Development of capital market will enable Armenian companies to access other funding sources, according to Valeriu Razlog, Head of EBRD Yerevan RO.
Armenia needs to diversify its economy and enhance business atmosphere to provide companies’ access to other funding sources, he told a PanARMENIAN.Net reporter.
“In that regard, we see great progress in Armenian economy,” he said, adding that the country is currently implementing legislative reforms to increase its competitiveness on international market.
The European Bank for Reconstruction and Development (EBRD) is an international financial institution that supports projects in 29 countries from central Europe to central Asia. Investing primarily in private sector clients whose needs cannot be fully met by the market, the Bank promotes entrepreneurship and fosters transition towards open and democratic market economies.
The EBRD is the major investor in Armenia. Its 2009, investments totaled USD 150 million against of the USD 75 million in 2008. So far, EBRD has invested over 335 million euro in the country’s economy for implementation of over 70 projects.
