Russia has allocated more than $68 million for 2024-2028 to finance the Armenian schoolchildren's nutrition programme, operating since 2010, Russian Foreign Ministry spokeswoman Maria Zakharova said. She said at the expense of Russian allocations, primary school students in more than 1,000 schools receive high-quality and balanced meals, and solar panels have been installed in almost 100 schools. ‘The funds freed up by saving electricity - about $390,000 - are being used to develop school infrastructure and improve the nutrition of students,’ Zakharova said at a press briefing on Wednesday. According to her, within the framework of the UN World Food ...
12/26/2024Armenia short of 200 billion drams in tax revenues in 2024 - Finance Ministry head
... billion drams in tax revenues. "In this regard, we tried to cut expenses to avoid additional problems," he said. The minister added that the level of tax collection is in line with economic growth indicators. He explained that some projects were funded from the Reserve Fund. "We had, if I am not mistaken, 130 billion drams in the Reserve Fund. This fund was mainly used for two purposes: addressing the housing issues of our compatriots forcibly displaced from Nagorno-Karabakh and over 50 ...
12/25/2024Consumer prices in Armenia increase by 0.2% in 11 months
... and 1.6% by the end of 2024, with forecasts for 2025 ranging from 3.9% to 3.2%, for 2026 from 4.2% to 3.8%, and 4% for 2027. The World Bank (WB) expects inflation in Armenia to be 3% in 2024, 3.5% in 2025, and 4% in 2026. The International Monetary Fund (IMF) predicts that prices in Armenia will rise by 3.1% in 2024 and by 3.7% in 2025. The Asian Development Bank (ADB) forecasts inflation to be 0.8% in 2024, with a rise to 2.5% in 2025. The Eurasian Development Bank (EDB) expects inflation in Armenia ...
12/25/2024Armenia's economic activity growth slowed to 7.4% in first 11 months of 2024
... between 7.1-4.8%, for 2026 between 4.7-7%, and for 2027 between 5-6.2%. The Eurasian Development Bank (EDB) projects 6% GDP growth for Armenia in 2024 and 5.5% in 2025. The World Bank expects 5.5% growth in 2024 and 5% in 2025. The International Monetary Fund (IMF) forecasts 6% growth for 2024 and 4.9% for 2025. The European Bank for Reconstruction and Development (EBRD) anticipates 6.2% growth for 2024 and 4.8% for 2025. The Asian Development Bank (ADB) forecasts 5.7% growth in 2024 and 6% in 2025. Fitch ...
12/25/2024Project of future metro station “Ajapnyak” in Yerevan to undergo comprehensive examination
... allocate 750 million drams for the design work, while the city hall was to provide an additional 554 million drams. Last year, the Russian company "Metrogiprotrans" was selected as the winner of the tender for the station’s design. The draft state ... ... billion drams (about $24.6 million) for the construction of the Ajapnyak station. The issue of cooperation with the Eurasian Fund for Stabilization and Development, as well as other donors, is under consideration.
12/23/2024IMF forecasts economic growth slowdown in Armenia
... demand, real GDP growth is projected to reach approximately 6% in 2024, moderating to around 5% in 2025. In the medium term, growth is expected to slow to around 4.5%, though accelerating structural reforms could enhance growth potential," the fund stated. As noted by IMF Deputy Managing Director and Acting Chairman Bo Li, Armenia's economic outlook is positive, characterized by sustainable growth and low inflation. "The results of the Stand-By Arrangement program are strong, but consistent,...
12/18/2024Armenian Parliament ratifies €50 million loan from OPEC fund
The Armenian parliament ratified a 50-million-euro loan agreement with the OPEC Fund for International Development on Thursday, intended to cover the budget deficit. YEREVAN, December 6. /ARKA/. The Armenian parliament ratified a 50-million-euro loan agreement with the OPEC Fund for International Development on Thursday, ...
