Total amount contracted by the European Investment Bank (EIB) in Armenia has reached 270 mln euro, Mr Heinz Olbers, Director of the Eastern Neighbors and Central Asia Department at the European Investment Bank, told journalists at the conference entitled “Assistance to Innovations in Armenia”, co-organized by the Ministry of Economy of Armenia, the EIB and the state-run Armenia Development Fund.

The Bank has been active in Armenia since 2010. Today, Armenia is number 4 recipient of the EIB’s funds in the region.

This amount is likely to increase further since on May 19 Armenia joined Horizon 2020, a 80-bln euro fund to support innovation businesses in the EU and neighboring countries.

EIB commitment includes contribution to a number of projects, jointly with the European Bank for Reconstruction and Development (EBRD). Those, among others, include solid waste management project – (8 mln euro), rehabilitation of subway system (10 mln), water sector rehabilitation (38 mln), modernization of infrastructure on the border with Georgia (30 mln), Trench 3 of the North South road corridor (60 mln).