Yerevan /Mediamax/. In 2009-2010, European Bank for Reconstruction and Development (EBRD) will invest €180 in realization of over 30 projects in various spheres of economy in Armenia.

Mediamax reports that EBRD updated strategy for Armenia reads this. Within the framework of the new strategy, the bank intends to focus on spheres that will help the country alleviate the effects of the economic downturn.

EBRD notes that the country’s best hope for weathering the crisis lies in further developing its small and medium enterprises. EBRD plans to finance private micro, small and medium-sized enterprises by providing necessary financing for the development of this sector through local partner banks.

EBRD will also foster its support for Armenian banks by offering credits for on-lending, selectively pursuing equity participation in Armenia’s leading banks and will encourage consolidation of the banking sector.

EBRD stresses the necessity to intensify the process to improve business environment in Armenia, pointing out, in particular, to the necessity for diversification of the Armenian economy, improving the competitiveness, promoting competition in export oriented production and limiting monopolies, tackling corruption, strengthening the financial sector and promoting commercialization of public infrastructure.

In the course of the recent 4 years, EBRD has invested € 125mln in 43 projects in Armenia.