XM-DAC-46004-40610-013-LN2351Asian Development BankThe Rural Road Sector Project (the Project) will (i) enhance the economic integration of selected rural communities, which make up about 10% of the total rural population, through improvement of high priority rural feeder roads totaling about 260 kilometers (km) connected to the national road network; and (ii) strengthen the transport sector management capability. The outcome will be increased mobility and improved accessibility to basic social service delivery institutions, employment opportunities, and domestic and international markets for communities and enterprises in rural and urban areas of the four regions. The feeder roads improved under the Project will lead to (i) higher and more frequent quality transport services available for road users; (ii) increased business opportunities for private sector in general, particularly agriculture (including agro-processing), industrial, and service sectors; and (iii) more synergetic benefits from close partnerships in the road and other sectors relevant to the Project. Furthermore, the Project will improve transport sector management through the TA that is attached to the ProjectAsian Development BankMinistry of Transport, Communication and Information TechnologiesAsian Development BankAsian Development BankMa. Virginita Capulonghttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=40610-013 (Closed)&officer= ahonear@gmail.com&division= Transport and Communications Division, CWRD&projectcountry= ArmeniaArmenia40.25 45Inclusive economic growthGovernance and capacity development30600000Asian Development BankMinistry of Transport, Communication and Information Technologies31018116.51Asian Development BankMinistry of Transport, Communication and Information Technologies571116.64Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies572778.68Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies560517.85Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies581421.71Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies600716.47Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies579147.35Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies577753.15Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies568862.56Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies568598.18Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies581731.70Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies588368.29Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies575632.34Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies544511.14Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies558715.40Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies557797.45Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies549638.20Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies548252.89Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies539714.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies563380.03Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies572042.59Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1177449.96Asian Development BankMinistry of Transport, Communication and Information Technologies154712.08Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies153351.81Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies144781.69Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies132803.65Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies133358.82Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies218153.36Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies179949.58Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies399209.18Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies383253.46Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies393768.21Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies337747.20Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies354940.43Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies329047.86Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies306964.29Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies338967.79Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies296103.40Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies294163.03Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies237093.49Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies278853.62Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies271573.52Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies245901.98Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies242756.47Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies230588.30Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies223522.59Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information TechnologiesPerformanceFiduciaryOutput/s as listed by the project staff.Output: Improved Road Asset Management Capability of the Armenian Roads Directorate Indicator: Complete rehabilitation of rural roads totalling about 220 kilometers (km) at project completion in 2011 Data Source: Consultant's contract milestones; Project progress reports; ADB review missions; ADB's project completion report Actual value: Output: Improved transport management capability of the Ministry of Transport and Communication Indicator: Average surface roughness for the subprojects reduced from an international roughness index of 10.9 m/km in 2007 to no more than 4.0 m/km at project completion in 2011 Data Source: consultants PPMS survey data, MOTC traffic survey statistics Actual value: Output: Indicator Indicator: Reduction in vehicle operating costs by more than 40% on average for the whole Project at project completion in 2011 Data Source: consultants PPMS survey data, MOTC traffic survey statistics Actual value: Output: Indicator Indicator: Introduction of a road sector management program recommended by the TA attached to the Project by 2011 Data Source: MOTC website, project progress reports Baseline year: 2008 Baseline value: N Baseline year: 2008 Baseline value: N Target year: 2011 Target value: YOutput: Indicator Indicator: Introduction of a transport sector management program recommended by the TA attached to the Project by 2011 Data Source: MOTC website, Project Progress Reports Baseline year: 2008 Baseline value: N Baseline year: 2008 Baseline value: N Target year: 2011 Target value: YImproved access of rural populations in the project area to jobs, markets, and social services, and the major trunk road networks through reduction in road transport costs.Level of motorized traffic on improved roads increased an average of 40% by 2013 from 2007 Data Source: MOTC annual traffic statistics Actual value: Travel time reduced 40% on average for the whole Project by 2012 from 2007 Data Source: MOTC annual traffic statistics Actual value: XM-DAC-46004-40296-013-LN2363Asian Development BankArmenia is a mountainous landlocked country located in the southern Caucasus. It has a land area of approximately 28,700 square kilometers and shares land borders with Azerbaijan, Georgia, Iran, and Turkey. Based on National State Statistics Association estimates, the population was about 3.22 million in 2006 of which about 64% lives in urban areas and the remainder in rural villages. About half the urban population lives in Yerevan, the capital city. The population is forecast to grow at 0.3% per annum through 2015. For administrative purposes, Armenia is divided into 10 marzes (provinces) that are subdivided into districts, and consist of towns and villages. The proportion of the population living in poverty was 29.8% in 2005. Most of the country's poor lives in regional towns where the incidence of poverty is about 38%.Asian Development BankState Comm of Wtr Sys of Min of Territorial AdminAsian Development BankAsian Development BankCesar Emilio Llorens Alvarezhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=40296-013 (Closed)&officer= cllorens@adb.org&division= Urban Development and Water Division, CWRD&projectcountry= ArmeniaArmenia40.25 45Environmentally sustainable growthGovernance and capacity developmentSome gender elements (SGE)36000000Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin36315847.09Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin676018.23Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin677985.57Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin663472.68Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin688216.11Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin711054.91Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin685524.01Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin683873.74Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin673350.12Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin673037.18Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin688583.05Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin696438.63Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin681363.37Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin644525.88Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin661339.16Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin660252.60Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin650594.68Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin648954.92Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin638847.63Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin666860.59Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin677114.25Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin1120988.56Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin183128.30Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin181519.37Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin171375.08Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin157196.92Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin157854.08Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin258223.57Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin213002.63Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin472535.62Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin453649.22Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin466095.29Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin399784.43Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin420135.68Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin389487.19Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin363347.35Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin401229.23Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin350491.58Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin348194.79Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin280642.83Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin330073.35Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin321456.08Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin291069.20Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin287346.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin272942.75Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin264579.24Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial Admin0.00Asian Development BankState Comm of Wtr Sys of Min of Territorial AdminPerformanceFiduciaryOutput/s as listed by the project staff.Output: 1. Rehabilitated, replaced, and expanded water supply and sewerage systems in project towns and villages. Indicator: Water supply & sewerage systems in 16 towns rehabilitated, replaced, and/or extended by 2012 Progress/Status: Water and sewerage systems were rehabilitated and upgraded in 21 towns and 97 villages benefitting approximately 600,000 households Data Source: AWSC technical and financial reports PPMS reports Actual value: Output: 1. Rehabilitated, replaced, and expanded water supply and sewerage systems in project towns and villages. Indicator: Water supply & sewerage systems in 125 villages rehabilitated, replaced, and/or extended by 2012 Progress/Status: Water and sewerage systems were rehabilitated and upgraded in 21 towns and 97 villages benefitting approximately 600,000 households Data Source: AWSC technical and financial reports PPMS reports Actual value: Output: 1. Rehabilitated, replaced, and expanded water supply and sewerage systems in project towns and villages. Indicator: Water meters installed to all bulk and domestic consumers in 16 towns for 20,000 consumers in 2012 Progress/Status: On track Data Source: AWSC technical and financial reports PPMS reports Actual value: Output: 1. Rehabilitated, replaced, and expanded water supply and sewerage systems in project towns and villages. Indicator: Water supply pipes installed or upgraded to 752 km by 2012= Progress is 458 km as of 2010 survey Progress/Status: 915 km of water supply pipes installed or upgraded in 2012 Data Source: SAUR - Project Performance Management System Actual value: Output: 1. Rehabilitated, replaced, and expanded water supply and sewerage systems in project towns and villages. Indicator: 12,000 new households connected to water supply by 2012 = Progress as of 2010 survey = 4,251 Progress/Status: 11,899 new households connected to water supply in 2012 Data Source: SAUR - Project Performance Management System Actual value: Output: 1. Rehabilitated, replaced, and expanded water supply and sewerage systems in project towns and villages. Indicator: 6,000 new households connected to piped water supply = Progress as of 2010 survey = 2,636 Progress/Status: 10,327 new households connected to piped water supply in 2012 Data Source: SAUR - Project Performance Management System Actual value: Output: 2. Improved water services in project towns and villages. Indicator: 100% population in project towns and villages have access to safe water supply from 6 hours per day in 2007 to at least 12 hours per day by 2012 Progress/Status: 40,570 consumers with access to safe water supply of at least 12 hours per day in 2012 Data Source: AWSC technical and financial reports; PPMS reports Actual value: Output: 2. Improved water services in project towns and villages. Indicator: 100% population in project towns and villages have access to safe water supply from 60% in 2007 to at least 12 hours per day by 2012, with 100% coverage of sewerage system Progress/Status: Achieved 100% Data Source: AWSC technical and financial reports; PPMS reports Actual value: Output: 2. Improved water services in project towns and villages. Indicator: Number of consumers with access to full level of water supply (piped water in home available for 24 hours) increase from 39,437 in 2008 to 57,737 by 2012. Progress as of 2010 survey = 57,611 Progress/Status: 63,735 consumers with access to full level of water supply in 2012 Data Source: SAUR - Project Performance Management System Actual value: Output: 3. Strengthened AWSC and institutionalized project villages not covered by AWSC. Indicator: Non-revenue water is reduced in various towns and villages from 60% in 2007 to 30% by 2012. Progress/Status: Tracking well Data Source: AWSC technical and financial reports; PPMS reports Actual value: Output: 3. Strengthened AWSC and institutionalized project villages not covered by AWSC. Indicator: Metering level for 20,000 customers with water meters by 2012. Progress/Status: 128,933 customers in 2012 Data Source: SAUR - Project Performance Management System Actual value: Output: 3. Strengthened AWSC and institutionalized project villages not covered by AWSC. Indicator: Revenue collection as percentage of billed amount increase from 61% in 2008 to 100% by 2012 Progress/Status: 79% in 2012 Data Source: SAUR - Project Performance Management System Actual value: Output: 4. Improved community management skills. Indicator: 35 small water management units for the project villages not covered by AWSC are developed by 2012. Progress/Status: 35 achieved Data Source: AWSC technical and financial reports Actual value: Improved access to safe, reliable and sustainable water supply and sanitation services in about 16 project towns and up to 125 project villages managed on commercial principles and environmentally sound practices.About 310,000 residents in project towns and villages provided with potable water supplies that meet Armenia quality standards for at least 12 hours per day by 2012 from 6 hours in 2007 Progress/Status: 12 hours per day in 2012 achieved. Data Source: Water supply company information system; Public health department records on water quality Actual value: Number of consumers with access to medium level of water supply (12-24 hours) increase from 36,374 in 2008 to 37,829 in 2012. Progress as of 2010 survey = 37,017 Progress/Status: 37,107 consumers has access to medium level of water supply in 2012. Data Source: SAUR - Project Performance Management System Actual value: Number of consumers with access to full level of water supply (24 hours) increase from 39,437 in 2008 to 57,737 in 2012. Progress as of 2010 survey = 57,611 Progress/Status: 57,611 consumers have access to full level of water supply in 2012. Data Source: SAUR - Project Performance Management System Actual value: XM-DAC-46004-40610-023-LN2467Asian Development BankThe Rural Road Sector Project (the Project) will (i) enhance the economic integration of selected rural communities, which make up about 10% of the total rural population, through improvement of high priority rural feeder roads totaling about 260 kilometers (km) connected to the national road network; and (ii) strengthen the transport sector management capability. The outcome will be increased mobility and improved accessibility to basic social service delivery institutions, employment opportunities, and domestic and international markets for communities and enterprises in rural and urban areas of the four regions. The feeder roads improved under the Project will lead to (i) higher and more frequent quality transport services available for road users; (ii) increased business opportunities for private sector in general, particularly agriculture (including agro-processing), industrial, and service sectors; and (iii) more synergetic benefits from close partnerships in the road and other sectors relevant to the Project. Furthermore, the Project will improve transport sector management through the TA that is attached to the ProjectAsian Development BankMinistry of Transport, Communication and Information TechnologiesAsian Development BankAsian Development BankMa. Virginita Capulonghttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=40610-023 (Closed)&officer= ahonear@gmail.com&division= Transport and Communications Division, CWRD&projectcountry= ArmeniaArmenia40.25 45Governance and capacity developmentInclusive economic growth17320000Asian Development BankMinistry of Transport, Communication and Information Technologies16791698.08Asian Development BankMinistry of Transport, Communication and Information Technologies309257.65Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies310157.64Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies303518.45Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies314837.80Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies325285.86Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies313606.25Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies312851.30Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies308037.07Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies307893.91Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies315005.67Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies318599.36Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies311702.88Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies294850.86Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies302542.42Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies302045.36Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies297627.15Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies296877.