EBRD: Will Invest EUR180 Million In Armenia Over Next 2 Years

[ara87]

LONDON (Dow Jones)--The European Bank for Reconstruction and Development Tuesday said it will invest EUR180 million in Armenia over the next two years.

The development bank said that although the country isn't greatly exposed to the global financial crisis, it will suffer from a drop in remittances from Armenians working outside the country, and declining exports.

The EBRD said it will provide loans to Armenian banks that will be used to finance companies operating in the country, and will make "selective" equity investments in its leading banks.

In its review of its strategy for the country, the EBRD said reforms have slowed in recent years and a number of issues need to be addressed, including "promoting competition and limiting monopolies, tackling corruption (and) strengthening the financial sector."

The EBRD was established in 1991 to help countries in eastern Europe and the former Soviet Union make the transition from centrally planned to market economies.

It is the largest single investor in Armenia, having committed EUR240 million to 64 projects in the country.

-By Paul Hannon, Dow Jones Newswires, +44 20 7842 9491, [email protected]

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[Sako]

Re: EBRD: Will Invest EUR180 Million In Armenia Over Next 2 Years

This is really good news. I'm impressed. Thanks for letting us know yekhpayr.

[hipeter924]

Re: EBRD: Will Invest EUR180 Million In Armenia Over Next 2 Years

This is really good news. I'm impressed. Thanks for letting us know yekhpayr.

It should hopefully help offset some of Obama's Turkey worship (since Obama cut aid to Armenia).

[Sako]

Re: EBRD: Will Invest EUR180 Million In Armenia Over Next 2 Years

Amen to that, lol

[retro]

Re: EBRD: Will Invest EUR180 Million In Armenia Over Next 2 Years

This is private sector aid/debt and not investment! Armenia urgently need to clean up it's act and open up and develop the countries markets. Russia has far to much control over Armenia's economy and the absence of the rule of law and isolation/Turkish blockade is detering investment.

[ara87]

Re: EBRD: Will Invest EUR180 Million In Armenia Over Next 2 Years

Russia has far to much control over Armenia's economy

That's for certain, but if we piss them off by trying to be independent of them, things would only get worse

[hipeter924]

Re: EBRD: Will Invest EUR180 Million In Armenia Over Next 2 Years

That's for certain, but if we piss them off by trying to be independent of them, things would only get worse

Yep because the Azeri's are trying to get Russia on their side, so they can try and invade and conquer Armenia.

I am sure even then they will lose again though. Maybe they lose 30% of 'their territory' this time.

[Icy]

Re: EBRD: Will Invest EUR180 Million In Armenia Over Next 2 Years

That would be great, wouldn't it?

[hipeter924]

Re: EBRD: Will Invest EUR180 Million In Armenia Over Next 2 Years

That would be great, wouldn't it?

Yep.

[retro]

Re: EBRD: Will Invest EUR180 Million In Armenia Over Next 2 Years

Yep because the Azeri's are trying to get Russia on their side, so they can try and invade and conquer Armenia.

You are right, Armenia is in real danger of being squeeze out of existence. As Azerbaijan's energy exports will buy it wider political leverage and economically it is now far better positioned than Armenia.