VISP - Armenian Air Navigation



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

08 Dec 2021


Concept Reviewed

PSD disclosed:

11 Jun 2021

Project Description

The Project will aim to address the urgent need of liquidity support to Armenian Air Navigation in the period of unprecedented economic impacts of COVID-19 crisis. The proposed transaction is in line with the Vital Infrastructure Support Programme (VISP) under the COVID-19 Solidarity Package Phase 2.

Project Objectives

The goal of the Project is to support Armenian Air Navigation (the "Company") to overcome a temporary shock and focus on its key function, i.e. provision of the safe air traffic management services in Armenia.

Transition Impact

ETI score: 65

The Project will have the following Transition Impact:

Resilient- The Project entails addressing current liquidity shortages of the Company resulting from a sudden, significant change in economic activity due to a crisis event.

Inclusive - The Company will develop and implement a new internship initiative that will increase the share of youth in the Company's talent pipeline and improve the awareness of wider job opportunities.

Client Information


Armenian Air Traffic Services CJSC ("ARMATS")

Armenian Air Navigation is fully owned by the Government of Armenia and is the national provider of air traffic control and management services in the country.

EBRD Finance Summary

EUR 3,000,000.00

Total Project Cost

EUR 3,000,000.00


COVID-19 crisis response: EBRD financing effectively bridges a liquidity gap due to adverse market conditions, e.g. the COVID-19 crisis.

Environmental and Social Summary

Categorised B (2019 ESP) and Low-Medium risk. Financing the liquidity needs under the VISP for an air traffic navigation and monitoring services provider is associated with site-specific Environmental and Social ("E&S") risks that can be readily assessed and mitigated via good management practices.  Environmental and Social Due Diligence ("ESDD") will be undertaken in line with the ESD ESDD response to COVID-19 and will be conducted in-house. It will comprise the review of a completed E&S questionnaire, available E&S documentation and follow up on line discussions with the Company.  Key E&S risks and impacts to consider include occupational health and safety, supply chain and contractor management, ground fleet and traffic management. Specific attention will be paid COVID-related response plans including labour and the potential for retrenchment, worker and community health and safety issues and stakeholder engagement.

Technical Cooperation and Grant Financing

The following technical co-operation ("TC") assignments are envisaged as part of this Project:

  • TC 1: Capacity and Green Assessment. The estimated cost of the assignment is up to EUR 200,000, proposed to be financed by an international donor or the EBRD Shareholder Special Fund (the "SSF").
  • TC 2: Addressing Skills Gaps in the Air Navigation Sector. The estimated cost of the assignment is up to EUR 65,000, proposed to be financed by an international donor or SSF.

Company Contact Information

Vahagn Minasyan
+37410 292929 (ext. 393 356)
33, I. Gasparyan street, Yerevan 0042, Republic of Armenia

PSD last updated

11 Jun 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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