The possibilities of Implementing Investment Projects Discussed With European Bank for Reconstruction and Development /

On November 30, Ashot Manukyan, the Minister of Energy Infrastructures and Natural Resources received the delegation of the European Bank for Reconstruction and Development (EBRD), headed by Francis Malige, Managing Director for Eastern Europe and the

Caucasus at the European Bank for Reconstruction and Development. The implementing process and opportunities of investment projects in mining and energy sectors have been discussed.

Welcoming the guests, Minister stressed the important role of the EBRD in the development of Armenia's economy. He expressed hope that this cooperation will continue in the future. Speaking about further cooperation with the Bank, both the direct participation and support in involving private investors into the investment projects have been highlighted.

   Expressing gratitude for the reception, Francis Malige noted that Armenia is an important partner for the EBRD. Last year, the Bank implemented over 15 projects with a cost of 140 million. He said that this year the investments within the 13 projects will reach 100 million euro. Francis Malizhen said that EBRD is interested to strengthen Armenia's energy and natural resources sector. The head of delegation represented the promising areas in which the bank is ready to invest.

   Commenting on the bank's investment interests, Ashot Manukyan noted that ensuring the diversification of the energy sector is a priority for Armenia.

In this context the renewable energy development is very important. In recent years significant progress has been made in the field of small hydropower plants. Now the time has come for the development of other renewable energy sources, said the minister.

    At the meeting the sides also discussed investment projects in the mining sector. The possibilities of EBRD participation have been discussed.