The investment program for Armenia is likely to be expanded until 2026, said Nikolay Podguzov, Chairman of the Management Board of the Eurasian Development Bank (EDB), during a briefing at the EDB annual meeting and business forum, according to ARKA news agency.
Earlier on Thursday, Podguzov stated that the EDB strategy envisages investing almost $11 billion in the economies of the shareholder countries by 2026.
"For each country, we have a country strategy. These $11 billion are, of course, distributed among all the participating countries. As for the country strategy adopted for Armenia, we are ahead of plans, as we initially expected to finance about $200-300 million by 2026. But we are already reaching these levels probably by the end of 2024 - beginning of 2025," Podguzov said.
He noted that the bank has investments in Armenia's energy sector (Razdan TPP), food security (Yeremyan Projects Group), industry, and mining (Zangezur Copper-Molybdenum Combine).
"We are also discussing several other projects. Therefore, over the past two years, our portfolio in Armenia has grown several times, approaching $150-200 million. Planned work continues," Podguzov added.
The Eurasian Development Bank (EDB) is an international financial organization that conducts investment activities across the Eurasian space. For over 15 years, the EDB has been promoting the strengthening and expansion of economic ties and comprehensive development of its member countries.
The EDB's authorized capital is $7 billion. The majority of the EDB's portfolio comprises projects with an integration effect in the areas of transport infrastructure, digital systems, green energy, agriculture, industry, and engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its activities.
