ALMATY (KAZAKHSTAN), December 9. /ARKA/. The Eurasian Development Bank (EDB) is able to invest an average of $100 million a year in projects in Armenia. Deputy Chairman of the EDB Board Denis Ilyin said at a press conference in Almaty on Friday.

According to him, the EDB’s country strategy for 2022-2026 envisaged total investments of $180 mln in projects in Armenia.

"In 2022 alone three projects were launched in Armenia for a total amount of $99 million, a very significant amount for a country like Armenia, but for us the key importance was to show the authorities of the country and the markets our willingness to invest, he emphasized.

These projects involve construction of a network of solar power plants with a total capacity of 100 megawatts (about $37mln), modernization of a plant for production of energy metering devices  and construction of a full cycle farm for production of livestock and dairy products with delivery  to restaurant chains and shops (about $25mln).

Ilyin confirmed that applications from both private businesses and the government are coming from Armenia.

"I am sure that we will exceed the planned volume of investments of $180mln designed for the next 5 years by the end of the next year. According to my estimates, the Eurasian Development Bank is able to invest an average of $100 million a year in projects in Armenia," Ilyin said.

Assessing the situation in Armenia, the deputy director noted that EDB has observed a serious growth of economic activity in all areas this year.

"The financial sector has advanced greatly and is showing record results. While having local partners in the country is very important, one of our mandates is to develop the country's financial system, the investment market," Ilyin said. -0-