12/06/2024Ardshinbank Partners with the European Investment Bank to Improve Climate Risk Management
... practices. We are strong together, and through collaboration and shared vision, we are shaping a financial ecosystem that prioritizes sustainability, responsibility, and long-term growth. The EIB Greening Financial Systems technical assistance programme is funded by the International Climate Initiative (IKI) Fund on behalf of the German Federal Ministry of Economic Affairs and Climate Action (BMWK). The programme is BMWK’s and the EIB’s joint contribution to the work of the NDC Partnership, specifically ...
12/05/2024Armenian Parliament approves $200 million loan agreement with EFSD for Kajaran tunnel construction
On Wednesday, the Armenian parliament approved a $200 million loan agreement with the Eurasian Fund for Stabilization and Development (EFSD) for the construction of the Kajaran road tunnel in the Syunik region of Armenia. YEREVAN, December 4. /ARKA/. On Wednesday, the Armenian parliament approved a $200 million loan agreement with the Eurasian ...
12/04/2024EFSD and Armenian Ministry of Territorial Administration to assess condition of flood-damaged bridges in Lori and Tavush
The Eurasian Fund for Stabilisation and Development (EFSD) and the Armenian Ministry of Territorial Administration and Infrastructure are starting to assess the condition of bridges damaged by the May floods in Lori and Tavush marzes (provinces) of Armenia. ...
12/04/2024Hayastan Fund's annual telethon raises $13.6 million in donations
The annual telethon of Hayastan All-Armenian Fund has raised donations and pledges worth over $13.6 million. Last year’s telethon raised $8.4 million, Director of the Fund Haykak Arshamyan said today. YEREVAN, 29 November. /ARKA/. The annual telethon of Hayastan All-Armenian Fund has raised ...
11/29/2024Ardshinbank Donates 120 Million AMD to Hayastan All-Armenian Fund
On November 28, 2024, the Hayastan All-Armenian Fund is 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 ...
11/28/2024Profitability of Armenian pension funds reached 7.8% - Central Bank of Armenia
The profitability of Armenian pension funds is estimated at approximately 7.8%, Vigen Shahnazaryan, Head of the Securities Market Department of the Central Bank of Armenia, said in an interview with Public Television of Armenia. YEREVAN, November 28. /ARKA/. The profitability of Armenian ...
11/28/2024Pension fund assets in Armenia reach 1 trillion drams - Deputy Chairman of Central Bank
The assets in Armenia's pension funds have already reached 1 trillion drams, according to Armen Nurbekyan, Deputy Chairman of the Armenian Central Bank. YEREVAN, November 27. /ARKA/. The assets in Armenia's pension funds have already reached 1 trillion drams, according to Armen ...
11/27/2024EBRD to announce 44 million euro financing package for refugees in Armenia
... integration. ‘We have also been actively supporting the development of the infrastructure in Armenia. These efforts complement and support the Government’s Crossroads of Peace initiative,’she added. One of the most notable projects for this year was funding the construction of Sisian-Kajaran road part of the North-South corridor infrastructure rehabilitation. According to her, as Armenia is landlocked, solid road infrastructure is crucial for an efficient flow of trade that can support the value ...
11/26/2024IMF forecasts inflation in Armenia at 0.2 percent in 2024 and 3.1 percent in 2025
The International Monetary Fund (IMF) expects inflation in Armenia to be 0.2% in 2024 and 3.1% in 2025. YEREVAN, November 26. /ARKA/. The International Monetary Fund (IMF) expects inflation in Armenia to be 0.2% in 2024 and 3.1% in 2025. "Inflation in Armenia will remain ...
11/26/2024Armenian Parliament considers transforming EFSD into independent structure
The Armenian parliament committee on financial and budgetary affairs has considered the issue of transforming the Eurasian Fund for Stabilisation and Development (EFSD) into a fully independent international organisation. YEREVAN, 25 November. /ARKA/. The Armenian parliament committee on financial and budgetary affairs has considered the issue of transforming the Eurasian ...
