On July 1, 2021, Acting Deputy Prime Minister Tigran Avinyan participated in the 2021 Annual Meeting of European Bank for Reconstruction and Development (EBRD) Board of Governors. At the plenary session, Tigran Avinyan acted as Deputy Chairman of the plenary session. The Acting Deputy Prime Minister presented Armenia’s message on the issues discussed at the plenary session.
Addressing the meeting, Tigran Avinyan stated:
“Honorable Mr. Chairman,
Esteemed Madame President,
Distinguished Governors and Delegates,
Ladies and Gentlemen,
I am very delighted to deliver an address on the 30th Jubilee Meeting of the EBRD․ It is really a great honor and privilege to serve this year in a dual role – sharing the chairmanship of the Board of Governors with honorable colleagues Mr. Donohoe and Mr. Umurzakov, and address on behalf of Armenia in this very important meeting.
My first lines are to praise the EBRD for its 30th anniversary in its incredible path of investing in better transition of the region. During 2020 the Bank proved once again that it meets the challenges of the moment. We witnessed how effectively it launched the Solidarity package to respond to the impact of the Covid-19.
We have built together solid transition stories. Meanwhile, new realities require rephrasing goals and reshaping instruments. The Strategic and Capital Framework 2021-25 (SCF) is already underpinned by fundamentally crucial areas of engagement. Under the “BUILD BACK BETTER” paradigm it envisages a transition to a low-carbon and green recovery, inclusive development, accelerating digital transformation.
These ambitious goals are to be delivered through high quality investments and high quality transition impact. Meanwhile, the post-pandemic uncertainties may pose challenges. Here, I believe the Bank will be absolutely able to effectively operationalize its strengths of always being adaptive, prompt and innovative.
As in all over the world, the Covid-19 pandemic caused serious short- and medium-term vulnerabilities for Armenia. The country closed the year with -7.4 percent decline of the GDP. The combined anti-crisis package for 2020 is estimated to be around 4 percent of GDP. We greatly value an excellent job done by the EBRD to help the Government in its efforts towards tackling the consequences of the Covid-19.
While entering the path of post-crisis recovery, we are designing our agenda of building more competitive and vibrant economy, inclusive and sustainable future. Absolute priority is to build essential grounds and deploy supportive structural reforms for innovation-led and climate-friendly green recovery.
Very ambitious package of broad-based digitalizartion and GovTech solutions also stand of highest priority. We welcome the elements and priorities of the EBRD’s build back better agenda, well aligned with our national priorities.
Beyond Covid-19 pandemic, there is another serious challenge we all face. Climate crisis is no more a prerogative of science. It is a pressing policy issue and should be a cornerstone to rebuild behavioral patterns of the economy and markets around.
The climate crisis is essentially the consequence of failures. Through setting out 3 new developments in Climate Ambition, in particular, alignment with the Paris Agreement, accelerated de-carbonization of the energy sector, and support for low carbon and climate resilient strategies, the EBRD excellently proves to be the institution for transition impact.
Crucial is to understand whether all share similar ambitions, goals, capacities and opportunities at national level to exploit necessary actions towards more low carbon and green recovery. To avoid the potentially catastrophic climate trajectory, Armenia takes active steps to rethink development patterns and accelerate actions towards transition to a more resilient and low-carbon economy.
Our goals are reflected in the newly adopted 2021 Nationally Determined Contributions. The country’s new mitigation goal by 2030 is equivalent to 40 % reduction compared to the level of emissions in 1990, mainly driven by the energy sector. By 2030, we target 15 % of solar energy share in total energy production, and the share of zero-emission power generation in the total will be about 54 %.
Relevant financial instruments and policy mechanisms are vital to ensure the successful path from the intention to implementation. We reiterate our readiness to cooperate with the EBRD to mobilize at scale climate finance. Armenia in general welcomes the EBRD’s Climate Ambition aimed at making low carbon development a behavioral model of the future.
We believe that all the important topics, critically affecting the future economic architecture of the region, cannot be effectively ensured without strong democracies, stability and peace. To this end, the international community and institutions, including the EBRD, should be more pursuant in condemning any kind of violation that cause humanitarian threats and endanger resilience of the region.
This meeting should be sensed as extremely unique. The decisions we will make today, will have a landmark impact on the way we collectively think and act towards future transition and transformation of the future. I wish the Presidency of the Bank and the team a great success, strength to cope with yet unseen challenges, wisdom to bring smart consolidation around new ambitions.
I would like to convey my sincere appreciation to the EBRD President, Mme Odile Renaud-Basso, the Secretary General, Mr. Enzo Quattrociocche, as well as the management team for their efforts of arranging the Virtual Annual Meeting at such volatile times. I would like to also express sincere gratitude to our Constituency for an accomplished year and being always an excellent team.
The EBRD is and will remain a very important partner for Armenia.”
To remind, Armenia should have hosted the EBRD 2021 Annual Meeting of the Board of Governors. However, due to the global pandemic, the EBRD Board of Governors decided to hold it online this year, while the Yerevan annual meeting will be held in 2024.
The annual meeting features special investment sessions (investment outlook session), where individual countries present their investment opportunities. The event is a good opportunity for the business community to establish new contacts with more than 2,000 representatives of financial and corporate executives, high-ranking government officials and others.
During the event, a high-level dialogue is held on topical issues; decisions are made on the Bank’s development strategy.