IDeA Foundation, European Bank Announce Support for Tourism and Infrastructure Development in Armenia

Acting General Director of IDeA Foundation Edgar Manukyan (L) and Head of the EBRD Yerevan Office Mark Davis (R) (Source: IDeA Foundation)
Acting General Director of IDeA Foundation Edgar Manukyan (L) and Head of the EBRD Yerevan Office Mark Davis (R) (Source: IDeA Foundation)

Acting General Director of IDeA Foundation Edgar Manukyan (L) and Head of the EBRD Yerevan Office Mark Davis (R) (Source: IDeA Foundation)

YEREVAN (ARKA)—The Initiatives for Development of Armenia (IDeA) Foundation and the European Bank for Reconstruction and Development (EBRD) signed an agreement on Wednesday to support projects that are aimed at the development of stable and economically efficient urban infrastructures in Armenia, the press office of the foundation reports.

Edgar Manukyan, acting CEO of the IDeA Foundation, and Mark Davis, head of the EBRD Yerevan resident Office, signed the memorandum.

Manukyan said that the IDeA -led “Tatev Revival” and Dilijan development projects support the development of community infrastructures and tourism in the regions.

“We are happy to have an important partner such as the EBRD in development projects. We are sure our joint efforts will enable us to carry out larger-scale projects and ramp up cooperation to include other sectors as well,” said Manukyan.

Davis, stressing the importance of the signed document, expressed the EBRD’s willingness to continue efforts to improve the business environment and develop reliable and modern infrastructures in Armenia.

Entrepreneurs and philanthropists Ruben Vardanyan and his wife Veronika Zonabend founded IDeA. It implements large-scale charity projects in Armenia, Artsakh, and Armenian communities abroad.

The European Bank for Reconstruction and Development is one of the largest investors in Armenia. The EBRD has implemented 136 energy, infrastructure, and financial projects totaling 803 million euros since it began working with Armenia in 1992. The share of the bank’s investments in the private sector is 87%.

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