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The global crisis highlighted the vulnerability of Armenia’s dependence on remittances and commodities. A significant strengthening of the institutional environment and an improvement of the transport and communications infrastructure are needed to increase productivity and attract investments in export-oriented sectors.
Despite the government’s successful anti-crisis policies to stimulate lending to small and medium-sized enterprises (SMEs), the latter’s access to credit remains limited. It will be important to support prudential and regulatory measures aimed at increasing local currency lending, including steps to encourage the development of local capital markets.
The authorities need to strengthen the fiscal position after the crisis, while continuing to protect social and essential capital expenditures. An acceleration of tax and customs administration reforms is crucial for supporting this adjustment in a credible way. In addition, improvements in public debt management should focus on developing longer-term dram instruments.
More developments and challenges
|
No. of projects |
101 |
|---|---|
|
Net business volume |
€467.6 million |
|
Total project value |
€911.7 million |
|
Gross disbursements |
€405.2 million |
|
Portfolio in private sector |
93% |
The Bank’s main focus over the coming years will be on infrastructure and the enterprise and financial sectors.
In developing infrastructure, the EBRD will continue its support of creditworthy renewable energy and energy efficiency projects, and promote further development of Armenia’s energy sector by financing the country’s leading privately-owned power generation and distribution companies.
In the enterprise sector, the EBRD will continue to finance MSMEs, finance creditworthy large enterprises and place emphasis on expanding the Bank’s TAM/BAS advisory services.
In the financial sector, the Bank will strengthen financial intermediation in Armenia. This includes encouraging consolidation in the banking sector, through financing the best local banks.
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0009 Yerevan
Armenia
Tel: +37410 51 48 05 /06/07/08/09
Fax: +37410 51 48 10

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