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies292253.24Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies305068.30Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies309759.05Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies541116.62Asian Development BankMinistry of Transport, Communication and Information Technologies83776.08Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies83039.48Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies78398.79Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies71912.71Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies72213.36Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies118129.32Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies97442.09Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies216170.41Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies207530.47Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies213224.17Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies182888.97Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies192199.05Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies178178.30Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies166220.11Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies183549.92Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies160338.98Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies159288.30Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies128385.36Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies150998.31Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies147056.15Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies133155.10Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies131451.82Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies124862.78Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies121036.76Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information TechnologiesPerformanceFiduciaryOutput/s as listed by the project staff.Output: Improvement to high-priority roads Indicator: Complete rehabilitation of rural roads totaling about 220 kilometers (km) by 2011 Data Source: Project progress reports, MOTC website Actual value: Output: Improvement to high-priority roads Indicator: Average surface roughness for the subprojects reduced from an international roughness index of 10.9 m/km in 2007 to no more than 4.0 m/km in 2011 Data Source: MOTC annual traffic statistics, PPMS survey reports, MOTC website Actual value: Output: Improvement to high-priority roads Indicator: Reduction in vehicle operating costs by more than 40% on average for the whole Project by 2011 from 2009 Data Source: MOTC annual traffic statistics, PPMS survey reports, MOTC website Actual value: Improved access of rural populations in the project area to jobs, markets, and social services, and the major trunk road networks through reduction in road transport costs.Level of motorized traffic on improved roads increased an average of 40% by 2013 from 2007 Data Source: MOTC annual traffic statistics Actual value: Travel time reduced 40% on average for the whole Project by 2012 from appraisal in 2006 Data Source: MOTC annual traffic statistics Actual value: Value of goods carried out on improved roads increased by an average of 20% by 2013 from 2007 Data Source: MOTC annual traffic statistics, country trade and economic statistics Actual value: XM-DAC-46004-43087-013-LN2529Asian Development BankTo accelerate Armenia's recovery from the adverse impact of the global financial crisis.Asian Development BankMinistry of Finance and EconomyAsian Development BankAsian Development BankAsadullah Sumbalhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=43087-013 (Closed)&officer= asumbal@adb.org&division= Public Management, Financial Sector and Trade Division, CWRD&projectcountry= ArmeniaArmenia40.25 45Inclusive economic growthSome gender elements (SGE)46300000Asian Development BankMinistry of Finance and Economy47109160.51Asian Development BankMinistry of Finance and Economy1322204.67Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1350163.54Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1303025.84Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1296159.03Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1272853.92Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1270353.33Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1312354.27Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1342452.83Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1319574.09Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1295499.44Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1209786.68Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1233807.93Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1232126.12Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1234486.53Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1252438.24Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1220844.59Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1272630.78Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1276161.32Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy1775457.94Asian Development BankMinistry of Finance and Economy230284.38Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy231033.36Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy211712.53Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy203728.59Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy206780.21Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy207681.09Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy199439.77Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy684571.65Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy597620.51Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy609876.51Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy522205.66Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy544211.57Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy474146.73Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy427527.76Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy519882.36Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy465320.93Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy422999.70Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy414876.52Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy330865.04Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy357708.45Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy335516.62Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy271300.62Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy320969.51Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy307218.96Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy265390.12Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and EconomyPolicyPerformanceFiduciaryOutput/s as listed by the project staff.Output 2Government adopts counter-cyclical fiscal measures.Government adopts counter-cyclical fiscal measures. XM-DAC-46004-43087-023-LN2530Asian Development BankTo accelerate Armenia's recovery from the adverse impact of the global financial crisis.Asian Development BankMinistry of Finance and EconomyAsian Development BankAsian Development BankAsadullah Sumbalhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=43087-023 (Closed)&officer= asumbal@adb.org&division= Public Management, Financial Sector and Trade Division, CWRD&projectcountry= ArmeniaArmenia40.25 45Inclusive economic growthSome gender elements (SGE)33700000Asian Development BankMinistry of Finance and Economy34289004.90Asian Development BankMinistry of Finance and Economy962383.68Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy982733.89Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy948424.12Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy943426.02Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy926463.09Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy924643.01Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy955213.93Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy977121.56Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy960468.97Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy942945.93Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy880558.79Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy898042.97Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy896818.84Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy898536.90Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy911603.28Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy888607.44Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy926300.68Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy928870.43Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy2067631.99Asian Development BankMinistry of Finance and Economy268184.69Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy269056.94Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy246556.30Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy237258.32Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy240812.18Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy241861.33Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy232263.67Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy491251.61Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy451135.62Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy459993.89Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy395030.69Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy410672.04Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy358724.99Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy324392.79Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy392155.74Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy351469.68Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy319801.02Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy312865.23Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy250938.59Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy270267.47Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy253604.75Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy206205.02Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy242077.66Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy231856.86Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy200792.82Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and Economy0.00Asian Development BankMinistry of Finance and EconomyPolicyPerformanceFiduciaryOutput/s as listed by the project staff.(i) Social protection expenditures increased (ii) New jobs created through public investment program (iii) No salary and pension arrearsGovernment adopts counter-cyclical fiscal measures.Government adopts counter-cyclical fiscal measures. XM-DAC-46004-42145-023-LN2561Asian Development BankThe project impact will be aligned with efficient, safe, and sustainable transport on the north-south road corridor. Its expected output is an approximately 10 km four-lane road between Yerevan and Ashtarak.Asian Development BankMinistry of Transport, Communication and Information TechnologiesAsian Development BankAsian Development BankThomas Herzhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=42145-023 (Closed)&officer= therz@adb.org&division= Transport and Communications Division, CWRD&projectcountry= ArmeniaAshtarak40.2991 44.36204Bavra41.12027 43.81029Gyumri40.7942 43.84528Talin40.33694 43.85889Yerevan40.18111 44.51361Aragatsotni Marz40.41667 44.16667Ararati Marz39.91667 44.83333Agarak39.20684 46.5446Ararat39.83166 44.70489Kapan39.20754 46.40576Shiraki Marz40.75 43.83333Yerevan40.18333 44.5Inclusive economic growthPrivate sector developmentGovernance and capacity developmentRegional integrationSome gender elements (SGE)60000000Asian Development BankMinistry of Transport, Communication and Information Technologies20678142.27Asian Development BankMinistry of Transport, Communication and Information Technologies3679544.65Asian Development BankMinistry of Transport, Communication and Information Technologies4999360.50Asian Development BankMinistry of Transport, Communication and Information Technologies4993070.60Asian Development BankMinistry of Transport, Communication and Information Technologies11924178.11Asian Development BankMinistry of Transport, Communication and Information Technologies506194.86Asian Development BankMinistry of Transport, Communication and Information Technologies55500.00Asian Development BankMinistry of Transport, Communication and Information Technologies4603183.22Asian Development BankMinistry of Transport, Communication and Information Technologies5599765.59Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies9489.40Asian Development BankMinistry of Transport, Communication and Information Technologies13320.28Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1160762.58Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1117270.06Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1110574.16Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1094341.30Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1113261.77Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1130549.01Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1141484.67Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1140485.49Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1108733.29Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1043790.66Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1061702.29Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1057142.56Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1067703.34Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1077190.62Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1065895.21Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1096414.10Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies1091958.76Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies258174.52Asian Development BankMinistry of Transport, Communication and Information Technologies110095.32Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies135571.81Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies191694.86Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies220676.76Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies259420.83Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies265288.07Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies261506.14Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies902018.88Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies732537.63Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies752518.74Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies682731.76Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies675817.50Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies623510.31Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies634337.03Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies697364.42Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies610943.28Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies615184.07Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies536783.15Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies553708.44Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies535428.94Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies491921.73Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies481027.58Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies470222.62Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies527487.52Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies471438.88Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information Technologies0.00Asian Development BankMinistry of Transport, Communication and Information TechnologiesPerformanceFiduciaryOutput/s as listed by the project staff.Output: Yerevan-Ashtarak road reconstructed Indicator: By 2015, 10 km four-lane road improved to international operational standard with design speed of 100 km/hr from national standards in 2011 Progress/Status: The 10 km four-lane road with design speed of 100 km/hr was opened to traffic on 29 December 2015. The civil works contractor substantially completed the works in June 2016. The engineer issued on 16 June 2016 the taking-over certificate and punch list of outstanding works. The contractor is expected to complete the repair of concrete pavement joints, including the replacement of sealants, by Spring 2018. Data Source: National economic and trade statistics; MOTC quarterly progress reports; MOTC website Actual value: Reconstructed