11/25/2024Armenian pension funds may increase investments abroad
The Central Bank of Armenia presented a draft law to the parliamentary committee on financial and budgetary issues, proposing to double the amount of investments that Armenian pension funds can make in other countries YEREVAN, November 23. /ARKA/. The Central Bank of Armenia presented a draft law to the parliamentary committee on financial and budgetary issues, proposing to double the amount of investments that Armenian pension ...
11/25/2024''Energy Efficient Regions'' program implemented in Armenia with $1.7 million EFSD grant
... develop mechanisms to enhance energy security and the reliability of the energy system. It also organizes and implements credit, grant, and other programs on behalf of the state that contribute to the sector's development. About the EFSD The Eurasian Fund for Stabilization and Development (EFSD) is a 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-
11/21/2024Yerevan public transport to cost 880-900 drams daily from January 1
... purchased 171 new buses, each 8.5 meters long, and plan to buy another 250 buses, each 18 meters long, then these expenses will increase. We explain that it is impossible to allocate such large sums to transport, especially considering that the city has to fund thousands of other needs," the vice-mayor said. He emphasized that the mayor's office is not rejecting subsidies for public transport, but it is unreasonable to spend such large sums of money on these purposes, given that there are many other ...
11/14/2024Armenian Central Bank head names measures to boost 5.6 per cent economic growth in 2025
... terms of stability of factors for economic potential and possible scenarios of economic prospects. ‘From the point of view of effective risk management, we consider it important to have strict restrictions for the formation and use of the Reserve Fund's resources, aimed solely at covering possible additional financial needs of expenditures emanating from risks,’ he emphasised. Noting that the draft budget for next year includes a tax-to-GDP ratio of 25%, the head of the regulator said that this ...
11/12/2024Development of 360-meter tunnel and road infrastructure concreting begins on Armenia's ‘’North-South’’ route
... regions of the country, including Yerevan. More than 1.5 million people use it annually. The implementation of the project will improve access of Armenian producers to markets and significantly increase the transit potential of the country. The Eurasian Fund for Stabilisation and Development (EFSD) is a regional financial mechanism worth over $9 billion established in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, the Russian Federation and Tajikistan. The objectives of the EFSD are to promote economic and financial stability in its member states and to support their sustainable development.-0-
11/07/2024Armenia to take a $200 million loan from EFSD for construction of Kajaran tunnel
The parliamentary standing committee on financial and budgetary issues approved today the ratification of a $200 million loan agreement between Armenia and the Eurasian Fund for Stabilization and Development (EFSD) by the parliament for building the Kajaran tunnel near the border with Iran. YEREVAN, November 6. /ARKA/. The parliamentary standing committee on financial and budgetary issues approved today the ...
11/06/2024Armenia to own 15% in Aig-1 project implemented jointly with Emirates’ MASDAR
... hectares in the communities of Talin and Dashdede in the Aragatsotn province of Armenia. The total investment cost of the program was estimated at $174 million. Initially, 15% of the solar power plant were to be handed over to Armenian National Interest Fund (ANIF), established by the government in 2019 to attract foreign investments in partnership with the private sector. ANIF was liquidated in August 2024 due to a set of financial problems. MASDAR, registered in the Emirates, is a subsidiary of the ...
11/05/2024Company for construction of ‘’Ajapnyak’’ metro station in Yerevan to be selected in 2025
... "Ajapnyak," was already complete. The draft state budget for 2025 has earmarked approximately 9.6 billion drams (about $24.6 million) for the construction of this station, and discussions are underway regarding cooperation with the Eurasian Fund for Stabilization and Development, as well as a number of other donors. It was previously reported that the total cost of constructing the Ajapnyak metro station is preliminarily estimated at around $50 million. T Last year, the Russian Metrogiprotrans was announced the winner of a tender for the design of the new station. The Achapnyak Metro station is to connect the administrative district of the same name with the Barekamutyun station, significantly relieving the heavy ...
