Investment Promotion (ADB-47265-001)

Countries
  • Armenia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Canceled
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 13, 2013
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Armenia, Ministry of Economy
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 0.75 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ ADB website

Updated in EWS Jul 15, 2020

Disclosed by Bank Sep 23, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to ADB website, the TA will finance upgrading of investment promotion materials, preparation of sound investment proposals, and targeted marketing and matchmaking activities. An international investment forum will act as catalyst and end point for these investment promotion activities. The forum will be a private-sector-oriented event, and will mainly focus on strategic industrial sectors in Armenia that could benefit from foreign investment to expand their export potential. The forum is expected to take place in Yerevan in June 2015. The main target audience for the forum will be multinational manufacturing companies that are looking to invest in Armenia's strategic sectors or to expand their activities in the region. The objective is to create opportunities for networking and support matchmaking between local and foreign firms by increasing foreign investors' familiarity with the current circumstances in Armenia, its business climate, and opportunities in strategic sectors.

The impact will be increased net FDI inflows. The government estimates that FDI can increase to an average of 6.5% of GDP in 2018–2020 from 5.4% of GDP in 2010–2012. The outcome will be improved capacity to bring committed investors to Armenia. The TA Category/Bank risk rating is not disclosed.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Officer: Barreto, Ruben B.
Central and West Asia Department, ADB
No contact information provided at the time of disclosure.

Executing Agency: Ministry of Economy
Contact Person: Mr Vahram Avanesyan, Minister of Economy and ADB Governor
Email Address: secretariat@mineconomy.am
Office Address: 5 M. Mkrtchian Street, Yerevan 375010 Armenia

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main

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How it works