Yerevan to Ashtarak Road with increased traffic volume is safe and efficiently operatedMOTC's institutional capacity improved for sustained maintenance of road and safety to 10 (on 0-10 scale) in 2016 from 3 in 2008 Progress/Status: Institutional capacity of the Ministry of Transport and Communication [now Ministry of Transport, Communication and Information Technologies (MTCIT)] is improving. With the assistance of international financing, the financing gap for operations and maintenance is getting smaller. International consultants hired under the Investment Program are providing training on international best practices in project management, procurement, financial management and accounting. Assessment of the institutional capacity will be carried out during the project completion review. Data Source: MOTC website Actual value: Annual road maintenance budget increased to 5% in 2016 for inflation from 3% in 2008 Progress/Status: The government is taking steps to reduce cost and increase maintenance efficiency. Data Source: MOTC website Actual value: XM-DAC-46004-42145-033-LN2729Asian Development BankProject 2 of the investment program will contribute to socioeconomic development in Armenia and expanded regional trade. The outcome will be an efficient, safe, and sustainable north-south road corridor, linking Armenia domestically and internationally. The project output will be an upgraded 44 km section between Ashtarak and Talin.Asian Development BankMinistry of Territorial Administration and InfrastructureMinistry of Transport, Communication and Information TechnologiesAsian Development BankAsian Development BankThomas Herzhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=42145-033 (Active)&officer= therz@adb.org&division= Transport Sector Office (SG-TRA)&projectcountry= ArmeniaTalin40.33694 43.85889Aragatsotni Marz40.41667 44.16667Ashtarak40.2991 44.36204Governance and capacity developmentRegional integrationPrivate sector developmentInclusive economic growthSome gender elements (SGE)170000000Asian Development BankMinistry of Territorial Administration and Infrastructure20331780.40Asian Development BankMinistry of Territorial Administration and Infrastructure70761.22Asian Development BankMinistry of Territorial Administration and Infrastructure1656120.29Asian Development BankMinistry of Territorial Administration and Infrastructure8976497.90Asian Development BankMinistry of Territorial Administration and Infrastructure7930488.07Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure5058712.56Asian Development BankMinistry of Territorial Administration and Infrastructure968527.96Asian Development BankMinistry of Territorial Administration and Infrastructure3801256.43Asian Development BankMinistry of Territorial Administration and Infrastructure717014.83Asian Development BankMinistry of Territorial Administration and Infrastructure13290866.03Asian Development BankMinistry of Territorial Administration and Infrastructure5120373.14Asian Development BankMinistry of Territorial Administration and Infrastructure1245603.51Asian Development BankMinistry of Territorial Administration and Infrastructure4644333.03Asian Development BankMinistry of Territorial Administration and Infrastructure3183987.07Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure653069.79Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure933737.55Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure4005343.94Asian Development BankMinistry of Territorial Administration and Infrastructure2440021.56Asian Development BankMinistry of Territorial Administration and Infrastructure3477111.86Asian Development BankMinistry of Territorial Administration and Infrastructure2368705.68Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure5770356.55Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure4838353.44Asian Development BankMinistry of Territorial Administration and Infrastructure779914.60Asian Development BankMinistry of Territorial Administration and Infrastructure1094027.10Asian Development BankMinistry of Territorial Administration and Infrastructure807054.98Asian Development BankMinistry of Territorial Administration and Infrastructure1749797.64Asian Development BankMinistry of Territorial Administration and Infrastructure2981321.70Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2147318.17Asian Development BankMinistry of Territorial Administration and Infrastructure998231.94Asian Development BankMinistry of Territorial Administration and Infrastructure329393.39Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure9880.14Asian Development BankMinistry of Territorial Administration and Infrastructure214900.07Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure24963.67Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure10418.39Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1191.15Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure5509.19Asian Development BankMinistry of Territorial Administration and Infrastructure84274.64Asian Development BankMinistry of Territorial Administration and Infrastructure124505.74Asian Development BankMinistry of Territorial Administration and Infrastructure65097.90Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure224982.03Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure59111.01Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure260391.60Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure42029.61Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure26458.60Asian Development BankMinistry of Territorial Administration and Infrastructure35436.26Asian Development BankMinistry of Territorial Administration and Infrastructure2189630.41Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure27766.04Asian Development BankMinistry of Territorial Administration and Infrastructure141662.70Asian Development BankMinistry of Territorial Administration and Infrastructure175026.58Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure388982.18Asian Development BankMinistry of Territorial Administration and Infrastructure2055458.06Asian Development BankMinistry of Territorial Administration and Infrastructure7720073.82Asian Development BankMinistry of Territorial Administration and Infrastructure4248525.11Asian Development BankMinistry of Territorial Administration and Infrastructure25596.98Asian Development BankMinistry of Territorial Administration and Infrastructure35215.61Asian Development BankMinistry of Territorial Administration and Infrastructure4581509.52Asian Development BankMinistry of Territorial Administration and Infrastructure262500.00Asian Development BankMinistry of Territorial Administration and Infrastructure1978532.72Asian Development BankMinistry of Territorial Administration and Infrastructure6688090.60Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure528477.25Asian Development BankMinistry of Territorial Administration and Infrastructure267035.48Asian Development BankMinistry of Territorial Administration and Infrastructure2555946.50Asian Development BankMinistry of Territorial Administration and Infrastructure36724.85Asian Development BankMinistry of Territorial Administration and Infrastructure8497966.63Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure972408.25Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure7020.81Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure974141.22Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1103851.81Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1245022.36Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1607857.55Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2001818.08Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2161593.84Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2575011.37Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2855894.65Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure3057652.95Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure3080390.28Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure3080762.37Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure3080806.49Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure3091552.18Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure3113331.56Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure3208896.34Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure3223872.66Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure3880174.30Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure4525547.29Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure5255958.19Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure5307507.09Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure5307507.09Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure572992.13Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure162260.81Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure165625.30Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure190246.43Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure210334.60Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure256600.92Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure403727.19Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure582885.36Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure675412.66Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure806546.18Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1313622.93Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1458456.10Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure664284.58Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure295089.36Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure257618.30Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure230308.87Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure686115.49Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1844891.37Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2176116.94Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2515788.93Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2825297.95Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2623757.12Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2598731.34Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2202042.41Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and InfrastructurePerformanceFiduciaryOutput/s as listed by the project staff.Output: An upgraded 35.2 km section between Ashtarak and Talin Indicator: By 2024, 35.2 km of the two-lane road section upgraded to a four-lane section with 100 km/hour international operational standard from national standards in 2011 (2009 baseline: 32.5 km 2-lane, existing road) Progress/Status: As of 30 June 2026, the remaining civil works contracts (Lots 1 and 2) are under the defects notification period. Lot 1 is 100% complete. The taking-over certificate has been issued, and the one-year defects notification period commenced on 15 August 2025. The road is open to traffic and fully operational. Lot 2 is also 100% complete. The taking-over certificate has been issued, and the one-year defects notification period commenced on 25 December 2025. The road is open to traffic and fully operational. Data Source: Investment program, tranche progress and completion reports, and tranche audit reports Actual value: An efficient, safe, and sustainable north-south road corridor, linking Armenia domestically and internationallyBy 2024, reduced travel time from Yerevan to Talin to 1.00 hour from 1.33 hours in 2009 Progress/Status: As of 30 June 2026, the remaining civil works contracts (Lots 1 and 2) are under the defects notification period. Lot 1 is 100% complete. The taking-over certificate has been issued, and the one-year defects notification period commenced on 15 August 2025. The road is open to traffic and fully operational. Lot 2 is also 100% complete. The taking-over certificate has been issued, and the one-year defects notification period commenced on 25 December 2025. The road is open to traffic and fully operational. The target indicator will be updated once data become available. Data Source: Investment program and tranche completion reports; national traffic and road accident statistics from the government Actual value: By 2024, increased daily traffic from Ashtarak to Talin to 9,400 vehicles from 5,800 vehicles in 2009 Progress/Status: Same as above. Data Source: Investment program and tranche completion reports; national traffic and road accident statistics from the government Actual value: By 2024, increased daily traffic by 10% per annum for 5 years after project completion Progress/Status: Same as above. Data Source: Investment program and tranche completion reports; national traffic and road accident statistics from the government Actual value: By 2024, about 1.6 million people to benefit from Tranche 2 Progress/Status: Same as above. Data Source: Investment program and tranche completion reports; national traffic and road accident statistics from the government Actual value: XM-DAC-46004-42417-023-LN2752Asian Development BankThe investment program targets a range of urban connectivity and mobility improvements in all parts of Armenia, aiming to improve transport efficiency, reliability, and safety, and reduce congestionAsian Development BankMinistry of Territorial Administration and InfrastructureAsian Development BankAsian Development BankMaria Pia Ancorahttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=42417-023 (Active)&officer= vkarapetyan@adb.org&division= Armenia Resident Mission (ARRM)&projectcountry= ArmeniaNerkin Shengavit'40.129701 44.480991Argavand40.158646 44.444772Karmir Blur40.14932 44.451208Environmentally sustainable growthInclusive economic growthPrivate sector developmentSome gender elements (SGE)48640000Asian Development BankMinistry of Territorial Administration and Infrastructure4265978.43Asian Development BankMinistry of Territorial Administration and Infrastructure158867.04Asian Development BankMinistry of Territorial Administration and Infrastructure753878.17Asian Development BankMinistry of Territorial Administration and Infrastructure1806450.41Asian Development BankMinistry of Territorial Administration and Infrastructure8856473.84Asian Development BankMinistry of Territorial Administration and Infrastructure42705.60Asian Development BankMinistry of Territorial Administration and Infrastructure872445.62Asian Development BankMinistry of Territorial Administration and Infrastructure1539374.18Asian Development BankMinistry of Territorial Administration and Infrastructure5973307.21Asian Development BankMinistry of Territorial Administration and Infrastructure2552719.03Asian Development BankMinistry of Territorial Administration and Infrastructure347741.86Asian Development BankMinistry of Territorial Administration and Infrastructure1644513.25Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure3837634.92Asian Development BankMinistry of Territorial Administration and Infrastructure136495.94Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure122376.40Asian Development BankMinistry of Territorial Administration and Infrastructure97217.87Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure396611.19Asian Development BankMinistry of Territorial Administration and Infrastructure327044.18Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure383700.43Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure729189.14Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure457043.90Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure434533.25Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure340668.10Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure94075.06Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure301823.38Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure200548.69Asian Development BankMinistry of Territorial Administration and Infrastructure109460.02Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure271665.59Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure210154.69Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure104778.51Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure199493.25Asian Development BankMinistry of Territorial Administration and Infrastructure80187.35Asian Development BankMinistry of Territorial Administration and Infrastructure86444.50Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure185836.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure332410.82Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure217407.54Asian Development BankMinistry of Territorial Administration and Infrastructure101034.33Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure-22755.68Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure891165.56Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure894496.85Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure930257.09Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure919792.22Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure735361.15Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure754720.53Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure754467.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure751047.73Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure741278.63Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure761100.73Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure758197.97Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure754308.90Asian Development BankMinistry of Territorial Administration and Infrastructure48472.77Asian Development BankMinistry of Territorial Administration and Infrastructure18231.48Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure23234.26Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure42705.60Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure75112.56Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure93847.86Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure124313.95Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure136495.94Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure17903.82Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure396953.55Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure417272.35Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure442274.82Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure419279.93Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure441271.50Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure398335.05Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure421418.98Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure447406.63Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure394178.43Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure316922.58Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure397288.63Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure339918.84Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure368175.96Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure303886.