11/04/2024Armenia's state budget - 2025: Former Finance Minister assesses risks of main financial document
... trade, which in comparison with export industries bring less tax revenues. ‘’Performance of the budget for 9 months already shows under-fulfilment of tax revenues by about 150 billion drams,‘’ Aramyan stressed. In this regard, he noted that if fundamental sectors of economy are not taken into account, fixing wrong targets and obligations stemming from them, "it is akin to laid hidden bombs." Ministry of Finance's position At the same time, Aramyan praised the behaviour of the Finance ...
11/04/2024Online platform for data exchange between depository and notaries to be launched in Armenia.
... new electronic data exchange platform, the press service of the Armenian Stock Exchange reported. The platform will allow notaries to send requests to the Central Depository in order to receive information about the shares of securities and pension funds of the testator, as well as exchange data contained in the certificate of inheritance right. This arrangement was approved by the Minister of Justice on 5 September 2023. The CDA manages a unified system of securities accounting and settlement, ...
11/01/2024Armenian government’s Reserve Fund currently holds 50 billion drams
The Armenian government’s Reserve Fund currently holds 50 billion drams, and a decision has been made to refrain from spending these funds, according to Finance Minister Vahe Hovhannisyan. YEREVAN, October 30. /ARKA/. The Armenian government’s Reserve Fund currently holds 50 billion ...
10/30/2024EFSD to provide Armenia with $100 million loan to finance country's state budget deficit
The Armenian parliament approved the government’s blueprint to receive a $100 million loan from the Eurasian Fund for Stabilization and Development (EFSD) at a session on Thursday. YEREVAN, October 24. /ARKA/. The Armenian parliament approved the government’s blueprint to receive a $100 million loan from the Eurasian Fund for Stabilization and ...
10/24/2024Goris school students to study French in modernized classroom (video)
... technically re-equipped classroom, the press service of Acba Bank reports. The French classroom is fully equipped and technically re-equipped by the ‘’Stepan Gishyan’’ Charity Foundation together with the ‘’Armenian Sustainable Development Fund’’. The classroom equipment allows for more effective classes with approximately 350 students. "The program is very embraced because the implementation location is a school where we have quite a large number of beneficiaries. We know that ...
10/23/2024Venture capital: the most exciting investments
... investing is investing in startups that are able to offer innovative products to the market. Most often such companies work in the field of modern technologies (artificial intelligence, genetic engineering, renewable energy). Startup founders cannot get funds from a bank. Having essentially only intellectual property, they are not considered reliable borrowers. Therefore, the only way to develop a project is to attract investment. Venture capital investments are associated with a special risk. Only a ...
10/22/2024Acba Bank places AMD and USD bonds with yields of 11 and 6 per cent respectively
... Application for purchase of AMD bonds - Application for acquisition of dollar bonds Application for legal entities to purchase bonds: - Application for purchase of AMD bonds - Application for purchase of dollar bonds According to Armenian legislation, funds raised through nominal bonds issued by the banks are considered guaranteed bank deposits. They are guaranteed by the Deposit Compensation Fund. Acba Bank is controlled by the Central Bank of Armenia. -0-
10/21/2024Ardshinbank will grow the forest
... Forest Armenia" on a similar project in the communities of Jrashen and Urasar in Lori region. The new project is a continuation of what was started and an opportunity for each of us to contribute to the restoration and enhancement of the forest fund of the Lori region, " said Ardshinbank board member, risk management director Lusine Nersisyan. She expressed confidence that the action will not only give rise to a new forest, but will also further unite the Ardshinbank team, because its slogan ...
