The Government of the Republic of Armenia

Varel Freeman, too, expressed high opinion of EBRD's effective interaction both with the government of Armenia and with a private sector of the Republic. He stressed the European Bank for Reconstruction and Development plays a key role in the economy of Armenia: the bank staff has been redoubled amidst an increasingly growing number of diversified operations. The EBRD Vice-President noted with satisfaction that all those spheres in which the European bank is cooperating with Armenia - improvement of business environment, energy, financial sector, ecology, mining industry, tax and customs administration reforms - are among the government's priorities, too. Considering the importance of advanced know-how in the matters relating to the formation of a better business environment and the boosting of small and medium-size enterprise, in particular, Mr. Freeman said that the European Reconstruction and Development Bank was ready to transfer to Armenia its long experience in the promotion of an effective business-friendly environment, especially as the Business Support Council by the Prime Minister of Armenia was instrumental in furtherance of the direct dialogue with businessmen. Mr. Freeman further said that the EBRD might well assist Armenia in such areas as environmental protection and mining industry, especially in the matters of regulatory streamlining. He assured the Prime Minister that the Bank will use both its own resources and the funds committed by the international donors to provide the necessary assistance to local manufacturers, as well as to back the efforts aimed at improving the competition in the financial and banking spheres.