OREANDA-NEWS. The European Investment Bank (EIB) and the Development Foundation of Armenia have signed a Memorandum of Understanding (MOU) aimed at deepening their cooperation to identify and support potential projects in sectors eligible for EIB financing in Armenia. These involve developing the local private sector, upgrading social and economic infrastructure and addressing climate change.

The MOU was signed on 12 June by Mr Klaus Tr?mel, EIB Secretary General, and Mr Arman Khachaturyan, Chairman of the Development Foundation of Armenia, on the occasion of a visit to the EIB by Mr Karen Chshmaritian, Minister of Economy of the Republic of Armenia.

The objective of the MOU is to further deepen the well-developed and close cooperation between the EIB and Armenia, which is focused on providing support to the economic and social development of the country, thereby improving the life of Armenia’s citizens.    

Currently, the EIB lending commitment in Armenia covers ten projects and amounts to some EUR 212 million. It supports a well-diversified investment portfolio important for the country’s development in the areas of transport, public transport, energy and water sector infrastructure, as well as SME support. The two parties discussed the future priorities of EIB activities in Armenia and the promising pipeline of new operations for the upcoming years.