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure348863.10Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure339526.83Asian Development BankMinistry of Territorial Administration and InfrastructurePerformanceFiduciaryOutput/s as listed by the project staff.Output: Appropriate institutional capacity strengthened in Yerevan Indicator: Multimodal coordination and management committee set up by Dec 2023 Achievement: N Progress/Status: Public transport management committee was set up resulting in establishment of Municipal Public Transport Authority. Data Source: YM website and municipal organization chart YM project progress reports Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2023 Target value: Y Actual value: NOutput: Appropriate institutional capacity strengthened in Yerevan Indicator: YM and transport operators capacity strengthened by 2023 Achievement: Y Progress/Status: Municipal operator was established, capacity building activities have been supported. Data Source: YM website and municipal organization chart YM project progress reports Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2023 Target value: Y Actual value: YOutput: Appropriate institutional capacity strengthened in Yerevan Indicator: Multimodal transport system with action plan prepared and implemented (including tariff, ticketing, information, signage, urban transport website, accessibility, traffic model) by 2023 Achievement: Y Progress/Status: Consultant submitted final proposal for new bus network and integrated tariff and ticketing system. The report was approved by Yerevan Municipality in July 2019. Data Source: YM website and municipal organization chart YM project progress reports Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2023 Target value: Y Actual value: YOutput: Appropriate institutional capacity strengthened in Yerevan Indicator: Monitoring unit to evaluate impacts of the program including financial evaluation of the action plan set-up in Yerevan by 2023 Achievement: Y Progress/Status: Ongoing. Governing Council monitoring Data Source: YM website and municipal organization chart YM project progress reports Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2023 Target value: Y Actual value: YOutput: Establishment of skilled and efficient program Implementation Unit in Yerevan Indicator: PIU is timely formed, and appropriately staffed and trained (with at least 25% women and at least 5 staff beneficiaries trained) within YM and Yerevan trans Achievement: Y Progress/Status: PIU staff recruited and trained. Data Source: YM and MOE annual report and communication YM project progress reports Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2016 Target value: Y Actual value: YOutput: Establishment of skilled and efficient program Implementation Unit in Yerevan Indicator: Consultants are recruited on time by IA Achievement: Y Progress/Status: DESC, IMA and PMIC consultants recruited. Data Source: YM and MOE annual report and communication YM project progress reports Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2016 Target value: Y Actual value: YOutput: Establishment of skilled and efficient program Implementation Unit in Yerevan Indicator: Yearly contract awards and disbursement targets are achieved by IA Achievement: Y Progress/Status: Achieved as of the project closing. Data Source: YM and MOE annual report and communication YM project progress reports Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2021 Target value: Y Actual value: YOutput: Establishment of skilled and efficient program Implementation Unit in Yerevan Indicator: ADB Procedures and policy, particularly for Safeguards and Procurement are timely implemented and complied with by YM staff Achievement: Y Progress/Status: Achieved as of the project closing. Data Source: YM and MOE annual report and communication YM project progress reports Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2021 Target value: Y Actual value: YOutput: Establishment of skilled and efficient program Implementation Unit in Yerevan Indicator: Baseline data created and surveys undertaken with sex-segregated data by YM and operators Achievement: Y Progress/Status: Achieved as of the project closing. Data Source: YM and MOE annual report and communication YM project progress reports Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2021 Target value: Y Actual value: YOutput: Urban infrastructure extended, rehabilitated and improved in Yerevan Indicator: 5.3km of road links constructed by Yerevan Municipality (YM) by 2021 Achievement: 0 Progress/Status: 5.5 km of Yerevan bypass implemented. Data Source: IA Project progress reports Municipal transport statistics YM reports Surveys conducted by the YM Output: Urban infrastructure extended, rehabilitated and improved in Yerevan Indicator: 1 multiple levels intersection upgraded by YM by 2021 Achievement: 0 Progress/Status: 2 multiple level intersections completed. Data Source: IA Project progress reports Municipal transport statistics YM reports Surveys conducted by the YM Output: Urban infrastructure extended, rehabilitated and improved in Yerevan Indicator: At least 2 footbridges implemented by YM by 2021 Achievement: 0 Progress/Status: 1 footbridge implemented. Data Source: IA Project progress reports Municipal transport statistics YM reports Surveys conducted by the YM Output: Urban infrastructure extended, rehabilitated and improved in Yerevan Indicator: 1 km of upgraded urban street including pavement by YM (within the 1.3 km of road links) by 2021 Achievement: 0 Progress/Status: Completed. Data Source: IA Project progress reports Municipal transport statistics YM reports Surveys conducted by the YM Output: Urban infrastructure extended, rehabilitated and improved in Yerevan Indicator: Urban road link detailed design for tranche 2 endorsed by Yerevan municipality Achievement: Y Progress/Status: Completed. Data Source: IA Project progress reports Municipal transport statistics YM reports Surveys conducted by the YM Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2016 Target value: Y Actual value: YOutput: Urban infrastructure extended, rehabilitated and improved in Yerevan Indicator: Road/bus improvement design endorsed by YM or applicable body by 2019 Achievement: Y Progress/Status: The consultant submitted final report in February and approved in July 2019. Data Source: IA Project progress reports Municipal transport statistics YM reports Surveys conducted by the YM Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2019 Target value: Y Actual value: YOutput: Urban infrastructure extended, rehabilitated and improved in Yerevan Indicator: Strategic city roadmap endorsed by city or applicable body by 2023 Achievement: N Progress/Status: Some activities have been supported, but a strategic city roadmap was not developed. Data Source: IA Project progress reports Municipal transport statistics YM reports Surveys conducted by the YM Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2023 Target value: Y Actual value: NEfficient, reliable and affordable urban infrastructures and services provided in YerevanTravel time from South to North Yerevan decreased by 25% by 2024 compared to 45 min in 2009 Achievement: 0 Progress/Status: With T1 implementation travel time reduced by 25%. Data Source: NGO, International and national transport associations repost and database Operators, Municipality Transport statistics or other agencies as appropriate IA Project progress reportsBus and trolleybus commercial speed increased by 3km/h by 2024, baseline 2009: 14 km/h Achievement: 9 Progress/Status: The Project has been extended until 31 December 2023. The surveys will be conducted at the end of implementation. Data Source: NGO, International and national transport associations repost and database Operators, Municipality Transport statistics or other agencies as appropriate IA Project progress reports 17 it is from WYG reportPublic transport ridership in Yerevan increased by 10% by 2024 from 200 million pax in 2009 Achievement: 220000000 Progress/Status: The Project has been extended until 31 December 2023. The surveys will be conducted at the end of implementation. Data Source: NGO, International and national transport associations repost and database Operators, Municipality Transport statistics or other agencies as appropriate IA Project progress reportsCitizens enable to benefit from construction employment opportunities (300 jobs) Achievement: 56 Progress/Status: Under the completed sections 312 construction jobs were created. Data Source: NGO, International and national transport associations repost and database Operators, Municipality Transport statistics or other agencies as appropriate IA Project progress reports XM-DAC-46004-45299-001-LN2860Asian Development BankThe additional financing will (i) rehabilitate and upgrade water supply infrastructure, (ii) improve the performance of water services, and (iii) improve the management and operational efficiency of the water utility company.2 Also, the additional financing will ensure further public health and environmental improvements by providing potable and reliable water supply to households in approximately 18 towns and 92 villages in the provinces of Aragatsotn, Ararat, Amavir, Geharqunik, Tavush, Lori, Kotayq, Shirak, Syunik, and Vayotz-Dzor. The Asian Development Bank (ADB) loan will form part of a larger sector capital investment by the government of Armenia and other international financial institutions including the World Bank and the European Bank for Reconstruction and Development.Asian Development BankState Committee for Water EconomyAsian Development BankAsian Development BankCesar Emilio Llorens Alvarezhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=45299-001 (Closed)&officer= cllorens@adb.org&division= Armenia Resident Mission (ARRM)&projectcountry= ArmeniaTashir41.12072 44.28462Tsaghkadzor40.53259 44.72025Jermuk39.84173 45.6723Kapan39.20754 46.40576Meghri38.90292 46.24458Vayk'39.691 45.46653Vedi39.91421 44.72217Zarrit'ap'39.63732 45.51162Lernamerts40.25811 44.26421Aygeshat40.23571 44.28692Hayt'agh40.18158 44.22865Berd40.88135 45.38901Dasht40.22627 44.29963Doghs40.22373 44.27171Hrazdan40.49748 44.7662Gavarr40.35398 45.12386Martuni40.13768 45.3045Noratus40.37547 45.17718Noyemberyan41.17244 44.99917Sarukhan40.29053 45.13059Sevan40.5484 44.94868Step'anavan41.00995 44.38531Shahumyan40.21376 44.29865Akunk'40.26883 44.68481Aghavnatun40.23238 44.24974Tsaghkalanj40.20022 44.22751Hushakert40.08434 43.92846Musalerr40.15393 44.37894Armaviri Marz40.11667 44Lorru Marz41 44.5Shiraki Marz40.75 43.83333Tavushi Marz40.91667 45.16667Echmiadzin40.16531 44.33939Amberd40.24192 44.27227Art'ik40.62217 43.96985Alaverdi41.09766 44.67316Aragats40.48887 44.35279Environmentally sustainable growthPrivate sector developmentInclusive economic growthEffective gender mainstreaming (EGM)40000000Asian Development BankState Committee for Water Economy9769798.70Asian Development BankState Committee for Water Economy992709.06Asian Development BankState Committee for Water Economy2473409.80Asian Development BankState Committee for Water Economy5624916.25Asian Development BankState Committee for Water Economy5896470.70Asian Development BankState Committee for Water Economy1858207.44Asian Development BankState Committee for Water Economy998968.22Asian Development BankState Committee for Water Economy4521295.67Asian Development BankState Committee for Water Economy2725272.91Asian Development BankState Committee for Water Economy1650651.61Asian Development BankState Committee for Water Economy711882.23Asian Development BankState Committee for Water Economy389760.86Asian Development BankState Committee for Water Economy150822.45Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy173223.55Asian Development BankState Committee for Water Economy37935.86Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy75457.30Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy-118160.28Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy755051.09Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy763664.95Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy747134.48Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy706741.13Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy725177.37Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy723985.92Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy713395.73Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy711597.69Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy700514.76Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy731231.77Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy742475.21Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy16281.20Asian Development BankState Committee for Water Economy36441.95Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy60438.59Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy95790.29Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy125410.72Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy151061.11Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy170673.97Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy173223.55Asian Development BankState Committee for Water Economy37935.86Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy412649.51Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy429722.56Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy429409.88Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy408593.90Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy414532.03Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy407280.22Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy384830.07Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy431550.32Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy378690.33Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy378544.77Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy306785.93Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy363089.19Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy355901.04Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy324737.70Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy322807.31Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy309466.82Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy302666.42Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water Economy0.00Asian Development BankState Committee for Water EconomyPerformanceFiduciaryOutput/s as listed by the project staff.Output: Extended program of rehabilitation and replacement of water supply and sewerage systems in more project towns and villages Indicator: Water supply systems in 29 towns and up to 160 villages are rehabilitated, replaced in part or in full, and/or extended by 2017. Progress/Status: Under WSSP and WSSP -AF the following was implemented: Over 2.145 km of water main and network constructed and reconstructed, Over 4.4 km sewerage system constructed, Over 86 water supply daily regulation reservoirs rehabilitated and constructed, Over 9 chlorination stations rehabilitated and constructed, Over 24 pumping stations rehabilitated and constructed, 3 drinking water treatment plants rehabilitated. Data Source: AWSC quarterly progress reports and PPMS reports AWSC technical and financial reports Baseline year: 2012 Baseline value: Y Baseline year: 2012 Baseline value: Y Target year: 2017 Target value: YOutput: Extended program of rehabilitation and replacement of water supply and sewerage systems in more project towns and villages Indicator: About 40,000 water meters are installed in all project areas by 2017. Progress/Status: Under WSSP and WSSP -AF over 57587 water meter chambers are installed Data Source: AWSC quarterly progress reports and PPMS reports AWSC technical and financial reports Baseline year: 2012 Baseline value: y Baseline year: 2012 Baseline value: y Target year: 2017 Target value: YOutput: Extended program to further expand the AWSC?s operational and institutional capacity Indicator: Nonrevenue water is reduced to 70% in project towns and villages by 2017. Progress/Status: Not yet due Data Source: AWSC quarterly progress reports and PPMS reports. Baseline year: 2012 Baseline value: Y Baseline year: 2012 Baseline value: Y Target year: 2017 Target value: YOutput: Extended program to further expand the AWSC?s operational and institutional capacity Indicator: Tariff collection efficiency in project towns and villages is improved to 95% by 2017. Progress/Status: Not yet due Data Source: AWSC quarterly progress reports and PPMS reports. Baseline year: 2012 Baseline value: Y Baseline year: 2012 Baseline value: Y Target year: 2017 Target value: YOutput: Extended program to further expand the AWSC?s operational and institutional capacity Indicator: The AWSC human resource management strategy is further developed to include further management training provided to AWSC staff, with 25% of training participants being women by 2017. Progress/Status: Not yet due Data Source: AWSC quarterly progress reports and PPMS reports. Baseline year: 2012 Baseline value: Y Baseline year: 2012 Baseline value: Y Target year: 2017 Target value: YOutput: Further improvements in water services as per updated performance targets and indicators in more project towns and villages Indicator: All households in project towns and villages have access by 2017 to reliable supplies of potable water for at least 15 hours per day on average that meets