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Trade turnover between Russia and Armenia doubles to $10.2 billion - Overchuk
... switched to settlements in national currencies, and the share of the Russian ruble in mutual settlements has reached 96.3%. Overchuk also noted that at the moment, Russia is one of the main investors in Armenia. "Our investments in the industrial projects in Armenia have reached $3.4 billion. More than 40 large Russian companies operate in Armenia. Some of them are the largest taxpayers," he said.
12/20/2024Armenian government allocates AMD 31.8bn for subvention projects in regions in 2024
Armenian Minister of Territorial Administration and Infrastructure David Khudatyan told a government session on Thursday that a total of AMD 31.8 billion will have been allocated by the government for implementation of subvention projects in the regions of the country. YEREVAN, 19 December. /ARKA/. Armenian Minister of Territorial Administration and Infrastructure David Khudatyan told a government session on Thursday that a total of AMD 31.8 billion will have been allocated ...
12/19/2024Acba Leasing offers 0.5% interest rate for purchase of construction, production and warehouse equipment
... from 10%, and the actual annual interest rate from 0.5%," said Vahagn Shmavonyan, Head of the Supplier Cooperation Department at Acba Leasing. "Metatech has been operating for over 15 years, and during these years, we have implemented many projects, bringing international experience and quality to Armenia. We offer consulting and design, modern solutions, as well as any equipment and machinery for the final operation of warehouses. Metatech's partner is the leader in the leasing market,...
12/18/2024Eastern Horoscope for 2025: Year of the Snake – A Time for Change
... 1999, 2011, 2023 The mistress of this year will often present you with surprises or unexpected events in your professional life. Many plans that the Rabbit has been nurturing for a long time may not come to fruition. However, bold and unconventional projects that no one seriously expected will come to life. All decisions should be made thoughtfully and calmly, and avoid taking on additional responsibilities if you are not confident in your abilities. Year of the Dragon Birth years — 1964, 1976,...
12/18/2024IMF forecasts economic growth slowdown in Armenia
... Armenia in 2024 and 5.5% in 2025. The World Bank anticipates 5.5% growth in 2024 and 5% in 2025. The IMF forecasts a 6% growth rate for Armenia in 2024, with a slowdown to 4.9% in 2025. The EBRD expects growth of 6.2% in 2024 and 4.8% in 2025. The ADB projects 5.7% growth for 2024 and 6% for 2025. Fitch Ratings forecasts 6% growth in 2024 and 4.9% in 2025, while S&P predicts 6.2% growth in 2024. The UN expects the Armenian economy to grow by 5.2% in 2024 and 4.8% in 2025.
12/18/2024Dalan Technopark and OVIO sign memorandum of co-operation
... giants, both the privileges granted by the state and ensuring conditions in the buildings in accordance with international standards, as well as secure data processing and storage play an important role. The first and unique of their kind in Armenia, two projects - OVIO Data Processing Centre and ‘ Dalan’ Technopark - joined forces by signing a Memorandum of Cooperation. As part of the cooperation, OVIO will provide internet services and advanced data centre solutions on preferential terms to organisations ...
12/17/2024USAID has invested about $1.3bn in Armenia - Armenia Mission Director
... resilience, and developing social inclusion with the focus on legal reforms, promoting anti-corruption activities, assisting the government in promoting the democratic agenda, and social inclusion. According to him, USAID is now implementing a total of 32 projects in Yerevan and all regions of Armenia. ‘Our programmes are designed in such a way that the benefits for citizens are obvious. For example, we help women entrepreneurs, help small farmers apply innovative technologies, which raise yields. We also help establish a dialogue between the Armenian government and international donors,’ the USAID mission chief ...
12/14/2024Armenia's industrial potential has considerable development prospects in EEU - Pashinyan
... 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 increase the competitiveness of the ...
12/13/2024Armenian Economy Minister shares plans to develop Amulsar gold mine after EDB withdraws from the project
... these negotiations are successful, and I hope so, the banks will provide the financing,' Papoyan said at a press briefing on Thursday. He added that the banks have accumulated quite an impressive capital in recent years, which allows them to finance projects worth up to $150 million. ‘Such a thing, of course, was impossible to imagine a few years ago. However, now it is quite possible. There are also certain issues related to risk containment,’ the minister said. Papoyan added that in order to ...
