The Asian Development Bank (ADB) announced Wednesday it has approved a new strategy with Armenia to facilitate sustainable and inclusive growth.
The strategy includes supportive measures for improving infrastructure, energy and urban development. The bank initially will continue to finance infrastructure enhancements, but over time it will shift its focus to act as a catalyst of investment support from the Armenian private sector.
ADB stated that because it has strategic partnerships with other countries, the financial, education and health sectors will see little involvement on the part of the bank.
“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,” ADB’s Country Director for Armenia David Dole said.
Transportation will receive support in this plan through the construction and restoration of transport lines between Armenia and neighboring nations such as Georgia. In the realm of urban development, towns and cities heavily affected by poverty will be the focus of developmental support projects.