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]
source
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]
source
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