Prime Minister Nikol Pashinyan attended the opening ceremony of a private equity investment fund launched in Armenia with the support of the European Union and the European Bank for Reconstruction and Development.

The EU and EBRD are providing € 16 million to support the launch of the Amber Capital EU-Armenia Private Equity Fund. The fund will attract a total of € 70 million to invest in small and medium-sized enterprises in Armenia.

Within the framework of the event, Prime Minister Pashinyan met with Katarina Mathernova, European Commission Deputy Director General for Neighborhood and Enlargement Negotiations. Discussed were issues related to cooperation between the Government of Armenia and the European Commission.

Nikol Pashinyan appreciated the European Union’s technical and financial assistance with a view to reforming the judicial system, improving education and freedom of speech, and in general, supporting the efforts aimed at developing democratic institutions.

The Prime Minister emphasized that the development of democratic institutions is of strategic importance for the Government of the Republic of Armenia and the goal of the Armenian authorities is to bring them into line with European standards.

Nikol Pashinyan stressed the importance of launching negotiations on visa liberalization and expressed confidence that EU-Armenia cooperation will continue to develop and strengthen effectively.

Katarina Mathernova emphasized the European Commission’s readiness to continue active cooperation with the Government of the Republic of Armenia in order to successfully implement its priorities. Ms Mathernova hailed the steps undertaken by the Armenian government in an effort to bring about real changes in Armenia and went on to assure of the European Commission leadership’s support.

The Fund will be managed by Amber Capital International Investment Company, which has a representative office in Armenia and a team of specialists to create a diversified investment portfolio in the fields of renewable energy, agriculture, processing, tourism, information technology and logistics.

The purpose of the Fund is to improve the competitiveness of SMEs through private equity investments, including through improved corporate governance and transparency, thereby fostering the internationalization of SMEs.

The initiative is also supposed to build consulting capacity for local businesses within the framework of the EBRD’s Small Business Advice Program to develop a willingness to invest and promote SME competitiveness.