Prime Minister Hovik Abrahamyan received a delegation led by President of the European Bank for Reconstruction and Development

Prime Minister Hovik Abrahamyan received a delegation led by President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti.

Highlighting EBRD’s contribution to economic development projects implemented in our country, the Prime Minister said his government is eager to expand and deepen the dynamically developing cooperation.

Hovik Abrahamyan noted that bilateral cooperation has been expanding year by year, due to which a new draft strategy of cooperation in 2015-2018 is being discussed between the sides. The new strategy will be comprised of three main components: enhancing the private sector’s competitiveness, developing the capital markets through increased funding in local currency and, finally, ensuring sustainable development of commercialized utilities.

The Prime Minister appreciated the EBRD’s support as to the development of the financial sector and ensuring enhanced access to credits. He stressed that the development of SMEs is among his government’s priorities, and the Government will continue to take steps in that direction. Hovik Abrahamyan made a point of the Bank’s valuable contribution to the development of the capital market in Armenia, highlighting the issuance of dram-denominated bonds, in particular.

Thankful for a warm welcome, the President of the EBRD stressed that significant progress has been made recently in cooperation with the Armenian government, which has resulted in increased levels of EBRD investment in Armenia’s economy. In this context, he expressed the hope that the new strategy of bilateral cooperation will help expand the scope of financing of different programs.

Noting that serious progress has been recorded in terms of improving the business environment durng Hovik Abrahamyan’s tenure, Suma Chakrabarti pointed to the need for implementing new joint programs in this area and ensuring consistency in tax and customs reforms.

Suma Chakrabarti stressed the Bank’s readiness to expand the scale of assistance aimed at implementing energy efficiency programs in Yerevan and other cities of Armenia, rehabilitating the Yerevan Metro, building new roads and other infrastructure-related programs.

The interlocutors discussed the hard waste management project in Kotayk Marz of Armenia and the program of modernization of checkpoints on the Armenian-Georgian border, the concept of introducing the institute of business ombudsman in Armenia, as well as the forthcoming EBRD annual meeting in Tbilisi.

The parties took the opportunity to look at other issues of mutual interest.