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Pashinian Upbeat On Armenia’s Investment Prospects


Armenian Prime Minister Nikol Pashinian at a press conference in Yerevan, 19 March, 2019

The Armenian government is currently discussing 802 investments projects worth a total of about $2.7 billion, Prime Minister Nikol Pashinian said at a press conference on Tuesday.

“Forty-two of these projects worth a total of $774 million are, in fact, already at different stages of implementation, others are at the stage of active discussions. This means that we have a certain increase in investment interest in the country,” Pashinian said.

The head of the Armenian government also presented some other data testifying to some growing interest in unfolding economic activities in Armenia.

Thus, according to him, in February 2019 the volume of mortgage lending in Armenia grew by 100 percent, with the growth of mortgage lending within the framework of government programs making 145 percent as compared with the relevant data for last year’s February.

“In general, at present the volume of mortgage loans in the country has grown by 30 percent. According to experts, this is a huge increase. This means that in the near future we will have demand in the construction market, which in its turn will create new jobs not only in construction, but also on the building materials market, in the service sector and so on. This is a very important indicator, which in its turn will lead to the reduction of unemployment,” Pashinian said.

The Armenian premier also spoke about expected financial assistance from the European Union concerning major infrastructure programs. He said that the EU is ready to provide funding, including in the form of grants, for some major projects, but expects Armenia to co-finance these projects. According to Pashinian, this, in term, raises the issue of whether Armenia should raise the ceiling for its foreign debt level in order to borrow more for the co-financing of these projects.

“Now we should discuss whether we are ready to go this way, and in the next 20 days we are going to have a joint discussion with the Central Bank that will also involve representatives of the expert community in order to make a decision on this matter,” the Armenian premier said.

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