Member countries

Armenia

Аrmenia is the EFSD founding state:

  • Armenia’s contribution to the EFSD is US$1 million;
  • Armenia’s access limit in the EFSD is US$1106.69 million (13% of total assets of the Fund).

The authorized representative of Armenia in the Council of the Fund is the Minister of Finance of the Republic of Armenia Atom S. Janjughazyan

The member of EFSD Expert Council from Armenia is Assistant to the Minister of Finance of the Republic of Armenia Gor Gevorgyan.

Armenia is member of the Eurasian Economic Union since 2 January 2015.

On 2 July 2014 the EFSD Council decided to provide investment loan to Armenia  to finance the Construction of the North-South Road Transport Corridor (Phase 4) project in the amount 150 US$ million. 

On 26 June 2013 the EFSD Council approved preliminary requests and Concept Notes for two investment projects: the Construction of the North-South Road Transport Corridor (Phase 4) in the amount of US$ 100 million and the Modernization and Development of Institutional Capacity of Irrigation Systems in the amount of US$ 40 million. Project documentation is available here. The EDB carries out analytical work on the social and economic development of Armenia.

In October 2015 the EFSD Council approved a US$300 million Budget support credit to Armenia. As of the current date US$ 100 million of it was disbursed.

Contacts

Ministry of Finance of the Republic of Armenia
Central Bank of the Republic of Armenia
Representative Office of the EDB in Yerevan:

26/1 Sargsyan Street
Business Centre “Erebuni-Plaza”,
8th Floor, Office 811
Yerevan, 0010 Republic of Armenia

Tel.: +374 (10) 54 01 02
Fax: +374 (10) 54 13 52

Indicator 2011 2012 2013 2014 2015 2016 2017 (Est.) Source
Real GDP Growth (%) 4,7 7,2 3,3 3,6 3,2 0,2 7,5 Nat. Stat.
Nominal GDP (US$ million, in current prices) 10 142 10 619 11 121 11 610 10 553 10 572 11 560 Nat. Stat.
GDP per capita (US$, in current prices) 3 350 3 512 3 680 3 852 3 512 3 533 3 880 Nat. Stat.
Poverty rate (%, national estimate) 35,0 32,4 32,0 30,0 29,8 29,4 N/A Nat. Stat.
Inflation (CPI, average) 7,8 2,6 5,8 3,0 3,7 -1,4 1,0 Nat. Stat.
Nominal interest rate on 3-month credits to the economy (end of period %) 12,3 11,6 12,6 12,4 16,0 15,4 12,4 CB
Balance of consolidated state budget (% GDP) -2,8 -1,5 -1,5 -1,9 -5,8 -5,5 -4,7 MF
Trade Balance (% GDP) -21,5 -22,3 -20,8 -18,7 -12,2 -9,6 -10,3 CB
Current Account Balance (% GDP) -10,5 -10,7 -7,3 -7,6 -2,6 -2,2 -0,6 CB
Gross International Reserves (months of imports, end of period) 4,7 4,2 4,9 3,3 4,8 5,9 5,1 CB
External Public Debt/GDP (%) 30,1 31,7 30,2 32,9 36,8 41,0 43,3 CB
Gross External Debt/GDP (%) 73,3 77,4 78,4 73,7 84,5 94,0 89,8 CB
Public External Debt Service/ Exports of Goods and non-factor Services (%) 2,5 3,8 20,4 3,6 3,3 3,5 5,4 IMF
Human Development Index (rank out of 187 countries) 86 87 87 85 84 N/A N/A UNDP
Global Competitveness Index (rank out of the amount of observed countries) 82 81 79 85 82 79 73 WEF
Exchange rate of the National Currency against U.S. dollar (period average, dram/dollar) 372,5 401,8 409,6 415,9 477,9 480,5 480,5 CB
Exchange rate of the National Currency against Euro (period average, dram/euro) 518,7 516,4 544,1 552,1 530,6 531,9 531,9 CB
Exchange rate of the National Currency against Russian Rouble (period average, dram/rouble) 12,7 12,9 12,9 11,0 7,9 7,2 7,2 CB
Remittances (% GDP) 17,4 19,3 19,4 17,5 13,6 12,6 12,7 CB

Improving Prevention and Control of Noncommunicable Diseases in Primary Health Care Under preparation Grants

In the framework of the 1st competition for EFSD grants for social projects, the Fund’s Council adopted its decision of 28 February 2018 on providing US $1 million to support the project “Improving Prevention and Control of Noncommunicable Diseases in Primary Health Care” (hereinafter referred to as the Project) to be implemented by the Republic of Armenia

Construction of Mastara Reservoir in Armenia (2015) Under preparation Investment credit

On 9 December, 2015 the Fund Council endorsed the preliminary application and concept of the investment project in Armenia “Construction of Mastara Reservoir” for US$ 30.5 million with a proposed funding by the Fund in the amount of US$ 25.2 million.

Construction of the North-South Road Corridor in Armenia (2014) Signed Investment credit

On 2 July 2014 the ACF Council decided to provide an investment loan to Armenia to finance the Construction of the North-South Road Corridor (Phase IV) in the amount of US$ 150 million.

Irrigation System Modernization Project in Armenia (2015) Signed Investment credit

In 6 June 2013, the Fund’s Council approved the preliminary application and Concept Note for the investment project on Irrigation System Modernization and Institutional Capacity Building in Armenia in the amount of US $50 million, with the anticipated contribution of the Fund of US $40 million.

Budget support credit to Armenia (2015) Signed Financial credit

EFSD Council approved a budget support credit in the amount of 300 million dollars by three equal tranches during 2015-2017 to the Republic of Armenia by its decision as of October 29, 2015.


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