Newly-appointed U.S. Ambassador to Armenia Lynne Tracy said today that over the past few years, they have witnessed sustained U.S. business interest in the Armenian market in the hydroelectric, IT, finance, retail and agricultural sectors.  

“This includes ContourGlobal’s purchase of the Vorotan Cascade Hydro Power Plant, a deal involving USD 250m worth of investment,” U.S. Ambassador noted in her speech at American Chamber of Commerce in Armenia.

Lynne Tracy emphasized that it also includes the work of Overseas Private Investment Corporation, or OPIC, which has recently provided three loans worth USD 20m to the First Mortgage Company – the first private residential mortgage finance company in Armenia.  

OPIC has also supported the expansion into Armenia of the Gazelle Fund, an investment fund that provides business advice to small and growing Armenian enterprises and provides the financing they need to expand their businesses and create jobs.

“But, there is still a great deal of untapped potential in our economic relationship.  Armenia’s strong economic growth in recent years, over 7% in 2017 and 5% in 2018, demonstrates the potential for ongoing robust growth – but only if the business environment is conducive to sustained economic activity, investment, and innovation.  Businesses are looking for Armenia to continue its efforts to create a fair, predictable, and transparent investment climate.  We look forward to seeing the Armenian government pursue serious reforms that eliminate corruption, strengthen institutions, and bolster the rule of law,” Lynne Tracy stated.

She reminded that since 1992, the U.S. government has provided more than 2bn dollars in assistance funding to improve the lives of the Armenian people, supporting their efforts to strengthen democratic, economic, and social governance.

“In 2018, the United States provided USD 26.7m in assistance funding to Armenia.  But this does not tell the whole story, since so many of our assistance projects span multiple years.  Right now, the total value of all of our active USAID grants and contracts in Armenia is USD 66m,” U.S. Ambassador noted.