€12 million to enhance trade and support integration of refugees into labour market
- EBRD financing to boost efficiency of customs procedures in Syunik, Armenia
- New customs point to significantly reduce processing times
- Project will also help integrate refugees into the Armenian labour market
The European Bank for Reconstruction and Development (EBRD) is lending €10 million to Armenia to finance the construction of a customs and logistics centre in the Syunik region. The Bank will also provide a €2 million investment grant via its Shareholder Special Fund to co-finance the project.
The country’s new logistics and customs centre will enhance the efficiency of customs clearance services and help meet increased demand amid a recent rise in trade volumes. It aims to provide a one-stop shop that can significantly reduce processing times, facilitating turnover to the benefit of private-sector users. What is more, the centre will be built to international energy efficiency standards and be one of the country’s first public structures to qualify as a “green building”.
The loan and grant agreements were signed today by Minister of Finance of Armenia Vahe Hovhannisyan and EBRD Vice President Matteo Patrone at the EBRD Annual Meeting and Business Forum in Yerevan.
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The project is part of the EBRD’s Refugee Crisis Response and includes an integration programme for refugees. The programme, supported by the TaiwanBusiness-EBRD Technical Cooperation Fund, will assist up to 150 refugees in obtaining the skills and certifications they need to become qualified candidates for employment in customs and logistics in Armenia’s public and private sectors.
Importantly, the new customs centre in Syunik will align with plans for a new Sisian to Kajaran road to enhance connectivity between the Syunik region and Yerevan.
The EBRD remains committed to developing Armenia’s logistical infrastructure to enhance its trade and regional connectivity.
The EBRD is one of the largest institutional financiers in Armenia. Over the past five years, the Bank has invested €640 million in the country, supporting private-sector development, infrastructure enhancement, renewable energy generation and rural digitalisation.
To date, the EBRD has invested more than €2.1 billion in 211 projects across Armenia.
