The Eurasian Development Bank (EDB) will finance projects in Armenia worth about $100 million. Relevant cooperation documents were signed in Yerevan on August 4-5.

The first agreement provides for the EDB to provide $30 million to the Tashir group of companies for the introduction of international management standards and automated accounting systems in Armenia.

According to the second agreement signed with the New Energy group of companies, the EDB will allocate up to $37 million to finance the construction of 11 solar power plants with a total capacity of up to 65 MW. They will be located in the Gegharkunik and Aragatsotn regions of Armenia.

The third agreement, signed with Yeremyan Projects LLC, is aimed at ensuring food security and sustainable economic development of Armenia in the agro-industrial complex. The bank will allocate $25 million for these purposes.

In mid-2021, the EDB adopted a strategy that provides investments of about $11 billion in the economies of the EDB shareholder countries. The main goal of the bank for the next 5 years in the Republic of Armenia is to contribute to the solution of the tasks of the national development agenda. Together with the private sector, projects will be implemented in infrastructure, export-oriented production, food security, financial services and digitalization. The target result of the work will be an increase in the total investments of the bank in Armenia by more than 3 times - up to $287 million in 2022-2026.

As part of this strategy, in the first half of 2022, the EDB approved a number of projects for implementation with total investments of about $180 million in such sectors as renewable energy, electro-technical production, agricultural production and processing.