As part of the 57th annual meeting of the Asian Development Bank (ADB), a business session of ADB governors was held on May 5th. The RA Minister of Finance Vahe Hovhannisyan spoke separately at the meeting.
Minister Hovhannisyan reaffirmed Armenia's commitment to ADB's 2030 strategy. He noted that the Armenian government reflects the goals of this strategy in its priority policies and programs. He also highlighted RA's decision to join the Asian Development Fund - 14 replenishments (2025-2028) as a donor.
In his speech, the Minister of Finance also touched upon such problems and challenges as the threat of climate change, uncertain economic prospects, a number of geopolitical situations, etc. According to him, these challenges emphasize the need for joint actions and innovative partnerships.
Minister Hovhannisyan made a special reference to the "Middle Corridor" initiative. As geopolitical tensions rise, conventional trade routes face challenges. In this context, South Caucasus and Central Asia are important alternative trade routes between East and West. He emphasized that Armenia came up with the "Crossroads of Peace" initiative, which can not only fill the Middle Corridor, but also contribute to the regional dialogue and bring long-term peace to the region. By creating additional transport routes, the geopolitical importance of the South Caucasus can be increased and the enormous growth potential that has been hindered by years of conflict can be unlocked.
“The construction of the North-South road corridor, which is being carried out in cooperation with ADB, is an important component of this initiative, and I hope that in the near future we will sign an agreement with ADB to begin construction of the southern section,” the minister concluded.