The EBRD in Armenia

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Aerial view of Yerevan with Mount Ararat in the background

The EBRD has been investing in Armenia since 1992

In Armenia, we focus on developing the financial sector, improving transport infrastructure, supporting the development of value-added industrial companies, improving the business environment, strengthening corporate governance and supporting the development of sustainable energy infrastructure and mining projects with high standards of environmental and social protection.

An Armenian success story: how EBRD investment is helping Royal Armenia, a manufacturer of high-quality coffee, to expand its production capacity and range to serve more customers.

229

Number of projects to date

€2,485m

Cumulative EBRD investment

€1,283m

Cumulative disbursements

49%

Private sector share of portfolio

Number of active portfolio operations

€582m

Current portfolio of projects

€233m

Operating assets

Equity share of portfolio

7 December 1992

Joined the EBRD

14,990

Capital subscription (€000)

EBRD Governor: Vahe Hovhannisyan
EBRD Alternate Governor: Eduard Hakobyan
EBRD Board Director: René van Hell
EBRD Board Alternate Director: Qiyong Liang

EBRD Shareholders information

Focus areas

The EBRD will support Armenia’s continued development through investment and policy dialogue.

The strategy’s first priority is to enhance the inclusivity and competitiveness of the private sector by improving financial intermediation, providing targeted support for small and medium-sized enterprises, as well as refugees and host communities, and fostering trade diversification.

The second priority is to invest in sustainable infrastructure with a view accelerating the green economy transition.

This will include financing energy-efficiency initiatives, expanding the EBRD’s Green Cities programme and enhancing energy security with an emphasis on renewable energy solutions.

Additional efforts will be made to support Armenia’s Nationally Determined Contributions and low-carbon pathways.

As well as being an EBRD country of operation, Armenia is an EBRD donor. In 2015, Armenia signed a €1 million contribution agreement to the Eastern Europe Energy Efficiency and Environment Partnership (E5P) Fund.

5.0%

EBRD forecast for Armenia’s real GDP growth in 2025

4.5%

EBRD forecast for Armenia's real GDP growth in 2026

Economic growth in Armenia is moderating towards its long-term potential after two years of rapid expansion. Real GDP grew by 5.9 per cent in 2024, down from 8.3 per cent in 2023 and 12.6 per cent in 2022, reflecting waning inflows of capital from Russia, the diminishing impact of high-skilled Russian migration, and slower growth in trade and ICT services. Meanwhile, inflation remains within the Central Bank of Armenia’s (CBA) revised target range of 3 per cent (±1 per cent). Headline inflation accelerated to 3.3 per cent year on year in March 2025, up from an average of 0.3 per cent in 2024, driven mainly by food and utility prices. To support economic activity, in February 2025, the CBA cut its benchmark interest rate by 25 basis points, to 6.75 per cent.

This was the 14th rate cut since June 2023, where the rate stood at 10.75 per cent. Real GDP growth is projected to moderate to 5 per cent in 2025 and 4.5 per cent in 2026. The deceleration reflects moderation in domestic demand as the effects of the earlier inflows of capital and labour from Russia dissipate, and the impact of higher US import tariffs on external demand. Public investment, IFI-backed projects, and infrastructure expansion will continue to support economic activity. A potential breakthrough in border negotiations with Türkiye could strengthen Armenia’s position in East-West transit and boost regional trade integration. However, geopolitical volatility remains the key downside risk, as delays in finalising peace negotiations with Azerbaijan could undermine economic stability.

Armenia strategy and snapshot

Armenia country strategy 2025-30

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Report on public comments

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Local language translation

PDF format / 1.39 MB

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Armenia country snapshot

PDF format / 1.46 MB

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Contact the EBRD in Armenia

Head of Office, George Akhalkatsi

Address:

EBRD Yerevan Resident Office, Piazza Grande Business Centre, 2nd floor, rooms 95-97, 10 Vazgen Sargsyan Street, Yerevan 0010, Republic of Armenia

Telephone:

00 374 10 590901

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The EBRD in Armenia

An Armenian success story: how EBRD investment is helping Royal Armenia, a manufacturer of high-quality coffee, to expand its production capacity and range to serve more customers.

Focus areas

The EBRD will support Armenia’s continued development through investment and policy dialogue.

Armenia strategy and snapshot

Contact the EBRD in Armenia

The EBRD in Armenia

An Armenian success story: how EBRD investment is helping Royal Armenia, a manufacturer of high-quality coffee, to expand its production capacity and range to serve more customers.

Focus areas

The EBRD will support Armenia’s continued development through investment and policy dialogue.

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