EBRD President considers programs implemented by Bank useful for  development of private sector in Armenia

ArmInfo. President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso  believes that Armenia is a good example of productive assistance to  the country and its reforms. She stated on May 16 at a press  conference following the 33rd Annual Meeting of the Bank in Yerevan.

Odile Renaud-Basso recalled that the Bank works in Armenia with the  banking sector, promotes small and medium-sized businesses, and  provides consulting services. The Bank has invested over 2,087  million euros in the Armenian economy in 210 projects. Over the past  5 years alone, the EBRD has invested EUR 640 million in the country,  50% of which in the private sector, promoting its development, as  well as improving infrastructure, renewable energy production and the  digitalization of rural areas.  The head of the EBRD considers the  programs implemented by the Bank useful for the development of the  private sector in Armenia. However, at this stage she refrains from  assessing their effectiveness, noting that this will become obvious  over time.

"The impact of the programs implemented by the EBRD on the economy of  Armenia is unequivocal, but as of today it is difficult to clearly  record their extent. Of course, the Bank's agenda includes the issue  of introducing mechanisms for measuring the effectiveness of  implemented programs, but I think the impact was significant," said  the EBRD President.

The head of the Bank considers investments in the "green agenda,  green transition" programs successful.  As part of the EBRD's "green  cities" concept, a program was implemented to purchase natural gas  buses for the Yerevan Municipality. And this will remain on the  Bank's agenda, she added.

"Armenia and I are working in the field of renewable energy (EBRD  financed the construction of a Masrik- 1 large solar station, ed.  note), which is very important, as well as in the direction of  increasing energy security to reduce energy dependence on third  countries, we saw the risks of this excessive dependencies in Europe.  The issue is being discussed with the authorities and we will  continue to assist in these areas," the president said.

On May 14 -16, the 33rd Annual Meeting of the European Bank for  Reconstruction and Development (EBRD) was held in Yerevan. The event  included an EBRD business forum under the slogan "Delivering Impact  Together".