Armenian Prime Minister Andranik Margaryan met today directors from the European Bank for Reconstruction and Development, who are in Armenia, after visiting Georgia, to learn more about the state of reforms and transition in the region as the Bank prepares its new two-year strategy for Armenia, due before the end of 2005. To note, Armenia participates in the Bank’s 2004 Early Transition Countries (ETC) initiative, which aims to stimulate market activity in the Bank’s seven lowest-income countries of operations by using a streamlined approach to financing more and smaller projects. Armenian government press office said EBRD directors praised the government for its persisting efforts as a result of which the economy continues to perform encouragingly in 2005, recording a growth rate of 11.7% in the first eight months of the year, in line with the average of the past four years. They also said the EBRD is considering a variety of new equity investments and cooperation with Armenia’s strengthening banking sector to bring more financing to smaller businesses and stressed the key importance of establishment of a friendly business environment.
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