Armenian water quality standards. Progress/Status: Not yet due Data Source: AWSC quarterly progress reports and PPMS reports. Baseline year: 2012 Baseline value: Y Baseline year: 2012 Baseline value: Y Target year: 2017 Target value: YOutput: Further improvements in water services as per updated performance targets and indicators in more project towns and villages Indicator: A sex-disaggregated customer and complaints database is in place by 2017. Progress/Status: Not yet due Data Source: AWSC quarterly progress reports and PPMS reports. Baseline year: 2012 Baseline value: Y Baseline year: 2012 Baseline value: Y Target year: 2017 Target value: YOutput: Further improvements in water services as per updated performance targets and indicators in more project towns and villages Indicator: One local nongovernment organization and/or female community leaders are involved in the outreach and awareness campaign in each project town by 2017. Progress/Status: Not yet due Data Source: AWSC quarterly progress reports and PPMS reports. Baseline year: 2012 Baseline value: Y Baseline year: 2012 Baseline value: Y Target year: 2017 Target value: YOutput: Further improvements in water services as per updated performance targets and indicators in more project towns and villages Indicator: All households headed by women in project towns and villages have access by 2017 to potable water supply 15 hours per day. Progress/Status: Not yet due Data Source: AWSC quarterly progress reports and PPMS reports. Baseline year: 2012 Baseline value: Y Baseline year: 2012 Baseline value: Y Target year: 2017 Target value: YImproved access to safe, reliable, and sustainable WSS in about 29 towns and up to 160 project villages, managed on commercial principles and with environmentally sound practicesAbout 700,000 residents in the project towns and villages directly or indirectly benefit by 2017 from reliable supplies of potable water for at least 15 hours per day that meets Armenian water quality standards. Progress/Status: About 700,000 residents of Armenian settlements benefitted from two projects (WSSP and WSSP-AF). Weighted average number of daily hours of drinking water services increased from 10 to 19.3 hours. Data Source: Operating and financial reports of the water supply company Reports by independent external auditors and regulators Water supply company information system Public health department records on water quality AWSC quarterly progress reports and PPMS reports Base year: 2012 Baseline value: YThe technical, financial, and managerial capacity of the AWSC is further improved by 2017. Progress/Status: An AWSC Training Strategy for 2013-2016 was developed. AWSC employees receive regular training in Echmiatsin Training Centre. Data Source: Operating and financial reports of the water supply company Reports by independent external auditors and regulators Water supply company information system Public health department records on water quality AWSC quarterly progress reports and PPMS reports Base year: 2012 Baseline value: Y XM-DAC-46004-45230-001-LN2922Asian Development BankThe program enables women entrepreneurs and micro, small, and medium-sized enterprises (MSMEs) in Armenia to play a greater role in economic development. The program has two components: (i) a policy-based loan to help fund budget allocations to strengthen the business environment and the Small and Medium Entrepreneurship Development National Center (SME DNC) of Armenia; and (ii) a financial intermediation loan (FIL) to enable participating financial institutions (PFIs) to provide local currency loans to MSMEs, of which at least 50% are women's MSMEs. The program is supported by capacity development TA to improve the entrepreneurial capacity of women and to increase the capacity of the SME DNC. The implementation period is 2013-2017.Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankRuslan Kurmanbekovhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=45230-001 (Closed)&officer= rkurmanbekov@adb.org&division= Public Management, Financial Sector and Trade Division, CWRD&projectcountry= ArmeniaArmenia40.25 45Private sector developmentInclusive economic growthGovernance and capacity developmentGender Equity and Mainstreaming20000000Asian Development BankMinistry of Finance (MOF)10048551.15Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)9037947.59Asian Development BankMinistry of Finance (MOF)577805.20Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)571878.63Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)538179.11Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)545804.14Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)545600.91Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)539869.56Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)543441.98Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)531914.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)555767.94Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)562085.60Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)65688.40Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)47346.07Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)44173.41Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)61819.41Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)92483.48Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)87415.33Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)222675.99Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)204557.87Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)206781.89Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)192051.02Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)197525.63Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)194876.75Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)195269.98Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)210186.25Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)171455.51Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)178179.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)153988.33Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)164393.16Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)158193.14Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)138424.59Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)150485.98Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)133293.22Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)130232.60Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)PolicyPerformanceFiduciaryOutput/s as listed by the project staff.Output: Improved access to finance by women entrepreneurs and MSMEs Indicator: At least 2,600 new loans under the program from PFIs to MSMEs, of which at least 50% should be to women entrepreneurs and MSMEs, by 2017 Progress/Status: As of 30 September 2017, 1,066 subloans have been provided by the PFIs, of which close to 70% were to women SMEs. Data Source: Quarterly reports submitted by PFIs Actual value: Output: Improved business environment supports MSMEs Indicator: World Bank Doing Business ranking improves from rank 55 in 2012 to 50 in 2017 Progress/Status: Armenia ranked 38th out of 190 economies in the Doing Business report 2017. Data Source: World Bank Doing Business Actual value: Output: Improved business environment supports MSMEs Indicator: Tax Payment improves from a ranking of 153 in 2012 to at least the average Eastern Europe and Central and West Asia ranking, as measured by the paying taxes index in World Bank Doing Business by 2017 Progress/Status: Armenia stands at 88 out of 190 economies on the ease of paying taxes indicator in the World Bank's Doing Business Report 2017. The distance to frontier (the distance of each economy to the “frontier,” which represents the best performance) was 72.49% versus 76.62% for regional average for Europe and Central Asia. Actual value: Output: Improved capacity of women entrepreneurs and MSMEs Indicator: Women entrepreneurs and MSMEs that receive training and business development services BDS from SME DNC increases from 2,174 in 2011 to 3,500 in 2017 Progress/Status: 4,300 MSMEs had received training and business development services, of which around 50% are women entrepreneurs. Data Source: Annual progress report submitted by SME DNC Actual value: Output: Improved capacity of women entrepreneurs and MSMEs Indicator: 30% of women trained by SME DNC sponsored programs present a business plan to a financial institution within 1 year of graduation Progress/Status: The majority of women participants of start-up trainings presented their business plans for financing at the end of graduation. During the project implementation 20 start-up campaigns with overall 400 participants were organized (of them 203 or 51 % women). In total 240 start-ups' financial support was approved of which 109 are women (45 %). Data Source: Annual progress report submitted by SME DNC Actual value: Output: Improved institutional framework supports women entrepreneurs and MSMEs Indicator: MOE implements at least two action plans linked to the national strategy for small and medium entrepreneurship development targeted at women entrepreneurs and MSMEs by 2017 Progress/Status: The Women Entrepreneurship Development Strategy was approved in 2014. A pilot mentoring program for women entrepreneurs was designed and introduced with the support of the piggy backed TA. Gender Sensitive Value Chain Analysis (GSVCA) was introduced in Armenia in support of the program. As a result of the GSVCA analysis, an action plan was developed and implemented for follow up and support to women's enterprises in the value chain. Data Source: Annual progress report submitted by SME DNC Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2017 Target value: YImproved enabling environment for women entrepreneursBy 2017, percentage of new businesses registered by women entrepreneurs reaches 20% from the 2010 level of 3% Progress/Status: State Registry does not provide updated data. Using the indicator of Global Gender Gap Report (World Economic Forum), the percentage of firms whose ownership include women was 25.3% in end 2015 (2016 Report), vs 32.0% in end 2012 (2013 Report). Sources: 2016 Report (http://reports.weforum.org/global-gender-gap-report-2016/economies/#economy=ARM) 2013 Report (http://reports.weforum.org/global-gender-gap-report-2013/#=&section=country-profiles-Armenia) Data Source: State Registry Agency Actual value: XM-DAC-46004-45230-001-LN2923Asian Development BankThe program enables women entrepreneurs and micro, small, and medium-sized enterprises (MSMEs) in Armenia to play a greater role in economic development. The program has two components: (i) a policy-based loan to help fund budget allocations to strengthen the business environment and the Small and Medium Entrepreneurship Development National Center (SME DNC) of Armenia; and (ii) a financial intermediation loan (FIL) to enable participating financial institutions (PFIs) to provide local currency loans to MSMEs, of which at least 50% are women's MSMEs. The program is supported by capacity development TA to improve the entrepreneurial capacity of women and to increase the capacity of the SME DNC. The implementation period is 2013-2017.Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankRuslan Kurmanbekovhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=45230-001 (Closed)&officer= rkurmanbekov@adb.org&division= Public Management, Financial Sector and Trade Division, CWRD&projectcountry= ArmeniaArmenia40.25 45Private sector developmentInclusive economic growthGovernance and capacity developmentGender Equity and Mainstreaming20000000Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)8009370.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3454511.86Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)6086758.32Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)-50165.45Asian Development BankMinistry of Finance (MOF)0.01Asian Development BankMinistry of Finance (MOF)3097834.37Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)361639.79Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)364261.03Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)352171.68Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)335082.14Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)336245.10Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)335309.28Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)333058.73Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)331356.17Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)343190.43Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)343659.80Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)344388.82Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)29455.97Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)38469.24Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)34987.53Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)36268.89Asian Development BankMinistry of Finance (MOF)1459.92Asian Development BankMinistry of Finance (MOF)36278.09Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)51158.73Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)115503.39Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)217368.06Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)33508.25Asian Development BankMinistry of Finance (MOF)166779.78Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)162975.36Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)160996.45Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)160107.57Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)160864.87Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)162749.82Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)164641.37Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)166602.17Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)112772.60Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)159999.35Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)131442.15Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)122101.99Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)131150.76Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)111274.31Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)121082.48Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)117173.19Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)PerformanceFiduciaryOutput/s as listed by the project staff.Output: Improved access to finance by women entrepreneurs and MSMEs Indicator: At least 2,600 new loans under the program from PFIs to MSMEs, of which at least 50% should be to women entrepreneurs and MSMEs, by 2017 Progress/Status: As of 30 September 2017, 1,066 subloans have been provided by the PFIs, of which close to 70% were to women SMEs. Data Source: Quarterly reports submitted by PFIs Actual value: Output: Improved business environment supports MSMEs Indicator: World Bank Doing Business ranking improves from rank 55 in 2012 to 50 in 2017 Progress/Status: Armenia ranked 38th out of 190 economies in the Doing Business report 2017. Data Source: World Bank Doing Business Actual value: Output: Improved business environment supports MSMEs Indicator: Tax Payment improves from a ranking of 153 in 2012 to at least the average Eastern Europe and Central and West Asia ranking, as measured by the paying taxes index in World Bank Doing Business by 2017 Progress/Status: Armenia stands at 88 out of 190 economies on the ease of paying taxes indicator in the World Bank's Doing Business Report 2017. The distance to frontier (the distance of each economy to the “frontier,” which represents the best performance) was 72.49% versus 76.62% for regional average for Europe and Central Asia. Actual value: Output: Improved capacity of women entrepreneurs and MSMEs Indicator: Women entrepreneurs and MSMEs that receive training and business development services BDS from SME DNC increases from 2,174 in 2011 to 3,500 in 2017 Progress/Status: 4,300 MSMEs had received training and business development services, of which around 50% are women entrepreneurs. Data Source: Annual progress report submitted by SME DNC Actual value: Output: Improved capacity of women entrepreneurs and MSMEs Indicator: 30% of women trained by SME DNC sponsored programs present a business plan to a financial institution within 1 year of graduation Progress/Status: The majority of women participants of start-up trainings presented their business plans for financing at the end of graduation. During the project implementation 20 start-up campaigns with overall 400 participants were organized (of them 203 or 51 % women). In total 240 start-ups' financial support was approved of which 109 are women (45 %). Data Source: Annual progress report submitted by SME DNC Actual value: Output: Improved institutional framework supports women entrepreneurs and MSMEs Indicator: MOE implements at least two action plans linked to the national strategy for small and medium entrepreneurship development targeted at women entrepreneurs and MSMEs by 2017 Progress/Status: The Women Entrepreneurship Development Strategy was approved in 2014. A pilot mentoring program for women entrepreneurs was designed and introduced with the support of the piggy backed TA. Gender Sensitive Value Chain Analysis (GSVCA) was introduced in Armenia in support of the program. As a result of the GSVCA analysis, an action plan was developed and implemented for follow up and support to women's enterprises in the value chain. Data Source: Annual progress report submitted by SME DNC Baseline year: 2011 Baseline value: N Baseline year: 2011 Baseline value: N Target year: 2017 Target value: YImproved enabling environment for women entrepreneursBy 2017, percentage of new businesses registered by women entrepreneurs reaches 20% from the 2010 level of 3% Progress/Status: State Registry does not provide updated data. Using the indicator of Global Gender Gap Report (World Economic Forum), the percentage of firms whose ownership include women was 25.3% in end 2015 (2016 Report), vs 32.0% in end 2012 (2013 Report). Sources: 2016 Report (http://reports.weforum.org/global-gender-gap-report-2016/economies/#economy=ARM) 2013 Report (http://reports.weforum.org/global-gender-gap-report-2013/#=&section=country-profiles-Armenia) Data Source: State Registry Agency Actual value: XM-DAC-46004-42145-043-LN2993Asian Development BankThe project aims to achieve efficient, safe and sustainable north-south corridor linking the Republic of Armenia domestically and internationally. The project will comprise: (a) reconstruction of the two-lane road section between towns of Talin and Landjik of approximately 18.7 km and widening such section to a four-lane dual carriageway; (b) preparation and implementation of a long term road subsector plan and road asset management and road maintenance administration system; (c) preparation of feasibility study for Artashat-Qajaran section (304 km) of the North-South corridor; and (d) project implementation support and preparation of a subsequent tranche under the Investment Program, including preparation of the related feasibility study and detailed engineering design.Asian Development BankMinistry of Territorial Administration and InfrastructureMinistry of Transport, Communication and Information TechnologiesAsian Development BankAsian Development BankThomas Herzhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=42145-043 (Active)&officer= therz@adb.org&division= Transport Sector Office (SG-TRA)&projectcountry= ArmeniaShiraki Marz40.75 43.83333Meghri38.90292 46.24458Ashtarak40.2991 44.36204Hayrenyats'40.63074 43.8727Azatan40.71959 43.82727Bavra41.12027 43.81029Beniamin40.69062 43.85154Dzorakap40.568 43.87888Gyumri40.7942 43.84528Lanjik40.50614 43.85896Lusakert40.67273 43.85747Maralik40.57453 43.86862Mastara40.44933 43.88289Sarrnaghbyur40.52496 43.91137Talin40.33694 43.85889Yerevan40.18111 44.51361Horrom40.66012 43.88819Syunik'i Marz39.33333 46.25Ararati Marz39.91667 44.83333Agarak38.86506 46.19463Ararat39.83166 44.70489Goris39.51288 46.33816Kapan39.20754 46.40576Aragatsotni Marz40.41667 44.16667Inclusive economic growthPartnershipsGovernance and capacity developmentRegional integrationPrivate sector developmentSome gender elements (SGE)100000000Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure71250.00Asian Development BankMinistry of Territorial Administration and Infrastructure225179.00Asian Development BankMinistry of Territorial Administration and Infrastructure75424.49Asian Development BankMinistry of Territorial Administration and Infrastructure1416723.15Asian Development BankMinistry of Territorial Administration and Infrastructure235035.89Asian Development BankMinistry of Territorial Administration and Infrastructure171943.44Asian Development BankMinistry of Territorial Administration and Infrastructure939911.59Asian Development BankMinistry of Territorial Administration and Infrastructure6149030.07Asian Development BankMinistry of Territorial Administration and Infrastructure211773.86Asian Development BankMinistry of Territorial Administration and Infrastructure234735.98Asian Development BankMinistry of Territorial Administration and Infrastructure2570888.32Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure46050.99Asian Development BankMinistry of Territorial Administration and Infrastructure328533.00Asian Development BankMinistry of Territorial Administration and Infrastructure886485.71Asian Development BankMinistry of Territorial Administration and Infrastructure816510.65Asian Development BankMinistry of Territorial Administration and Infrastructure673935.54Asian Development BankMinistry of Territorial Administration and Infrastructure585708.51Asian Development BankMinistry of Territorial Administration and Infrastructure1207269.88Asian Development BankMinistry of Territorial Administration and Infrastructure849426.87Asian Development BankMinistry of Territorial Administration and Infrastructure698825.86Asian Development BankMinistry of Territorial Administration and Infrastructure692830.95Asian Development BankMinistry of Territorial Administration and Infrastructure4299969.71Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure266748.76Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure151848.15Asian Development BankMinistry of Territorial Administration and Infrastructure756684.22Asian Development BankMinistry of Territorial Administration and Infrastructure384944.13Asian Development BankMinistry of Territorial Administration and Infrastructure102296.36Asian Development BankMinistry of Territorial Administration and Infrastructure252332.32Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure3033457.92Asian Development BankMinistry of Territorial Administration and Infrastructure714869.23Asian Development BankMinistry of Territorial Administration and Infrastructure1828733.74Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1426828.59Asian Development BankMinistry of Territorial Administration and Infrastructure1433655.57Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure744715.44Asian Development BankMinistry of Territorial Administration and Infrastructure68809.84Asian Development BankMinistry of Territorial Administration and Infrastructure4022288.79Asian Development BankMinistry of Territorial Administration and Infrastructure597190.87Asian Development BankMinistry of Territorial Administration and Infrastructure1921286.81Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure555003.18Asian Development BankMinistry of Territorial Administration and Infrastructure727512.02Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure192200.00Asian Development BankMinistry of Territorial Administration and Infrastructure838935.41Asian Development BankMinistry of Territorial Administration and Infrastructure626871.80Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure80724.00Asian Development BankMinistry of Territorial Administration and Infrastructure412992.47Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure928266.71Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1867200.05Asian Development BankMinistry of Territorial Administration and Infrastructure1040673.07Asian Development BankMinistry of Territorial Administration and Infrastructure721338.26Asian Development BankMinistry of Territorial Administration and Infrastructure2133813.05Asian Development BankMinistry of Territorial Administration and Infrastructure445396.02Asian Development BankMinistry of Territorial Administration and Infrastructure1797994.09Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure970418.20Asian Development BankMinistry of Territorial Administration and Infrastructure522102.24Asian Development BankMinistry of Territorial Administration and Infrastructure240994.94Asian Development BankMinistry of Territorial Administration and Infrastructure1309910.04Asian Development BankMinistry of Territorial Administration and Infrastructure88792.55Asian Development BankMinistry of Territorial Administration and Infrastructure1191147.29Asian Development BankMinistry of Territorial Administration and Infrastructure3740844.72Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure4504145.90Asian Development BankMinistry of Territorial Administration and Infrastructure235046.72Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2931256.92Asian Development BankMinistry of Territorial Administration and Infrastructure76775.45Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure861007.18Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure9659.20Asian Development BankMinistry of Territorial Administration and Infrastructure135158.44Asian Development BankMinistry of Territorial Administration and Infrastructure67845.46Asian Development BankMinistry of Territorial Administration and Infrastructure407607.27Asian Development BankMinistry of Territorial Administration and Infrastructure41136.36Asian Development BankMinistry of Territorial Administration and Infrastructure2435448.10Asian Development BankMinistry of Territorial Administration and Infrastructure1731721.96Asian Development BankMinistry of Territorial Administration and Infrastructure25103.64Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure4150360.04Asian Development BankMinistry of Territorial Administration and Infrastructure2219939.26Asian Development BankMinistry of Territorial Administration and Infrastructure1699026.82Asian Development BankMinistry of Territorial Administration and Infrastructure3220507.67Asian Development BankMinistry of Territorial Administration and Infrastructure669742.89Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure130100.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure-9402.94Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1052020.98Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1155658.36Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1289376.40Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1400231.90Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1700529.06Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1725874.53Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1811898.26Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1980674.97Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2210357.77Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2214015.25Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2214015.25Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure71250.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure75424.49Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure78731.07Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure84013.85Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure110228.42Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure172004.86Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure219842.50Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure295404.22Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure445789.23Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure567223.84Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure597190.87Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure555003.18Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure340350.97Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure232020.49Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure228782.68Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure240994.94Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure710116.99Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1682099.17Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2002642.17Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2023878.69Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2179076.02Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2029064.29Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1999841.33Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1680622.25Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and InfrastructurePerformanceFiduciaryOutput/s as listed by the project staff.Output: Feasibility studies and detailed design for Tranche 4 prepared Indicator: By December 2023, detailed design and bidding document for Tranche 4 completed and project ready for procurement Progress/Status: Feasibility study was completed. Data Source: MTAI quarterly progress reports, MTAI website Baseline year: 2012 Baseline value: N Baseline year: 2012 Baseline value: N Target year: 2023 Target value: YOutput: Reconstructed two-lane road section between the towns of Talin and Landjik and an upgraded section between Ashtarak and Talin Indicator: By 2024, 18.7-km four-lane dual carriageway improved to 100 km/hr operational standard (2012 baseline: 2-lane existing road) Progress/Status: The 18.7-km section is 100% completed and operational. Data Source: MTAI quarterly progress reports, MTAI website Actual value: Output: Reconstructed two-lane road section between the towns of Talin and Landjik and an upgraded section between Ashtarak and Talin Indicator: By 2024, market areas for women vendors identified and planned Progress/Status: This gender indicator is part of the MFF tranches was related to identification, design (with inputs from women vendors), and construction of fixed and upgraded market sites with sanitation facilities at road intersections. This indicator was amended to only having development of the concept related to the structure. The indicator was accomplished, and the RDF submitted the concept in 2023. Data Source: MTAI quarterly progress reports, MTAI website Baseline year: 2012 Baseline value: N Baseline year: 2012 Baseline value: N Target year: 2024 Target value: YOutput: Reconstructed two-lane road section between the towns of Talin and Landjik and an upgraded section between Ashtarak and Talin Indicator: By 2024, 8.8 km of the two-lane road section upgraded to a four-lane section with 100 km/hr operational standard from national standards in 2011 (2009 baseline: 8.8 km 2-lane existing road) Progress/Status: New additional scope from Tranche 2 Lot 2 took effect on 10 January 2024 upon ADB receipt of the MOF-signed amendment letter. Contract completion was 13 May 2025. Civil works was part of Tranche 2 Lot 2 contract awarded to Levantina. Tranche 3 Loan 2993 financed the 8.8 km section in the amount of US$10,046,000 (exclusive of VAT) until the loan closing date of 31 December 2024. Data Source: MTAI quarterly progress reports, MTAI website Actual value: Output: Road Subsector Plan completed and Road Asset Management and Road Maintenance System implemented Indicator: By 2024, road subsector plan prepared and road asset management and maintenance system operational, fully equipped and staff trained. Progress/Status: Development of the Road Sector Plan has been substantially completed. The road subsector plan will reference the project prioritization process proposed under TA 9793-ARM Transport and Trade Facilitation Strategy (TTFS) and outline a maintenance strategy based on current and future expenditure levels. Data Source: MTAI quarterly progress reports, MTAI website Baseline year: 2012 Baseline value: N Baseline year: 2012 Baseline value: N Target year: 2024 Target value: YOutput: Road Subsector Plan completed and Road Asset Management and Road Maintenance System implemented Indicator: By 2024, MTAI's road maintenance capacity improved with better tools for annual and long term budgeting Progress/Status: Development of the Road Sector Plan has been substantially completed. The road subsector plan will reference the project prioritization process proposed under TA 9793-ARM Transport and Trade Facilitation Strategy (TTFS) and outline a maintenance strategy based on current and future expenditure levels. Measurement of achievement of target indicator for verification at preparation of project completion report. Data Source: MTAI quarterly progress reports, MTAI website Baseline year: 2012 Baseline value: N Baseline year: 2012 Baseline value: N Target year: 2024 Target value: YEfficient, safe and sustainable north-south road corridor, linking Armenia domestically and internationallyBy 2024, travel time from Talin to Landjik reduced to 0.5 hours from 0.75 hours in 2012 Progress/Status: Works on Tranche 3 (Loan 2993) have been substantially completed and the Taking-Over Certificate was issued on 7 December 2022 affirming the substantial completion and usage of the Works (Talin-Landjik) on 14 October 2022. The 18.7-km section is 100% completed and operational. Data Source: Annual traffic statistics of the MTAI, MTAI website Actual value: By 2024, annual average daily traffic (AADT) volume from Talin to Landjik increased to 7,000 vehicles from 4,975 vehicles in 2012 Progress/Status: Works on Tranche 3 (Loan 2993) have been substantially completed and the Taking-Over Certificate was issued on 7 December 2022 affirming the substantial completion and usage of the Works (Talin-Landjik) on 14 October 2022. The 18.7-km section is 100% completed and operational. Data Source: Annual traffic statistics of the MTAI, MTAI website Actual value: By 2024, about 0.5 million people to benefit from improvement of Talin to Landjik road Progress/Status: Works on Tranche 3 (Loan 2993) have been substantially completed and the Taking-Over Certificate was issued on 7 December 2022 affirming the substantial completion and usage of the Works (Talin-Landjik) on 14 October 2022. The 18.7-km section is 100% completed and operational. Data Source: Annual traffic statistics of the MTAI, MTAI website Actual value: XM-DAC-46004-46416-002-LN3150Asian Development BankThe project will upgrade the national power system operation's reliability and efficiency, and enhance transmission capacity. The project will include three main components: (i) expansion of supervisory control and data acquisition (SCADA) system; (ii) rehabilitation of four existing 220/110-kilovolt (kV) substation; and (iii) support for institutional development, capacity building, and project management. The project will help increase the electricity supply to urban and rural consumers to support inclusive and sustainable economic development.Asian Development BankMinistry of Energy and Natural Resources of the Republic of ArmeniaAsian Development BankAsian Development BankVardan Karapetyanhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=46416-002 (Closed)&officer= vkarapetyan@adb.org&division= Armenia Resident Mission (ARRM)&projectcountry= ArmeniaArmenia40.29496 44.93837Environmentally sustainable growthInclusive economic growthPartnershipsGovernance and capacity