ADB prepares a new partnership strategy with Armenia

Asian Development Bank (ADB) President Masatsugu Asakawa reiterated the bank’s commitment to strengthening its partnership with Armenia and helping the country pursue inclusive, diversified and transformative growth in a virtual meeting with the Deputy Prime Minister of Armenia, Mher Grigoryan.

“For more than 17 years, we have worked closely with Armenia to help diversify the economy and improve the lives of Armenians,” Asakawa said.

“The ADB will continue to invest in priority infrastructure and improve essential public services, while supporting regional cooperation, private sector development and helping Armenia achieve its climate goals.”

To support Armenia’s transition to a green economy, ADB is helping the government formulate a green economy policy.

Through a policy-based loan to be considered by ADB’s Board of Directors this year, the bank will help Armenia align its financial and economic policy tools with the country’s climate change adaptation and mitigation goals.

Asakawa and Grigoryan discussed current and planned ADB support, which includes investments in transportation, education, health, agriculture, and low-carbon, climate-resilient urban infrastructure.

They also discussed support for public administration reforms, digital transformation, and regional cooperation and integration.

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Asakawa praised the government for its commitment to fiscal consolidation and medium-term growth-oriented capital spending.

ADB has steadily increased its non-sovereign operations in the country and sees opportunities to expand its support to the private sector in ways that contribute to infrastructure and financial sector development.

For his part, Grigoryan expressed appreciation for ADB’s long-standing partnership with Armenia, including its support for government reforms and infrastructure development in key sectors of the economy.

The ADB is preparing a new partnership strategy with Armenia for the period 2024-2028 that will be closely aligned with the government’s priorities and will support the country’s climate change agenda, among other priorities.

ADB is one of the largest multilateral development partners of Armenia. Since 2005, the bank has provided financial aid worth more than $1.6 billion, supporting government priorities including transportation, energy, water and urban infrastructure. In the private sector, ADB supports public services and infrastructure, financial institutions, and agribusiness.