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At May 22 sitting, the parliament debated in the first reading amendment of Article 1 of the Agreement of the establishment of the European Bank for Reconstruction and Development (EBRD) – the draft law on Ratifying the Resolution N 259 giving opportunity for limited and gradual expansion of the geographical framework of the Bank activity to Sub-Saharan Africa and Iraq.

According to the key rapporteur, the RA Deputy Minister of Finance Eduard Hakobyan, during the annual meetings of the European Bank for Reconstruction and Development (EBRD) the Resolution was debated and adopted, it is expected that the member countries with their national procedures will ratify it.

According to him, the Resolution refers to the expansion of the EBRD activity to the African countries and Iraq. “This is the continuity of the continuous expansion and the portfolio diversification policy, but – limited and slow,” the Deputy Minister noted.

He informed that there are two viewpoints – financial and political. In the financial viewpoint, such expansion does harm the activity of the bank already in member countries.

The Deputy Minister also mentioned that by the Government programme it is clearly noted in the foreign policy that the cooperation with the African countries and Iraq is an important direction. In terms of foreign policy, the adoption of this Resolution is also expedient.

The key rapporteur, the member of the NA Standing Committee on Financial-Credit and Budgetary Affairs Davit Karapetyan informed that the draft was endorsed and called on his colleagues to vote for it.