development37000000Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia264214.85Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia263586.69Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia1102.98Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia3107749.16Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia34088.38Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia49803.18Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia11876.58Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia17320.61Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia51805.49Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia170600.12Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia1516694.59Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia2138018.52Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia2484589.94Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia106410.20Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia301264.18Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia385401.25Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia928593.12Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia121366.33Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia404339.09Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia703857.80Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia3992811.45Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia464595.85Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia372229.05Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia90143.34Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia794922.23Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia424193.09Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia496400.10Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia487775.65Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia1478251.11Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia360052.78Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia90427.50Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia400297.71Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia84008.30Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia31878.50Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia50822.09Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia207948.16Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia60219.48Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia440463.33Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia308367.04Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia366614.18Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia246107.24Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia54674.86Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia16479.30Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia61438.70Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia388967.30Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia191271.71Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia187897.21Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia488462.60Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia821528.38Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia820246.13Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia848132.74Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia863299.95Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia851655.12Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia804136.44Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia570881.60Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia598758.90Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia584365.02Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia586786.27Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia585484.78Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia596155.64Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia603481.20Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia610261.37Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia1623.77Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia5049.07Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia29686.33Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia51805.49Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia70040.83Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia153129.23Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia175356.85Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia257389.77Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia288089.43Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia334921.81Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia315988.67Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia338875.16Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia339841.31Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia332982.27Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia292867.47Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia287160.11Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia305466.19Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia290568.77Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia285197.85Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia247134.17Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia277896.04Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia246070.76Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of Armenia0.00Asian Development BankMinistry of Energy and Natural Resources of the Republic of ArmeniaPerformanceFiduciaryOutput/s as listed by the project staff.Output: Expansion of SCADA system and EMS fully implemented. Indicator: SCADA system and EMS cover 100% of transmission network by 2017 (2013 baseline: partially installed) Achievement: 1 Progress/Status: EPC SCADA/EMS contract awarded in Oct 2017. The installation of a new Backup Dispatch Center was added in the contract and completed in September 2020. Following the Government's request in Oct 2019 and IEE update in Feb 2020, ADB approved additional installation of OPGW in other substations. Fully completed by June 2022. Data Source: EPSO and HVEN annual reports EPSO and HVEN records of commissioning Baseline year: 2013 Baseline value: N Baseline year: 2013 Baseline value: N Target year: 2017 Target value: Y Actual value: 1Output: Institutional development, capacity building, and project management successfully completed Indicator: Project implemented on time and within budget. Achievement: N Progress/Status: PSMC for EPSO is engaged to assist in project implementation. PMC Contract for HVEN was terminated in 2018 with no construction works in place since early 2019. Data Source: HVEN and EPSO project completion reports Baseline year: 2013 Baseline value: N Baseline year: 2013 Baseline value: N Target year: 2022 Target value: Y Actual value: NOutput: Institutional development, capacity building, and project management successfully completed Indicator: PIU staff from EPSO and HVEN trained on ADB procurement and safeguard practices. Achievement: Y Progress/Status: EPSO and HVEN staff are actively involved on procurement- and safeguards-related activities. Data Source: HVEN and EPSO project completion reports Baseline year: 2013 Baseline value: N Baseline year: 2013 Baseline value: N Target year: 2022 Target value: Y Actual value: YOutput: Institutional development, capacity building, and project management successfully completed Indicator: At least 10 operation staff from EPSO and at least 30 operation staff from HVEN acquired knowledge and skills regarding SCADA, EMS, and substation operation and maintenance. Achievement: Y Progress/Status: SCADA/EMS contractor held trainings for EPSO in January, April, May, August, Sept, November 2018 in Yerevan, Georgia, Vienna and Spain. Data Source: HVEN and EPSO project completion reports Baseline year: 2013 Baseline value: N Baseline year: 2013 Baseline value: N Target year: 2022 Target value: Y Actual value: YOutput: Rehabilitation of two 220 kV substations at Agarak 2 and Shinuhayr Indicator: Substation capacity increased by 250 MVA by 2022 (2013 baseline: 380 MVA) Achievement: 0 Progress/Status: EPC contract for substation rehabilitation was awarded in May 2016. Design was finalized and Contractors have started activities on site, including environmental and social safeguards compliance. Rehabilitation in both substations - namely, Agarak and Shinuhayr, is experiencing delays. Presently, 84% of contracted equipment for Shinuhayr SS have been delivered on site and 41% of the required engineering and civil works have been accomplished. At the Agarak SS, 94% of contracted equipment have been delivered on site and 78% of engineering and civil works have been completed. HVEN issued a unilateral contract termination in Dec 2019 followed by the decision of the Management Board of completing the rehabilitation of the substations undergoing a selection process based on local procurement law and using state budget financing. Data Source: EPSO and HVEN annual reports EPSO and HVEN records of commissioningIncreased operating efficiency of domestic transmission networkFull compliance with grid code and stability requirements on power system operation set by the regulator by 2022 (2013 baseline: partly complied with) Achievement: Y Progress/Status: Procurement of EPC contract for SCADA/EMS has been expanded to include Back Up Dispatch Control Center. Contract was awarded in Oct 2017 and successfully taken over by EPSO on 10 September 2020. Installation of the SCADA/EMS system is completed. Because of travel restrictions caused by COVID-19 limitations, the Contractor HQ staff had delayed travel to Armenia to finalize tests on spot. The Contract end date is 30 April 2022. The parties have agreed to complete the minor outstanding tasks by June 15 regardless of the Contract ending to meet the Project end date. Data Source: HVEN and EPSO annual reports HVEN and EPSO project completion reports Base year: 2013 Baseline value: NNumber of unplanned outages in the 220-kV substations reduced to 5 times per year (2013 baseline: 8 times) Achievement: 0 Progress/Status: The works at “Agarak 2” substation rehabilitation are completely suspended since April 10, 2019. About 94% of contracted equipment has already been delivered on site and 78% of civil-engineering and construction works have been completed with an overall site completion of 87%. Installation could not be completed due to unfinished civil works. Similarly, works at “Shinuhayr” substation rehabilitation are completely suspended since 8 January 2019. Only 41% of the required civil engineering and construction works have been achieved and 84% of equipment were delivered, with an overall site completion of 62%. In December 2019, HVEN unilaterally terminated its contract with the EPC contractor. In July 2020, HVEN confirmed that it will finance the completion of remaining substation rehabilitation works using its own resources. ADB has initiated recruitment of independent consultant to assess the volumes of work done using Loan proceeds. Consultant's report was received and approved in October-2021. On 14 January 2022 ADB had a meeting with Deputy Minister of Finance Mr. Vahe Hovhannisyan and Mr. Argam Aramyan, Head of International Cooperation Department. ADB confirmed the receipt of the MoF request on partial cancellation of Loan proceeds and briefed the MoF on the procedure to be followed to process the request requiring an approval reserved to the exclusive power of the Board of Directors of ADB. In respect of other issues of higher importance/priority to be escalated to ADB Board of Directors approval, DM Hovhannisyan preferred the project to be completed organically within the timeframe approved with no partial cancellation being whatsoever requested. Parties confirmed no interest being accrued on undisbursed Loan balance and the Borrower not incurring any incremental interest expenses with partial cancellation not being processed. Project ended in June 2022 with the progress described above. Data Source: HVEN and EPSO annual reports HVEN and EPSO project completion reports XM-DAC-46004-46220-001-LN3155Asian Development BankThe Asian Development Bank (ADB) partners with the Government of Armenia (government) to improve road and water service provision under the Infrastructure Sustainability Support Program (program). The program supports the government's development agenda on sustainable infrastructure provision as articulated in the Draft Armenia Development Strategy, 2013-2025; Medium-Term Expenditure Framework, 2013-2015; and the Republic of Armenia Government Program. It is closely aligned with ADB's Strategy 2020; the Water Operational Plan, 2011-2020; the Sustainable Transport Initiative Operational Plan; and the development priorities identified in the country operations business plan, 2012-2013 update. ADB has partnered with the government in road transport and water supply sectors, and for policy-based loans.Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankMatthew Hodgehttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=46220-001 (Closed)&officer= mhodge@adb.org&division= Public Management, Financial Sector and Trade Division, CWRD&projectcountry= ArmeniaArmenia40.25 45Governance and capacity developmentPartnershipsInclusive economic growth49000000Asian Development BankMinistry of Finance (MOF)18996010.95Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)26567694.72Asian Development BankMinistry of Finance (MOF)1090505.43Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1080838.71Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1126333.73Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1144053.51Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1119470.83Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1063500.74Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1020619.27Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1070458.18Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1044724.88Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1049053.57Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1046726.78Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1065804.09Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1078900.68Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1091022.23Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)141665.03Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)186265.28Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)474324.18Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)451285.86Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)563820.41Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)661432.10Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)659351.80Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)633312.18Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)631400.89Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)625149.20Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)655893.87Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)573537.43Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)610141.60Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)610789.08Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)577153.30Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)477747.75Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)472163.99Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)505444.11Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)480233.82Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)471789.46Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)405792.47Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)460038.58Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)405095.76Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)PolicyPerformanceFiduciaryOutput/s as listed by the project staff.Output: 1. Sector management systems improved Indicator: 1.1 Road council, a ministerial body on national road maintenance, established with clearly identified mandate for allocative efficiency by March 2014 Progress/Status: Achieved. Data Source: Published government decision Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 1. Sector management systems improved Indicator: 1.2 Organogram and departmental terms of reference to streamline road sector agencies approved by MOTC by March 2014 Progress/Status: Achieved. Data Source: MOTC organogram; updated departmental terms of reference by function and accountability Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 1. Sector management systems improved Indicator: 1.3 MTA-led functional review of key water sector agencies initiated by March 2014 and completed by December 2014 Progress/Status: Achieved. Data Source: MTA reviewed organogram and agencies' terms of reference by function and accountability Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 1. Sector management systems improved Indicator: 1.4 Water supply and sanitation sector strategy with financing plan approved by December 2014 Progress/Status: Achieved. Data Source: Published government decision Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 1. Sector management systems improved Indicator: 1.5 Government decision taken to align the Water Code 2002 and related legal acts with the functional review recommendations and the water sector strategy by June 2015 Progress/Status: Partially achieved. Data Source: Published government decision Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2015 Target value: yOutput: 2. Strategies and processes to allocate investments more efficiently developed Indicator: 2.1 Financing strategy for road maintenance 2015 budget targets adopted by December 2014 Progress/Status: Achieved. Data Source: Official Gazette of the Republic of Armenia Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 2. Strategies and processes to allocate investments more efficiently developed Indicator: 2.2 RAM-based road maintenance expenditure validated by the road council by September 2015 Progress/Status: Partially achieved. Data Source: Road council letter endorsed by all council members Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2015 Target value: yOutput: 2. Strategies and processes to allocate investments more efficiently developed Indicator: 2.3 A KPI-based MTEF adopted for road and water sector with quality indicators by August 2014 Progress/Status: Achieved. Data Source: MTEF 2015-2017 Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 2. Strategies and processes to allocate investments more efficiently developed Indicator: 2.4 An explicit policy statement on government's shareholder role in the water sector included in the MTEF by July 2014 Progress/Status: Achieved. Data Source: MTEF 2015-2017 Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 2. Strategies and processes to allocate investments more efficiently developed Indicator: 2.5 Water sector subsidy objectives explicitly stated in the