12/12/2024Armenia to receive $100m from World Bank for creation of tourism clusters
... Armenia in 1992, the World Bank has provided the country with approximately $2.7 billion 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-
12/10/2024EDB forecasts 1.8% inflation and further refinancing rate cut in 2024
... growth in prices for services remained at 3.0% year-on-year. Disinflation in the non-food sector remained unchanged from the previous month at 2.1% year-on-year," the report says. Inflation Figures and Forecasts The 2024 state budget of Armenia projects inflation at 4% (±1.5%). In November, 12-month inflation was 1.4%. According to the Central Bank’s monetary policy report for the third quarter of this year, inflation in Armenia is expected to be between 2.1% and 2% by the end of 2024. The ...
12/09/2024Canada supports Yerevan's efforts to normalise relations with Baku - special envoy
... of the embassy in the Republic of Armenia will also contribute to the development of bilateral cooperation in the fields of economy, high technologies, education, and culture. The interlocutors discussed issues related to the implementation of joint projects in various areas. The sides exchanged views on the latest developments over the Armenia-Azerbaijan peace treaty. In this context, Prime Minister Pashinyan referred to the positions of the Armenian side on various issues. Stéphane Dion emphasized ...
12/06/2024WB may assist Armenia in expanding tourism clusters in the country
Armenian Minister of Economy Gevorg Papoyan discussed on Friday with World Bank Senior Disaster Risk Management Specialist Tawadzwa Dube the implementation of a number of projects, the press service of the Ministry of Economy reported. YEREVAN, 6 December. /ARKA/. Armenian Minister of Economy Gevorg Papoyan discussed on Friday with World Bank Senior Disaster Risk Management Specialist Tawadzwa Dube the implementation ...
12/06/2024EDB investments in 2024 total $2.3B, with $436M in Armenia, Kyrgyzstan, and Tajikistan
The Eurasian Development Bank (EDB) launched about 30 new projects in 2024. ALMATY, December 6. /ARKA/. The Eurasian Development Bank (EDB) launched about 30 new projects in 2024. This was announced by Nikolai Podguzov, Chairman of the EDB Management Board, at the bank's press conference summarizing the year's ...
12/06/2024EDB develops non-sovereign financing database to track investments by international financial institutions in Eurasia
... Vinokurov, EDB Chief Economist, emphasised the database’s significance for the region: “Using the database is very intuitive. It enables analysis by instrument, sector, currency and many other parameters. It is also possible to analyse IFIs’ green projects in the region and assess the effectiveness of projects. Additionally, as the NSF database includes projects dating back to 2008, users can identify long-term trends in development project financing. That is why it can assist governments in formulating ...
12/06/2024Ameriabank named the Bank of the Year 2024 in Armenia by The Banker Magazine
... capital more easily, enabling it to invest in improving its products, services and technology. The arrangement is also expected to give a significant boost to the wider Armenian financial system and economy as well as opening new prospects for regional projects and business development. Artak Hanesyan, CEO at Ameriabank, has commented on this achievement with the publication: “Our focus remains on enhancing our customers’ digital experience, ensuring we stay responsive, agile and aligned with evolving ...
12/05/2024Armenia's economic activity slows in October due to services sector slowdown – Finance Ministry
....5% in 2025. The WB expects Armenia's economy to grow by 5.5% in 2024 and 5% in 2025. The IMF predicts a 6% growth in Armenia's economy in 2024 and 4.9% in 2025. The EBRD anticipates economic growth in Armenia of 6.2% in 2024 and 4.8% in 2025. The ADB projects 5.7% growth for 2024 and 6% for 2025. According to Fitch Ratings, Armenia's economy will grow by 6% in 2024 and 4.9% in 2025. S&P forecasts 6.2% growth for Armenia's economy in 2024, while the UN expects the Armenian economy to grow by 5.2% in ...
12/05/2024EDB to invest $200-250 million in Armenia in 2025-2026 – Deputy Chairman
... 2025, we will make a decision regarding the Electric Networks of Armenia (ENA),” Mandron said, adding that the bank is focusing on Armenia's energy sector, agriculture, and mining industry. The possibility of continuing cooperation with the Yeremyan Projects agro-industrial complex is also being considered. Mandron emphasized that in Armenia, the EDB focuses on investments in the real sector and integration. "The EDB's total investments in Armenia from 2022 to 2024 amounted to $328 million, ...
12/05/2024EDB lowers Armenia's GDP growth forecast for 2024 to 6%, but raises it for 2025 to 5.5%
... economic growth in Armenia in 2024 and 4.8% in 2025. The ADB forecasts 5.7% for 2024 and 6% for 2025. According to Fitch Ratings, Armenia's economic growth will be 6% in 2024 and 4.9% in 2025. S&P expects 6.2% growth for Armenia in 2024, and the UN projects Armenia’s economy will grow by 5.2% in 2024 and 4.8% in 2025.
