ADB Continues to Assist Development of Armenia's Energy Sector & Economy
17 June, 2018

Armenia's Minister of Energy Infrastructures and Natural Resources, Artur Grigoryan received Country Director of Asian Development Bank's Resident Mission in Armenia Shane Rosenthal on June 5, the press service of ministry reported.


The projects in the energy sphere implemented by the bank's assistance and opportunities of future cooperation were discussed.

 

Artur Grigoryan highlighted the comprehensive assistance of the ADB to Armenia for reform implementation and expressed confidence that gradually the existing relations in energy sector will deepen and new spheres for partnership will emerge.

 

The interlocutors referred to a number of projects implemented by the ADB's assistance, particularly the large scale reconstruction of 'Electric Networks of Armenia' and the raising the management efficiency of 'High Voltage Electric Networks' and its technical re-equipment.

 

Shane Rosenthal conveyed the readiness of the Asian Development Bank to assist the projects aimed at the development of Armenia's economy and energy sector.

 

Previously, the Asian Development Bank (ADB) signed a $32 million loan agreement with Spayka Limited Liability Company (Spayka), a food producer and exporter in Armenia, to help the company expand greenhouse operations and increase exports.

 

The project will help expand Spayka's operations, particularly in horticulture and supply chain management, through the development of 30 hectares of climate-controlled greenhouses equipped with drip irrigation systems to produce tomatoes and bell peppers for export, particularly to the Russian Federation and the United Arab Emirates. This is in line with the government's goal of increasing Armenia's agricultural productivity amid climate change risks, while fully leveraging the company's existing supply chain and client network.

 

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members - 48 from the region.

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