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Country data

3.1 million
29,800 sq km
Armenian dram

Key developments and challenges

  • The economy has been affected by a significant increase in the prices of energy imported from Russia, which the authorities are striving to re-negotiate. If maintained, the 50 per cent increase in gas import prices, which the government partly passed on to households, would slow the pace of improvement in the trade and current account deficits.
  • The authorities continued to deregulate the economy and strengthen competition. Reduction of red tape and the implementation of inspection reform enabled the country to continue to improve its ranking in international business environment surveys.
  •  The government announced the country’s decision to seek membership of the Eurasian Customs Union. The formal accession process may take several years to complete. It remains to be seen whether membership of the Customs Union would be consistent with further approximation with the European Union (EU).

Armenia in the 2013 Transition Report

Woman in factory in Armenia

Our work in Armenia

In Armenia we support enterprises, strengthen the financial sector and foster the commercialisation of public infrastructure and utilities.


Key facts about the EBRD's work in Armenia

No. of projects


Net EBRD investment

€701 million

Gross disbursements

€524 million

Portfolio in private sector



Last updated 30 June 2014

View factsheet

Our strategy in Armenia

In the coming years, the Bank will continue its policy dialogue with the authorities on improving the business environment in Armenia. 

Through the Bank-funded Business Support Office, the public-private dialogue will be strengthened and expanded to deal effectively with various issues that impede doing business in Armenia. 

Policy dialogue on sector reforms should promote the commercialisation of utility companies, deepen private sector participation and reduce the level of public subsidies.

Reforms in the technical, regulatory and legal frameworks for sustainable energy should help Armenia deal with challenges in energy security, efficiency and affordability.

Read strategy


Citadel Business Centre
105/1 Teryan Street
4th Floor, Suite #407
0009 Yerevan
Tel: +37410 51 48 05 /06/07/08/09
Fax: +37410 51 48 10