by Elita Babayan
Austrian businessmen representing various sectors of economy are discussing new investment opportunities in Yerevan. The organizers of the ongoing B2B forum on financing of renewable energy and energy efficiency projects are the Austrian Federal Economic Chamber, Development Bank of Austria (OeEB) and Ameriabank.
Ms. Andrea Hagmann, Member of the Executive Board of the Development Bank of Austria, told the journalists that despite the small size, the South Caucasus in general and Armenia in particular is an important market for the Development Bank of Austria. The matter concerns not only the projects in the small and medium-sized entrepreneurship, but also in other sectors of Armenian economy, including power engineering. She said that in 2013 the Development Bank of Austria provided nearly 30 mln EUR to SMEs via the commercial banks of Armenia. In 2014 the Bank opened a USD 10 mln credit line for INECOBANK.
The Austrian companies are ready to offer the Armenian partners up-to-date manufacturing technologies and launch partnership first of all in hydraulic power industry and biopower engineering. The Austrian businessmen show investment interest in Armenian metallurgy and pharmacy, as well as construction of roads and buildings, ski resorts, interior finishing, and brewing industry.
To note, the OeEB was provided with an official status of the Development Bank of Austria in 2008. The Bank provides long-term financing to developing countries for private projects on sustainable development. The Bank also renders technical support to developing economies.