12/05/2024Armenian Finance Minister assesses risks to 2025 budget
... cutting the number of official vehicles, travel expenses, bonuses, utility payments, and other costs. About the Draft State Budget for 2025 On December 4, 2024, the National Assembly of Armenia approved the updated draft state budget for 2025, which projects a GDP growth of 5.1% for the coming year. The planned average inflation rate is 3.5%. State budget revenues are expected to reach approximately 2.84 trillion drams, while expenditures will total around 3.4 trillion drams. (Exchange rate: $1 = ...
12/05/2024Armenia boosts defense to support education development - Finance Minister
... billion drams. As part of this, an unprecedented program to simultaneously build 153 schools is planned. About the Draft State Budget for 2025 On December 4, 2024, the National Assembly of Armenia approved the updated draft state budget for 2025, which projects a 5.1% GDP growth for the coming year. The planned average inflation rate is 3.5%. The state budget revenues will total approximately 2.84 trillion drams, while expenditures will amount to 3.4 trillion drams. It was previously reported that the ...
12/05/2024Armenian Parliament approves $200 million loan agreement with EFSD for Kajaran tunnel construction
... Armenia's borders with neighboring Iran and Georgia. The tunnel will reduce travel time for this section of the corridor by 50% and increase the average speed from 50 km/h to 80 km/h. The construction is expected to take approximately 6 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 ...
12/04/2024EFSD and Armenian Ministry of Territorial Administration to assess condition of flood-damaged bridges in Lori and Tavush
... on 25-26 May, as well as by the overflow of the Debed, Aghstev and Tashir rivers. The natural disaster claimed 4 lives, more than 440 people were evacuated. The flood-affected settlements of these two marzes were declared a disaster zone. 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 ...
12/04/2024Hayastan Fund's annual telethon raises $13.6 million in donations
... $13.6 million. Last year’s telethon raised $8.4 million, Director of the Fund Haykak Arshamyan said today. The 27th telethon under the slogan ‘For You, Armenia’ was held on 28 November. The raised funds will be used to finance a set of strategic projects in 2023-2025 such as reconstruction and construction of drinking and irrigation water systems in border communities, construction of community health centres, placement of solar stations in schools, kindergartens and community centres in border ...
11/29/2024Russia is ready for frank and substantive conversation with Yerevan - Deputy Foreign Minister
... try to treat the Russian-Armenian alliance very carefully. The ties between our countries are based on centuries-old traditions of friendship, common history, cultures and system of value coordinates, as well as on numerous material commitments and projects,’ Galuzin added. -0-
11/29/2024Ardshinbank Donates 120 Million AMD to Hayastan All-Armenian Fund
... 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 projects. Ardshinbank could not miss the opportunity to join this cause. Through its involvement, the bank encourages its partners to join in and support the fund in addressing pan-Armenian issues. Ardshinbank plans to ask the Hayastan All-Armenian Fund ...
11/28/2024Ministry of Internal Affairs expands cooperation with EU on visa liberalization
... Internal Affairs and the EU Delegation to Armenia is both effective and strategic. This was stated by Minister of Internal Affairs Arpine Sargsyan during a meeting with the head of the EU Delegation to Armenia, Vassilis Maragos. She outlined a number of projects implemented as a result of the cooperation, including both the establishment of the Ministry of Internal Affairs and efforts to improve its subordinate services. For his part, Maragos expressed his willingness to further expand cooperation, according ...
11/28/2024VTB Armenia reduces interest rates on small business loans
... businesses to 3% per annum for the first 90 days. The terms are available through the ''New Partner'' and ''Express'' programs for retail, manufacturing, and service businesses. Financing can be used for ongoing operations, loan repayments, and investment projects. Small businesses with a good credit history and an existing loan from another bank can apply for the ''New Partner'' loan. The interest rate is 3% for the first 90 days, then rises to 18% (effective rate: 17.25%). The maximum loan amount is ...
11/27/2024EBRD: Armenian authorities to strengthen economic stability
... Bank’s key priorities in Armenia include enhancing the competitiveness of companies and supporting financial sector intermediation through risk-sharing products. Since its establishment in Armenia, the EBRD has invested €2.4 billion through 220 projects in the energy, infrastructure, telecommunications and finance sectors.
