YEREVAN, June 11. /ARKA/. The European Development Bank is not planning any commercial real property construction, including trade centers, head of EDB Yerevan office Sergey Ignatov said.
This kind of projects is willingly funded by commercial banks, he said.

“We do not want to create competition, besides we believe these projects have a minimum effect for the country’s development”, Ignatov told ARKA.

The banker also said the EDB will not be funding any projects prohibited for funding by development banks, such as alcohol and tobacco production. The bank is neither interested in refinancing of current loans as it has low effect on economy, he said.

Ignatov said the EDB has been financing projects in Armenia since 2010. The EDB’s current investment portfolio in Armenia is $79 million; the cumulative investment portfolio is $109 million.

Eurasian Development Bank (EDB) is an international financial organization established by Russia and Kazakhstan in 2006 to help develop market economies and boost mutual trade ties in member states. The bank’s authorized stock is over 1.5bln US dollars. The member-states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. –0—