ADB President Commits Support For Armenia’s Long-Term Development Objectives

Nov 28 2023

YEREVAN  — Asian Development Bank (ADB) President Masatsugu Asakawa committed to helping Armenia realize its long-term development objectives in a meeting with Prime Minister of Armenia Nikol Pashinyan in Yerevan today.

“We are enthusiastic to continue helping Armenia realize its long-term development objectives,” said Mr. Asakawa, who is on his first official visit to the Caucasus nation. “As your trusted partner, ADB will support Armenia’s pursuit of an export-oriented, knowledge-based, and inclusive economy. We stand alongside the government to help address the country’s key development challenges.”

The two leaders also attended the inauguration of a school in Yerevan that was renovated under ADB’s Seismic Safety Improvement Program, which aims to refurbish 46 schools across Armenia. Mr. Asakawa visited a second school to be reconstructed by ADB.

He is scheduled to meet with President Vahagn Khachatryan, Deputy Prime Minister Mher Grigoryan, and the Minister of Finance and ADB Governor Vahe Hovhannisyan on his 3-day trip.

Mr. Asakawa will witness the exchange of loan agreement for a second tranche of financing under the Seismic Safety Improvement program. He will also witness the signing of a $65.17 million loan to improve the urban environment, enhance the road network, and promote climate-resilient infrastructure in the capital. Under the Yerevan Urban Development Investment Project, a new 1.8 km road and bridge will help to cut congestion along a key route for commuter traffic in the city.

Tomorrow, Mr. Asakawa will join senior members of the government at an event to explore opportunities for Armenia to incorporate climate adaptation into its fiscal planning. Upstream engagement is critical to ensuring that climate risk is adequately accounted for in national budgets. As Asia and the Pacific’s climate bank, ADB is committed to supporting climate mitigation and adaptation projects in Armenia.

ADB is currently supporting six infrastructure investments in transport and urban development totaling $525 million. These initiatives are helping Armenia develop an efficient, safe, and sustainable road network that improves connectivity within the land-locked country and internationally.

Since Armenia joined ADB in 2005, the bank has provided more than $1.8 billion in support and become one of the country’s largest multilateral development partners. This includes projects in transport, energy, water, and urban infrastructure. In the private sector, ADB supports utilities and infrastructure, financial institutions, and agribusiness.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.