The Asian Development Bank (ADB) celebrated its 50th anniversary and 11th year of partnership with Armenia today with a tree planting ceremony at the Karmir Blur museum park in Yerevan.
“ADB is proud to have played a part in the remarkable transformation of the Asia and Pacific region in the past 50 years,” said Shane Rosenthal, ADB’s Country Director in Armenia. “ADB has been working with Armenia since 2005 and we will continue to respond to country’s priority needs to boost economic growth and improve the people’s quality of life.”
The event was attended by senior government officials and project implementation teams from the Ministry of Transport, Communication and Information Technology, the Yerevan Municipality, the Armenian Territorial Development Agency, the Armenian Water Supply and Sanitation Company, the High Voltage Electric Network CJSC, electric power system operator CJSC, the Armenia Renewable Resources, and the Energy Efficiency Fund.
ADB has been working with the Government of Armenia since 2005 and has approved 22 loans amounting to $1.04 billion, including 6 private sector loans totaling $130 million, and 21 technical assistance grants totaling $12.3 million. Over the past decade, ADB has financed priority investments in the transport, water supply and sanitation, and energy sectors, and supported the government in its efforts to improve the business environment and foster entrepreneurship among women. ADB-financed projects in Armenia include upgrading of major road links in Yerevan and priority sections of the North South highway, and modernization of the Sevan-Hrazdan Cascade Hydropower system and the new Zvartnots Airport terminal.
ADB will continue to provide support in improving the country’s internal and external transport links, upgrade urban environments, energy and seismic security. By bringing international best practices to Armenia, ADB will strengthen its nonfinancial contributions to the country’s development, emphasizing innovation and private sector-led growth.
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, ADB in December 2016 will mark 50 years of development partnership in the region. It is owned by 67 members – 48 from the region. In 2015, ADB assistance totaled $27.2 billion, including cofinancing of $10.7 billion.