Public Efficiency and Financial Markets Program (Subprogram 2) (ADB-51060-003)

Countries
  • Armenia
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
Closed
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 9, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ ADB website

Updated in EWS Mar 13, 2019

Disclosed by Bank Nov 9, 2018


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Project Description

According to ADB website, the program is the second of two subprograms within the current programmatic assistance approach of ADB in Armenia. It supports the government reform efforts in the areas of public debt and fiscal risk management, and financial and capital markets development. Specifically, the proposed program will continue to: (i) strengthen public debt and fiscal risk management, in support of the Authorities' fiscal consolidation efforts and attempts to reduce financial risks in the economy; (ii) improve money market liquidity and financial market transparency, by deepening the government securities market and improving money market infrastructure; and (iii) foster the development of corporate debt and equity markets, by enhancing corporate transparency and developing legislative frameworks for new instruments and investment vehicles. The first sub-program for $40 million was approved in October 2017; this second sub-program, for $50 million, is expected to be approved in October 2018.

Investment Description
  • Asian Development Bank (ADB)
Contact Information

Ministry of Finance (MOF)
Email Address: PRESS@MINFIN.AM 
1 Melik Adamyan, Yerevan, 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