YEREVAN, May 11. / ARKA /. The European Bank for Reconstruction and Development (EBRD) has contributed greatly to the smooth development of Armenia’s financial system, along with investing actively in important economic sectors, the chairman of the Central Bank of Armenia Artur Javadyan said on Monday at a meeting with EBRD President Suma Chakrabarti.

Javadyan was said by the Central Bank to highlight the role of EBRD in the financing of small and medium business in Armenia, part of which is made in the local currency, giving special importance to this program.

Javadyan praised EBRD for expanding its traditional role of international financial institutions by issuing dram-denominated bonds contributing that way to the development of the capital market of the country.

In turn, Chakrabarti praised good traditions of cooperation established between the Central Bank of Armenia and the EBRD, and also welcomed the efforts of the Central Bank for ensuring the development of the financial sector. The parties were said to have also discussed some regional developments.

Since the start of its operations in Armenia in 1992, the EBRD has invested over €900 million in more than 135 projects in the country’s financial, corporate, infrastructure and energy sectors, with 87 per cent of investments being in the private sector.-0-