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RA Prime Minister Tigran Sargsyan Received Director Of The EBRD Cauc

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  • RA Prime Minister Tigran Sargsyan Received Director Of The EBRD Cauc

    RA PRIME MINISTER TIGRAN SARGSYAN RECEIVED DIRECTOR OF THE EBRD CAUCASUS, MOLDOVA AND BELARUS COUNTRY OFFICES MICHAEL DAVY AND HEAD OF THE EBRD ARMENIA OFFICE MICHAEL WEINSTEIN

    Government of Republic of Armenia Web Site
    Wednesday, 29th of October, 2008

    Both the Bank's commitment to Armenia and the cooperation over the
    joint programs were highly appreciated on either side. The bilateral
    interaction was said to have been developing successfully over the
    past few years.

    Michael Davy advised that at this point of time, the Bank is working
    on the next 3 years' cooperation strategy which is due to come before
    the Board of Directors as early as next January.

    As an example of the ever-expanding cooperation, the head of the
    Armenian government cited and welcomed the acquisition of a stake in
    Ararat Bank by the EBRD and assured that the government was going to
    back the European Bank's activities in our country.

    Concerning the above, Michael Davy said this deal was the reflection
    of EBRD's full trust in Armenia's banking system. He advised that
    the European Bank has already invested into 4 Armenian banks and is
    cooperating with 8 such local entities altogether.

    The parties also touched upon the efforts aimed at eventually
    anticipating the adverse effect of the global financial crisis on
    Armenia. As assured by Mr. Davy, the EBRD directors are very much
    concerned about the implications on EBRD partner countries. In this
    regard, the Prime Minister stressed the need for a tangible rise in
    small and medium-size business funding. Tigran Sargsyan indicated
    that the Armenian market has been analyzed by experts and we have
    sufficiently accurate estimates as to how much funding it can absorb
    within at least the next three years.

    The EBRD representative expressed readiness to work in those areas of
    interest to Armenia's government and welcomed the proposal of focusing
    upon the SME. He further mentioned that the cooperation in this sphere
    and with the banking sector is prioritized in the new strategy as well.

    According to Mr. Davy, an EBRD mission is due to arrive in Armenia
    to discuss the new strategy. He expressed hope that the bilateral
    cooperation and the joint programs will succeed as a result of such
    discussions and collaboration.
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