10/16/2024No defendant in criminal case against ANIF - Armenian Investigative Committee
The chairman of the Investigative Committee of Armenia Argishti Kyaramyan provided MPs with some information today regarding the criminal case against Armenian National Interest Fund (ANIF) CJSC. YEREVAN, 15 October. /ARKA/. The chairman of the Investigative Committee of Armenia Argishti Kyaramyan provided MPs with some information today regarding the criminal case against Armenian National Interest Fund ...
10/15/2024Blue chips: why to buy ‘elite’ shares
... volatility: speculation in the market has little impact on the price of blue chips. Accordingly, investing in them reduces the risk of portfolio drawdowns. - High liquidity: blue chips are easy to buy and sell because they are chosen by many investors and funds. - Dividends: Blue chip issuers are companies that have gained significant influence in their segment and have completed their growth phase. They consistently earn profits and send payments to shareholders. Cons of investing in blue chips - You ...
10/10/2024UNFPA Regional Director to visit Armenia to discuss support for strengthening demographic resilience
... 2024. YEREVAN, October 7/ARKA/. Florence Bauer, UNFPA Regional Director for Eastern Europe and Central Asia, will conduct her first official visit to Armenia from 8 to 10 October 2024. This landmark visit underscores the United Nations Population Fund’s commitment to supporting the Government of Armenia and other partners in strengthening demographic resilience and implementing Armenia’s new demographic strategy, and addressing pressing challenges related to sexual and reproductive health,...
10/07/2024"Green Portfolio": ethical and profitable investment
... technologies or electric cars; - buy bonds designed to finance green projects; - invest in a green company token. This is a digital unit that replaces securities and similarly captures the investor's right to a share of the profits; - buy a stake in an ETF fund that selects issuers with high ESG, i.e. those committed to sustainable development. An example of such a fund is the Global ESG Select Stock Fund (VEIGX). The paradoxes of green investing Green investing is characterised by a number of nuances....
10/02/2024Amundi-Acba Asset Management success story: assets managed by the fund reached 517 billion drams in 10 years
Amundi-Acba Asset Management's operations in Armenia since its inception here ten years ago demonstrate success on the way of establishing Armenia's mandatory funded pension system, Executive Director of Amundi-Acba Asset Management Jean Mazedjian told a news conference on Tuesday. YEREVAN, September 24. /ARKA/. Amundi-Acba Asset Management's operations in Armenia since its inception here ten years ago demonstrate ...
09/24/2024What is IPO and whether it is possible to make money on it
..., participants of the process and ways to get profit. Why companies benefit from an IPO The initial public offering of securities on the stock market is called IPO (Initial Public Offering). Such a step allows an entity to increase its capital with funds from investors and, accordingly, get an additional impetus for development. Also: - public trading increases the liquidity of the securities; - daily quotations help to evaluate the business and make comparisons with other issuers; - the circle ...
09/24/2024Armenia hosts 8th UNWTO Global Wine Tourism Forum, aiming to boost economy and wine recognition
... Tourism Organization (UNWTO) Global Wine Tourism Forum, seen as a historic opportunity to promote both its tourism potential and its emerging wine industry. Minister of Economy Gevorg Papoyan, Executive Director of the Armenian Viticulture and Winemaking Fund Zaruhi Muradyan, and UNWTO Secretary-General Zurab Pololikashvili have all highlighted the significance of the event for Armenia's economic development. Minister Papoyan emphasized the global importance of wine and tourism as rapidly growing sectors,...
09/12/2024Armenian Finance Minister predicts 6% GDP growth by end of 2024
... because the complete picture of the 2023 GDP and its structure was not yet available. Hovhannisyan emphasized that various scenarios are considered during the budget forecasting process, which ensures certain budget buffers. "We have a Reserve Fund for this purpose, and its resources are used in case of risk materialization. Currently, our Reserve Fund amounts to around 55 billion drams, which is sufficient to mitigate or fully neutralize potential issues that may arise if tax collections fall ...
