Yerevan, Armenia – International financial institutions and representatives of worldwide development agencies gathered for the International Cooperation and Development Forum to discuss upcoming business opportunities in Armenia. The DevelopmentAid event took place on November 20th.
The goal of the forum was to assist interested companies in identifying the most efficient approaches towards cooperation with international financial institutions while showcasing relevant funding opportunities for Armenia. Participants were guided through the criteria that differentiate the programmes of multilateral development banks against that of bilateral banks and agencies, with specific presentations from representatives of the International Monetary Fund (IMF), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Austrian Development Agency (ADA), Swiss Development Cooperation (SDC), United Nations Development Programme (UNDP) and United States Agency for International Development (USAID).
Companies also had the opportunity to showcase successful stories, innovation pitches, share best practices and challenges. Amongst them were the National Research Institute of Science and Technology for Environment and Agriculture (IRSTEA) and HALDI CONSULT, both members of DevelopmentAid. IRSTEA employs 1,600 people, including 1100 permanent researchers and engineers in nine regional centers in France. The institute currently has 20 ongoing projects, supported by financing from Horizon 2020. According to José Martinez, Deputy Director of International Affairs at IRSTEA, who was present at the event, the institute is seeking potential partners for future projects. The forum concluded with a networking session during which participants discussed development needs and business opportunities for the private sector.
The local partner of DevelopmentAid was Ameria Group, a group of professional services companies registered in Armenia in 1998 with the objective to provide a comprehensive package of professional advisory and financial services to the business community and public sector. “It was a pleasure for Ameria to take part in the forum organized by DevelopmentAid. This was a useful event enabling companies to have a face to face contact with each other, discuss possible cooperation opportunities, as well as to get in touch with IFIs and Donors active in the region and to understand their strategies,” said Karine Nikoghosyan, Senior Project Manager, America Group Management Advisory Services.
Ameria Group, which is a member of DevelopmentAid, praised the benefits of DevelopmentAid membership, emphasizing the advantages which include fast and easy identification of suitable partner companies for international tenders, access to a solid CV database and efficient recruitment services.
Based on OECD criteria, Armenia is classified as a lower middle-income country. During the 2010-2015 period, disbursed development assistance to Armenia amounted to US $2187.9 M, the European Union being Armenia’s largest donor. From 2010-2015, the EU provided 21% of the overall development assistance. Other big donors are USA, the Asian Development Bank, the World Bank and Germany. Top sectors by disbursement from all donors are energy with 18%, agriculture – 17%, government and civil society – 15% and education – 11% of the total assistance provided for Armenia. Download full country report.
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Armenia is a land-locked country located in the South Caucasus region of Eurasia. Based on OECD/DAC criteria, it is classified as a lower middle-income country. According to World Bank data, the country had a nominal Gross Domestic Product (GDP) per capita of US $3,600 in 2016. Economic growth dropped from 3% in 2015, to 0.2% in 2016. It is, however, according to IMF projections, expected to rise to 3% again in 2017. The country is a member of the Eurasian Economic Union, which aims to increase trade and investment between Russia, Kazakhstan and Belarus. Armenia is also in a process of deepening its cooperation with the EU and participates in their Eastern partnership programme.