11/27/2024EBRD expected to approve Armenia Country Strategy in first quarter of 2025
... issuance-related expenses. 'We look forward to delivering impact through financing key water and solid waste infrastructure, where the bank has a mandate to finance regional solid waste management facilities and number of water reservoirs. These are projects of strategic importance that will bring social, economic and environmental benefits,' Falcetti said. She said during her recent trip to Armenia she met with government officials, development partners, with Central Bank Governor, with the Mayor ...
11/26/2024EBRD to announce 44 million euro financing package for refugees in Armenia
... 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 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 ...
11/26/2024Supporting renewable energy development in Armenia is yet another strategic priority for EBRD- Elisabetta Falcetti
... 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. She said one of the landmark projects is Masrik Solar power plant, the first utility-scale solar power plant in Armenia, which is also the first in the Caucasus. The project is almost complete and once connected to the Armenian electricity grid it will significantly boost Armenia’s ...
11/26/2024IMF: Armenia's economy to grow by up to 5.5% by 2028
... Figures and forecasts for the Armenian economy The state budget for 2024 forecasts economic growth in Armenia at 7%. The Central Bank of Armenia expects the country's economic growth in 2024 to range from 6.5% to 5.8%. The draft state budget for 2025 projects economic growth at 5.6%. The EDB predicts Armenia's GDP will grow by 7.5% in 2024 and 4.2% in 2025. The World Bank expects the Armenian economy to grow by 5.5% in 2024 and 5% in 2025. The IMF projects a 6% growth rate for 2024 and 4.9% for 2025....
11/26/2024EBRD has invested record 2.4 billion euros in Armenia - EBRD Managing Director for Turkey and Caucasus (EXCLUSIVE)
... Falcetti speaks about the bank's investments and goals in Armenia, as well as its priorities and future programs. ARKA - How much has the EBRD invested in the Armenian economy since the beginning of its operations in the country? What are the key projects the EBRD is implementing in Armenia today? Elisabetta Falcetti - Armenia is an important partner for EBRD, where we have invested over EUR 2.4 billion across 220 projects. EBRD’s Annual Meeting and Business Forum held in Yerevan earlier ...
11/26/2024Armenian Parliament considers transforming EFSD into independent structure
... organisation. Deputy Finance Minister Eduard Hakobyan recalled that initially the EFSD was established as the Anti-Crisis Fund of the Eurasian Development Bank (EDB), but later its activities were revised. Thus, the EDB is engaged largely in financing private projects, while the EFSD in ensuring the financial stability of the region. The total investments in the 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 ...
11/25/2024Consumer prices in Armenia show zero growth in 10 months, same as last month
... January-October 2024 increased by 3.1% compared to the same period in 2023. In October of this year, prices for industrial goods increased by 4.9% year-on-year and by 1.8% month-on-month. Inflation Figures and Forecasts The Armenian state budget for 2024 projects inflation at 4% (±1.5%). According to the Central Bank's monetary policy report for the third quarter of this year, inflation in Armenia is expected to be within the range of 2.1-2% by the end of 2024. The forecast for 2025 is 4-3.2%, for 2026 ...
11/25/2024Economic activity in Armenia increased by 8.1% in 10 months
...,734,696.9 million drams, which is 5.8% higher than the same figure last year. In October, the growth was 5.2% year-on-year, while a decline of 2.5% was recorded month-on-month. Figures and forecasts for the Armenian economy The state budget for 2024 projects economic growth in Armenia at 7%. The Central Bank of Armenia expects the country's economy to grow in 2024 within a range of 6.5-5.8%. The draft state budget for 2025 projects economic growth at 5.6%. -0-
11/25/2024Moscow finds BRICS platform attractive for Armenia
... members of the organization: Brazil, Russia, India, China, and South Africa. The first summit of the association was held in 2009. At their meetings, BRICS members discuss economic and geopolitical issues and foster cooperation on mutually beneficial projects. -0-
11/25/2024‘’Wings of Tatev’’ cable car in Armenia wins prestigious World Travel Awards for the third time
... considered one of the most prestigious international honors in the travel industry, recognizing outstanding achievements in travel, tourism, and hospitality since 1993. Often referred to as the "Oscars" of tourism, they are awarded to the best projects in the industry for their commitment to excellence, exceptional service, and innovation. -0-
11/25/2024Armenia and Russia plan to reach record $14-16bn trade turnover - Russian Ambassador
... between Russia and Armenia exceeded $8.3bn mark, surpassing the figures for the whole of last year, which stood at $7.4bn,‘’ he said in an interview with Russian daily 'Izvestia'. Kopyrkin also noted that work is underway to launch joint economic projects in Armenia, which will make a tangible contribution to the development of Armenian industry, create new jobs and increase tax revenues. Russia is still Armenia’s largest foreign trade partner. According to the National Statistical Committee,...
