MANILA, PHILIPPINES (7 October 2022) — Asian Development Bank (ADB) President Masatsugu Asakawa reiterated the bank’s commitment to strengthening its partnership with Armenia and helping the country pursue inclusive, diversified, and transformative growth in a virtual meeting with Deputy Prime Minister of Armenia Mher Grigoryan.
“For more than 17 years, we’ve worked in close partnership with Armenia to help diversify the economy and improve the lives of Armenians,” said Mr. Asakawa. “ADB will continue investing in priority infrastructure and improving essential public services, while supporting regional cooperation, private sector development, and helping Armenia achieve its climate targets.”
To support Armenia’s transition to a green economy, ADB is helping the government formulate a green economy policy. Through a policy-based loan to be considered by ADB’s Board of Directors this year, the bank will help Armenia align its economic and financial policy tools with the country’s climate change mitigation and adaptation targets.
Mr. Asakawa and Mr. Grigoryan discussed ADB’s ongoing and planned support, including investments in transport, education, health, agriculture, and climate-resilient and low-carbon urban infrastructure. They also discussed support for public administration reforms, digital transformation, and regional cooperation and integration.
Mr. Asakawa commended the government for its commitment to fiscal consolidation and growth-oriented capital expenditure over the medium-term. ADB has steadily increased its nonsovereign operations in the country and sees opportunities to expand its private sector support in ways that contribute to infrastructure and financial sector development.
Mr. Grigoryan expressed his appreciation for ADB’s enduring partnership with Armenia, including its support for government reforms and infrastructure development in key sectors of the economy.
ADB is preparing a new country partnership strategy (CPS) with Armenia for 2024–2028 that will align closely with the government’s priorities and support the country’s climate change agenda, among other priorities.
ADB is one of Armenia’s largest multilateral development partners. Since 2005, the bank has provided financial assistance worth more than $1.6 billion, supporting government priorities including in transport, energy, water, and urban infrastructure. In the private sector, ADB supports utilities and infrastructure, financial institutions, and agribusiness.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.