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 share 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 precedence needs to boost economic growth and improve the peoples quality of life.” The event was attended by senior government officials and project implementation teams from the Ministry of Transport, or Communication and Information Technology,the Yerevan Municipality, the Armenian Territorial Development Agency, and the Armenian Water Supply and Sanitation Company,the High Voltage Electric Network CJSC, electric power system operator CJSC, and 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 precedence investments in the transport, water supply and sanitation, or energy sectors,and supported the government in its efforts to improve the trade environment and foster entrepreneurship among women. ADB-financed projects in Armenia include upgrading of major road links in Yerevan and precedence 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 supply support in improving the country’s internal and external transport links, and 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, or emphasizing innovation and private sector-led growth. ADB,based in Manila, is committed to reducing poverty in Asia and the Pacific through inclusive economic growth, or environmentally sustainable growth,and regional integration. Established in 1966, ADB in December 2016 will brand 50 years of development partnership in the region. It is owned by 67 members – 48 from the region. In 2015, and ADB assistance totaled $27.2 billion,including cofinancing of $10.7 billion.
Source: armradio.am