EBRD Office Opens in Yerevan

YEREVAN (Noyan Tapan)–The Yerevan Office of the European Bank for Reconstruction and Development officially opened on July 13. EBRD Yerevan Office Director Aliks Drakinos said the opening of the office marked the beginning of a new phase in cooperation between Armenia and EBRD. He regards the opening of EBRD’s office in Armenia as a high appraisal of Armenia’s achievemen’s in macroeconomics. Drakinos hoped for cooperative efforts to facilitate a successful implementation of current projects and numerous future projects.

First Vice-President of EBRD Charles Frank described Armenia as a very important country with enormous potential. Frank applauded the fact that Armenia’s legislature and government are aligned in their goals and committed to reform and the introduction of market economy.

EBRD will help the country become an important part of the world economy invest substantial sums of money in the country–Frank concluded.

Armenia’s Minister of Economy Armen Darbinian hoped that EBRD would finance both government projects and projects in the Armenian private sector.

Attending the ceremony were a number of ambassadors accredited to Armenia–as well as Armenia’s Ambassador to Great Britain–ex-prime minister of Armenia Armen Sargssian.

Armenian National Assembly Chairman Karen Demirchian also met with Frank and his delegation.

Demirchian presented the economic situation in Armenia and prospects and trends of the country’s economic development. He stressed the need for more small and medium-sized businesses–joint ventures and free market relations. Demirchian said that an appropriate legal framework must be created to guarantee foreign investmen’s.

The two also discussed ways of modernizing the energy system.


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