YEREVAN, February 9. / ARKA /. The Asian Development Bank (ADB) has approved a new country partnership strategy with Armenia which includes targeted support for infrastructure, urban development, and energy to underpin more resilient, inclusive and sustainable growth.

“ADB plans to provide financial assistance of around $500 million over the next five years to support improved transport links, to upgrade secondary towns where poverty is highest, and to strengthen energy security,” David Dole, ADB’s Country Director for Armenia, is quoted as saying in a press release.

While ADB will continue financing infrastructure, it will aim to gradually shift its focus to catalyzing support from the private sector, and providing knowledge products and services. Given ADB’s limited resources and assistance from other development partners, ADB won’t be significantly involved in the finance, health, and education sectors.

In the transport sector, ADB will continue to support improving the north-south road corridor, and strengthening transport links between and within secondary towns, especially those with the highest poverty rates. To promote regional cooperation and integration, ADB will coordinate with Georgia to help improve roads linking Armenia and Georgia.

ADB will support urban development in towns with the highest poverty rates by helping local governments prepare integrated urban development plans, and financing needed infrastructure investments, including in water supply, urban roads, and solid waste management.

Armenia’s aging electricity infrastructure and heavy dependence on imported fuels weaken its energy security. ADB will help address this issue by supporting the development of renewable energy resources and helping to rehabilitate and upgrade energy infrastructure.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2013, ADB assistance totaled $21.0 billion, including co-financing of $6.6 billion. Armenia joined ADB in 2005.-0-