Armenia and ADB
In the Spotlight
Supporting financial institutions is important as countries in Central Asia and the Caucasus work to reform and modernize their economies, says ADB's Nana Khurodze.
Despite an unfavorable external environment, Armenia’s economy managed to grow by 3.0% in 2015. Weak domestic demand helped contain inflation and improve external accounts but exacerbated the budget deficit.
ADB has signed a $1 billion framework agreement with the Eurasian Development Bank to expand cofinancing activities in Armenia, Kazakhstan, Kyrgyz Republic, and Tajikistan. The agreement was signed by ADB President Takehiko Nakao and EDB Chairman Dmitry Pankin.
ADB’s Armenia Resident Mission, in conjunction with the IDeA Foundation and Gyumri Project Hope Foundation organized a forum on the current state of the city and plans of action for its future.
The overarching goal of ADB's country partnership strategy, 2014-2018 for Armenia is to help integrate its economy into the region, and to rebalance it toward more resilient, inclusive, and environmentally sustainable growth. Efforts to realize these goals include improving domestic and cross-border transport links, upgrading secondary towns based on integrated urban development plans, and improving the country’s energy security.