11/25/2024Pentagon allocates over $400,000 for drinking water in Armenia's Lori region
... Lori region have now access to clean and safe drinking water thanks to over $400,000 in funding from the Pentagon. David Allen, Chargé d'Affaires at the US Embassy in Armenia, attended the event with Armenian partners to mark the completion of two projects in the Lori region, the US Embassy in Armenia reported on Facebook. -0-
11/21/2024Pashinyan says it is important to attract new German companies to Armenian market
... Armenia and Germany will develop and strengthen in the coming years, the government press service reported. He noted with satisfaction the existence of active political dialogue between the two countries. Pashinyan highlighted the implementation of joint projects in the fields of economy, investments, infrastructures and tourism. In her turn, Busch stressed that the German government pays great importance to the constant deepening of relations with Armenia and in this regard, she plans to discuss opportunities ...
11/15/2024ADB explores special economic zone in Gyumri
... in regional trade development. Since the start of its cooperation with Armenia in 2005, ADB has 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 ...
11/15/2024EBRD supports reconstruction and modernisation of Armenia's customs and logistics facilities
A set of projects, implemented together with the European Bank for Reconstruction and Development (EBRD) as part of modernisation of Armenia's State Revenue Committee’s (SRC) infrastructure were discussed on Thursday by SRC Chairman Rustam ...
11/14/2024EIB ready to continue partnership in implementation of Armenian government's priority projects - Vice-President
The European Investment Bank (EIB) is ready to continue partnership with the government of Armenia in the implementation of the government’s priorities and strategic projects, the bank's Vice President Teresa Chervinska said at a meeting with Armenian Prime Minister Nikol Pashinyan in Yerevan today. YEREVAN, 14 November. /ARKA/. The European Investment Bank (EIB) is ready to continue partnership with the ...
11/14/2024Company for construction of ‘’Ajapnyak’’ metro station in Yerevan to be selected in 2025
... of the ‘’Ajapnyak’’ metro station in Yerevan will be selected in 2025, said the capital's mayor Tigran Avinyan. "The project for the ‘’Ajapnyak’’ metro station is undergoing a comprehensive review; the construction of such large projects and the preparatory work involved require a certain amount of time. Most likely, within the next year, we will have a company that will be recognized as the winner of the tender for construction," he stated in parliament. Aneta Babayan, ...
11/04/2024Construction and renovation of 223 schools begun in Armenia over three years – Minister
... Education, Science, Culture, and Sports Zhanna Andreasyan during budget discussions in parliament. She noted that 192 schools were built in Armenia from 1991 to 2017, most of which were in the disaster zone affected by the Spitak earthquake. Of the current projects, 183 schools will be built from scratch, and 35 have already been completed, taking into account all requirements, including seismic resistance. Such progress was made possible by the government’s adoption of a unified standard for buildings ...
10/29/2024Armenia's 2025 state budget allocates 905 billion drams for social expenditures - Ministry of Finance"
... a result, social protection expenditures will account for 8.2% of GDP, which is an increase of 0.6% from 2024," Hovhannisyan stated. About the 2025 State Budget The Armenian government’s draft budget for 2025, approved in late September 2024, projects revenues of 2.873 trillion drams, expenditures of 3.482 trillion drams, and a deficit of 609 billion drams. The budget also anticipates 5.6% economic growth, 3.5% average inflation, and a government debt-to-GDP ratio of 53.5%. (Exchange rate: ...
10/28/2024Armenia to allocate over $1.7 billion for defense in 2025- Finance Minister
... 2024. "This is the most substantial part of our budget, as we are channeling our resources to strengthen defense," he emphasized. About the 2025 State Budget The Armenian government’s draft budget for 2025, approved in late September 2024, projects revenues of 2.873 trillion drams, expenditures of 3.482 trillion drams, and a deficit of 609 billion drams. The budget also anticipates 5.6% economic growth, 3.5% average inflation, and a government debt-to-GDP ratio of 53.5%. (Exchange rate: ...
10/28/2024Ameriabank's exclusive offers: MyHome platform and preferential loans
... in the market that offers a comprehensive online solution for buying property in the primary market- from selection of housing to mortgage approval. Clients only need to visit a notary office to confirm contracts. MyHome platform presents 133 housing projects of 70 developers with more than 3,700 flats. Starting this year, the platform is offering also more than 1,000 secondary market flats from 31 brokers. Visitors to the exhibition will receive a special offer for an online loan for the purchase ...
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