YEREVAN, March 15. /ARKA/. Armenia regards the Eurasian Fund for Stabilization and Development (EFSD) as a key partner, despite a small portfolio of joint projects, Armenian Deputy Prime Minister Tigran Avinyan said on Friday at a videoconference with representatives of the Eurasian Development Bank (EDB), convened to evaluate the efficiency of the EFSD-funded projects in Armenia.
“The total portfolio of active projects is about $200 million, while the average efficiency of grants is about 68%,” Avinyan said.
He said in 2020 Armenia entered a period of economic recession due to the coronavirus pandemic and the war unleashed by Azerbaijan against Nagorno-Karabakh, which also negatively affected the implementation and effectiveness of the projects.
“However, as part of a rapid response policy designed by the government, special attention is being given to the efficient implementation of capital investment programs in order to restore economic activity,” Avinyan said.
The Deputy Prime Minister said the evaluation of the joint programs portfolio is very important to ensure the country’s financial stability, to create a potential platform for new investment initiatives and programs.
The Eurasian Fund for Stabilization and Development is currently involved in the construction of the North-South highway in Armenia, modernization of the irrigation systems, construction of the Mastara reservoir (in Armavir region) and in a grant program designed to improve the prevention and control of noncommunicable diseases in the primary health care system.
The Eurasian Fund for Stabilization and Development plans to support “green energy” projects in Armenia as well as the introduction of energy saving mechanisms in public buildings, creation of an electronic job exchange and an increase in readiness to detect and respond to the challenges of the coronavirus pandemic in Armenia.
The Eurasian Fund for Stabilization and Development is a regional financial arrangement in the amount of US$ 8.513 billion established by Armenia, Belarus, Kazakhstan, Kyrgyz Republic, Russia, and Tajikistan to overcome negative crisis consequences, to provide long-run sustainability and to foster economic integration of EFSD member countries.
The acting in its capacity of the EFSD Resources Manager coordinates its activities with other international financial institutions and donor clubs. –0–
