YEREVAN, October 1. /ARKA/. In Armenia, over 225,000 individuals are involved in agriculture; however, the impacts of climate change are presenting significant challenges, including water shortages, droughts, and hailstorms.
The Asian Development Bank, in collaboration with the Ministry of Economy of the Republic of Armenia, hosted a panel discussion addressing the challenges of mitigating climate risks. This event included participation from financial institutions, farmers, and experts, all aimed at identifying potential effective solutions.
Intensive gardening has emerged as a key focus area in Armenia for achieving climate adaptation. With the assistance of ACBA Bank, approximately 1,244 hectares of intensive gardens have been developed in recent years, alongside the implementation of modern irrigation systems and hail protection networks. The bank has allocated around 18 billion AMD for these initiatives over the past five years.
“We prioritize all initiatives aimed at adapting the agricultural sector to climate change. In this context, hail protection networks, drip irrigation systems, and specially constructed lakes adjacent to farms, which are utilized by drip irrigation systems, are indispensable. We encourage our clients to recognize the significance of investing in these systems, as such investments are crucial and worthwhile. A few years ago, prior to these initiatives, we aimed to transform agriculture into a business that would attract not only rural residents but also urban dwellers to engage in agricultural activities in the regions,” stated Arsen Melkonyan, Director of Retail Business and Deputy CEO of ACBA Bank.
“The effects of climate change are evident in Armenia, presenting significant risks. Concurrently, the increasing demand for water, both for ecological purposes and for drinking, influences the management of the country’s resources. Nevertheless, Armenia possesses vast potential to emerge as one of the leading agricultural producers in the region. The peaches and apricots from Armenia are exceptionally flavorful, and there is an opportunity for the country to establish them as an international brand. The Asian Development Bank is prepared to extend its support to ensure that these products gain international branding and recognition,” stated Yasmin Siddique, Director of the ADB Agriculture, Food, Nature and Rural Development Sector.
ACBA Bank is supervised by the Central Bank of Armenia.-0-
