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Official News

Tuesday, 5 April 2005

Today RA Prime Minister A. Margaryan has received regional director of the European Bank for Reconstruction and Development Mr. Michael Davy, acting director of the Armenia Office of the Bank Mr. Nikolai Hajiski and head of the Yerevan Office Mr. Michael Weinstein.

By introducing the newly appointed head of the Yerevan Office, Mr. Michael Davy indicated that Mr. Michael Weinstein's activities would be supported by the already established framework of efficient cooperation with the Armenian government. Stressing that during 2004 alone, agreements were signed and work was completed for 7 new programs with an aggregate budget of EURO 10mln with several new projects scheduled for the current year, the regional director of the EBRD expressed readiness to expand the scope of EBRD's involvement in Armenia. Asked to brief them on Armenia's priorities for future cooperation with the Bank, Mr. A. Margaryan singled out the banking sector. According to him, medium-term and long-term lending from the banks in support of agricultural projects would be largely conducive to boosting economic development and curbing poverty in the country, as well as to addressing the challenges facing the population of the Republic in the social sphere. Agreeing with the Prime Minister, Mr. Davy expressed the hope that the EBRD would be in a position to carry out about 10-12 new investment programs in the banking sector, as well as in energy, transport and other fields in Armenia over the next few years.

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