YEREVAN. – Locally owned initiatives are essential for sustainable development.

Lukas Gasser, the Ambassador of Switzerland to Armenia, said the abovementioned Tuesday in capital city Yerevan, at the forum to celebrate the 20th anniversary of the Social Investment Fund (recently renamed Fund of Territorial Development of Armenia), an investment vehicle assisted by the World Bank to empower regions outside Yerevan.

Switzerland, which enjoys a high level of local self-government, is convinced that locally owned initiatives are key factors for boosting sustainable development, the ambassador added.

In 2016, Switzerland will contribute to the external assistance to Armenian regions, donating for inter-municipal projects, starting in Syunik and Vayots Dzor regions in the south of the country.