EDB ready to invest about $500 million in Armenia

The Eurasian Development Bank may invest about $500 million in Armenia in the next 3 years.

EDB Senior Managing Director Denis Ilyin made the announcement in a conversation with Armenian media on the margins of EDB's annual meeting and business forum in Almaty, Caliber.Az reports.

"About $500 million of financing that we can and would like (and the state would like) to invest in Armenia within 3 years (2024-2026)... I think it is quite achievable," Ilyin said.

In his opinion, $150-180 million of investments in Armenia per year is a real and realisable volume.

Among the projects being worked out in Armenia is an investment programme to increase production volumes of Zangezur Copper-Molybdenum Combine.

There is also a project on construction of the World Trade Centre. Renshin is expected to send an official application in the second half of the year.

According to Ilyin, the Ministry of Economy of Armenia has applied to EDB for financing the project of modernisation of the nuclear power plant. The bank has expressed readiness and is waiting for the Armenian side's decision.

"The construction of a new station is rather an idea, which has not yet turned into a project," the bank representative noted.

Earlier, Chairman of the Board of the Eurasian Development Bank Nikolay Podguzov said that EDB will revise the volume of investments in Armenia, planned by 2026.