Armenia is preparing to spend over $6.2 million on organizing the annual meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) and a business forum.
The initially allocated 2.2 billion drams (about $5.8 million) for these events proved to be insufficient, and the government decided to increase the budget by an additional 179 million drams (over $400,000), totaling around 2.4 billion drams.
As noted in the government's rationale, the financing of the events will be twofold: the rental of the National Academic Theatre of Opera and Ballet named after A. Spendiaryan for a total of 419.2 million drams (over $1 million) will be carried out by the Ministry of Finance of Armenia, while the remaining tasks will be entrusted to the company "Background Production."
The sum of 179 million drams added to the budget will be taken from the funds allocated for servicing the national debt and directed towards organizing the EBRD Board of Governors meeting.
The annual meeting of the EBRD Board of Governors is scheduled for May 14-16 in Yerevan.
Earlier, BMG reported that Armenia became a member of the EBRD on December 7, 1992. The Bank has participated in financing 210 projects in Armenia, with a total investment portfolio of 2.080 billion euros. The share of investments in the private sector is 81%.
The annual meeting and business forum of the EBRD bring together high-ranking officials from member countries, representatives of the financial world, and business leaders to discuss financial and economic issues and cooperation in addressing them.