08/27/2024Armenian government approves $200m loan for Kajaran Tunnel construction
The construction is expected to take about six years to complete. YEREVAN, August 15. /ARKA/. The Armenian government has approved a $200 million loan agreement with the Eurasian Fund for Stabilization and Development (EFSD) for the construction of the Kajaran Tunnel in the Syunik province on Thursday. The project aims to enhance the capacity for transit transportation and reduce accidents along the North-South transport corridor....
08/15/2024EFSD: Armenia secures $527 Million in sovereign financing for H1 2024
Armenia received $527 million in approved sovereign financing from international financial organizations and development agencies in the first half of 2024, a report by the Eurasian Fund for Stabilization and Development (EFSD) revealed on Wednesday. YEREVAN, August 7. /ARKA/. Armenia received $527 million in approved sovereign financing from international financial organizations and development agencies in the first half of 2024,...
08/07/2024Compulsory health insurance will be fully introduced in Armenia in 2027, says minister
... of compulsory health insurance. "The process is complicated, so we should not expect that everyone, including those in the ruling team, will adhere to a single opinion on all points of the concept. For example, regarding the creation of a single fund," Avanesyan noted. According to her, both international and local experts were involved for the development of the legislation. The head of the ministry also noted that health insurance payments will be subsidised for some groups of the population....
08/01/2024Fitch ratings revises Armenia's economic growth projections
... Armenia (CBA): Forecasts growth in the range of 5.3%-6.4% for 2024. Eurasian Development Bank (EDB): Predicts a 5.7% growth in 2024 and 5.3% in 2025. World Bank (WB): Expects the economy to grow by 5.5% in 2024 and 4.9% in 2025. International Monetary Fund (IMF): Forecasts a 5% growth for 2024. European Bank for Reconstruction and Development (EBRD): Anticipates a 6.2% growth in 2024 and 4.8% in 2025. Asian Development Bank (ADB): Projects 5.7% growth in 2024 and 6% in 2025. Fitch Ratings: Predicts ...
07/29/2024Armenia’s economic activity shows 10.4% growth in H1 2024
... have provided the following forecasts for Armenia's economic growth: Central Bank of Armenia: 5.3-6.4% growth in 2024. Eurasian Development Bank (EDB): 5.7% in 2024 and 5.3% in 2025. World Bank: 5.5% in 2024 and 4.9% in 2025. International Monetary Fund (IMF): 5% growth in 2024. European Bank for Reconstruction and Development (EBRD): 6.2% in 2024 and 4.8% in 2025. Asian Development Bank (ADB): 5.7% in 2024 and 6% in 2025. Fitch Ratings: 6% in 2024 and 4.9% in 2025. Standard & Poor's (S&P): 6.2% ...
07/26/2024What are ETFs and can Armenian investors become their shareholders?
... access to the stock and bond markets. This trend has reached Armenia as well, and our citizens have started to think about how and where to invest their money. In this context, many people are attracted by the advantages offered by ETFs - Exchange Traded Funds, although often people do not know how to work with them. In a conversation with Narek Gharibyan, Head of Brokerage Department at Unibank Invest , we tried to find out what ETFs are, as well as what risks and opportunities are associated with them....
07/26/2024EFSD to provide $100m loan to Armenia as budget support
The Armenian government on Thursday approved a draft agreement on a $100 million loan from the Eurasian Fund for Stabilisation and Development (EFSD) to cover the budget deficit in 2024. YEREVAN, 25 July. /ARKA/. The Armenian government on Thursday approved a draft agreement on a $100 million loan from the Eurasian Fund for Stabilisation and Development ...
07/25/2024Top 5 areas for investment in 2024
... include digital payments, automated account management, and peer-to-peer lending, which is a loan origination service in which lenders are not only banks but also individuals. Financial technologies help manage risk and uncover fraudulent schemes, improve fund transfer systems and speed up business operations. This increases customer confidence and demand for services, and therefore leads to the success of companies and investors. Possible risks The popularity of the sector's products among users may ...
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