budget, and classified accurately by August 2014 Progress/Status: Achieved. Data Source: 2015 budget message Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 3. Regulatory frameworks improved Indicator: 3.1 Regulator functions of MOTC specified for state, republic and local roads by March 2014 Progress/Status: Achieved. Data Source: Government decision Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 3. Regulatory frameworks improved Indicator: 3.2 Sector regulator set up by MOTC for the entire road network of Armenia by April 2014 Progress/Status: Achieved. Data Source: Government decision Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 3. Regulatory frameworks improved Indicator: 3.3 A streamlined user feedback and grievance redress system adopted in PSRC and MOTC regulatory body by March 2014 Progress/Status: Achieved. Data Source: MOTC, PSRC orders on adopting the system; MOTC, PSRC websites Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.1 Video inventory of 1,500km of all interstate and republic roads maintained, and 100% of rehabilitated roads in Armenia prepared by March 2014 and the entire road network by January 2015 Progress/Status: Achieved. Data Source: Video library maintained by the Armenia road directorate and transport project implementation unit Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.2 SCWE approved calculation framework for water sector's financial position and financing flows (cash and non-cash) by February 2014 Progress/Status: Achieved. Data Source: SCWE instruction Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.3 Risk-based audit planning adopted in road and water sectors by February 2015 Progress/Status: Achieved. Data Source: Budget documents MOTC and SCWE audit plans Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2015 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.4 Road asset management system, including a road video inventory, adopted as a tool for investment decisions by November 2014 Progress/Status: Achieved. Data Source: Government Decision Geo-referenced asset management database videos available on the MOTC website Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.5 Annual IRI monitoring process adopted by April 2014 and implemented from 2015 onwards Progress/Status: Achieved. Data Source: Government decision Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.6 Action Plan for water supply asset management approved by January 2014 Progress/Status: Achieved. Data Source: SCWE's action plan Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.7 Water asset register protocol for assets managed by state regulated operators completed by December 2014 Progress/Status: Achieved. Data Source: Water asset register screenshots Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.8 Budget-linked regular road and water sector KPI monitoring (including IRI) endorsed by the government by January 2015 Progress/Status: Achieved. Data Source: Government decision Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2015 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.9 Audit committees appointed in MOTC and SCWE with independent non-executive members by January 2015 Progress/Status: Achieved. Data Source: MOF order on audit committee staff requirements; audit committee meeting minutes Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2015 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.10 Enhanced internal auditors qualification procedures adopted from February 2014 Progress/Status: Achieved. Data Source: MOF order Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.11 A practice-based component in the certification for the internal auditors of MOTC piloted from July 2014 Data Source: Government Decree Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.12 The latest complete audited financial statements of the water operators (closed joint stock companies) published on the SCWE website from March 2014 Data Source: SCWE website Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.13 Public information plan adopted and implemented for roads and water sectors from March 2014 Data Source: Public information plans Updated websites Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yOutput: 4. Monitoring systems strengthened Indicator: 4.14 Explicit composition and inter utility comparison of water supply tariffs made publicly available by February 2014 Data Source: Revised PSRC website Baseline year: 2013 Baseline value: n Baseline year: 2013 Baseline value: n Target year: 2014 Target value: yResults-based management systems implemented in the road transport and water supply sectorsMTEF and budget processes, outturn reporting, and audit processes incorporate sector performance targets by September 2015 Progress/Status: Achieved. Data Source: Internal audit annual plans of MOTC and SCWE for 2015 MOTC's and SCWE's 2015-2017 MTEF submission to MOF MTEF 2016-2018 2015 budget message Base year: 2013 Baseline value: N XM-DAC-46004-49078-001-LN3284Asian Development BankThe program will support the implementation of the National Strategy for Disaster Risk Reduction during 2015-2020 by (i) improving school seismic safety to reduce casualties and damage in schools during earthquakes, and (ii) enabling better use of school buildings as shelters for the general public and as focal points for emergency response after earthquakes. The program reflects the key focus areas advocated by the National Strategy for Disaster Risk Reduction, and is in line with the four priorities identified in the Sendai Framework for Disaster Risk Reduction, 2015-2030.Asian Development BankMinistry of Territorial Administration and DevelopmentAsian Development BankAsian Development BankGohar Mousaelyanhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=49078-001 (Active)&officer= gmousaelyan@adb.org&division= Armenia Resident Mission (ARRM)&projectcountry= ArmeniaArmenia40.29496 44.93837Governance and capacity developmentKnowledge solutionsInclusive economic growthEnvironmentally sustainable growthPartnershipsPrivate sector developmentEffective gender mainstreaming (EGM)88500000Asian Development BankMinistry of Territorial Administration and Development21949765.98Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development169910.01Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development218503.93Asian Development BankMinistry of Territorial Administration and Development3691775.55Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development339027.78Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development389169.40Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development401659.56Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development393655.28Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development401337.55Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development403363.70Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development405891.44Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development429405.55Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development409363.88Asian Development BankMinistry of Territorial Administration and Development5730283.56Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development10535684.42Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development462945.55Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development10202317.96Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development6456333.74Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development6450205.74Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development4220550.19Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development1353813.65Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2706751.39Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development4652226.97Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2233453.87Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2273394.86Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2242729.66Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2117594.99Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2032211.35Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2131448.36Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2080209.35Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2088828.45Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2084195.45Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2122181.33Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2148258.68Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development2172394.56Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development169910.01Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development218503.93Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development339027.78Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development389169.40Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development401659.56Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development393655.28Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development401337.55Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development403363.70Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development405891.44Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development429405.55Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development409363.88Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development468438.09Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development589463.48Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development552807.11Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development578815.85Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development783572.03Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development839268.15Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development846688.65Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development787059.47Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development954847.58Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development871286.30Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and DevelopmentPerformanceFiduciaryOutput/s as listed by the project staff.Output: National capacity in executing and implementing the seismic safety investment program enhanced Indicator: At least 11 additional staff recruited and deployed in ATDF by 2015 Achievement: 11 Progress/Status: All 11 additional staff were recruited in end 2016. Data Source: ATDF's staffing reportsOutput: National capacity in executing and implementing the seismic safety investment program enhanced Indicator: Program monitoring and evaluation system with social and gender indicators in place by 2016 Achievement: Y Progress/Status: The program M&E was in place end 2016. Data Source: ATDF's semiannual program performance reports and system checks Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2016 Target value: Y Actual value: YOutput: National capacity in executing and implementing the seismic safety investment program enhanced Indicator: ATDF's operations manual is updated and adopted for the program by 2016 Achievement: Y Progress/Status: ATDF operations manual was updated and adopted in end 2016. Data Source: ATDF's semiannual program performance reports and system checks Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2016 Target value: Y Actual value: YOutput: National capacity in executing and implementing the seismic safety investment program enhanced Indicator: 30 government officials, with at least 40% women, involved in the program management, implementation, and monitoring trained and licensed, when necessary by 2018 Achievement: Y Progress/Status: All 30 program staff received training. Data Source: Training course evaluation and other reports Actual value: YOutput: National capacity in executing and implementing the seismic safety investment program enhanced Indicator: Template bidding documents are prepared in accordance with internationally accepted procurement procedures by 2016 Data Source: ATDF's semiannual program performance reports and system checks Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2016 Target value: YOutput: Seismic disaster preparedness and response capacity strengthened Indicator: 46 communities reached by public awareness campaigns (with at least 50% female participation) in the onsite meetings on seismic risk and response in accordance with the seismic emergency response plans Achievement: 23 Progress/Status: As of 30 June 2026, 23 communities (58% women's participation) received public awareness campaigns on seismic risk. The emergency response plans have been developed for 23 schools. Data Source: ATDF's semi-annual program performance reportsOutput: Seismic disaster preparedness and response capacity strengthened Indicator: Knowledge of 100 construction managers and workers enhanced with vocational trainings on seismic safety construction technologies, techniques, and skills by 2027 Achievement: 100 Progress/Status: 100 engineers received training on seismically safe construction. Data Source: Training course evaluation survey reportsOutput: Seismic resilience of school buildings increased Indicator: school buildings of 46 schools renovated and/or reconstructed meeting the safety standards for MSK IX scale earthquakes as validated by an internationally accredited third party, with wheelchair access and sex-segregated toilets Achievement: 31 Progress/Status: In progress. Construction is completed and validated in 31 schools, the remaining 15 schools are under construction. Data Source: ATDF's semi-annual program performance reportsOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: Updated and consolidated SSRP, using the prioritization criteria developed with support of the United Nations Children's Fund approved by 2015 Achievement: Y Progress/Status: School strengthening ad Renovation Program was approved in 2015 and was updated in January 2017. Data Source: Government resolution Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2015 Target value: Y Actual value: YOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: Guidelines in line with international best practices for school seismic strengthening and retrofitting approved by 2016 Achievement: Y Progress/Status: Guidelines in line with international best practices for school seismic strengthening and retrofitting is completed. The guidelines were developed with World Bank support. Data Source: Order of the Urban Development Committee Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2016 Target value: Y Actual value: YOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: Updated building codes for school buildings harmonized with international standards and approved by 2016 Achievement: Y Progress/Status: Building code updates have been completed, approved by SCUD in December 2020 and endorsed by validation consultant in March 2021. The DLI achievement is approved by ADB. Data Source: Order of the Urban Development Committee Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2016 Target value: Y Actual value: YOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: National seismic hazard probabilistic map updated based on the seismic risk assessment and approved by 2018 Achievement: Y Progress/Status: National seismic hazard probabilistic map has been completed with the support of World Bank. The achievement is approved is ADB. Data Source: Order of the Ministry of Emergency Situations Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2018 Target value: Y Actual value: YOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: A financing strategy for seismic safety improvement and management of public infrastructure approved by 2024 Achievement: Y Progress/Status: The financing strategy for seismic safety improvement and management of public infrastructure has been developed and submitted to the government. As it contains sensitive information on the public infrastructure, the full report will not be published. Instead a summary will be published as a policy brief. Data Source: Government resolution Baseline year: 2022 Baseline value: N Baseline year: 2022 Baseline value: N Target year: 2024 Target value: Y Actual value: YOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: Manual for the application of the updated building code developed and approved to guide structural engineers on the revised seismic standards by 2024 Achievement: Y Progress/Status: The manual is completed and submitted to the UDC for approval and disclosure. Data Source: Order of Urban Development Committee Baseline year: 2022 Baseline value: N Baseline year: 2022 Baseline value: N Target year: 2024 Target value: Y Actual value: YImproved coverage of seismically safe school buildingsPercentage of male and female students studying in school buildings meeting the safety standards for MSK-IX scale earthquake is at least 5.3% Achievement: 4.45 Progress/Status: As of Q2 2026, out of 46 program schools, construction is completed and validated for 31 schools, the remaining 15 schools are under construction. With the completed schools, an increase of 4.45% of students studying in school buildings meeting the safety standards for MSK-IX scale earthquake is achieved. Data Source: ATDF's semiannual program performance reports Program completion report XM-DAC-46004-42417-033-LN3293Asian Development BankThe national government and YM have invested more than $280 million from 2005 to 2014 in upgrading infrastructure. But these investments, except for Tranche 1 of the Investment Program and some other piecemeal actions, are only addressing immediate problems. Tranche 1 and the proposed Tranche 2 will give a long-term approach to the traffic and urban infrastructure by diverting traffic from the city center through the creation of a new, reliable, and efficient bypass of the city of Yerevan. This is part of the strategic framework for urban renewal that YM has undertaken. The project is backed by a roadmap, policy framework, and long-term investment plan until 2025 split into short, medium, and long-term actions.Asian Development BankMinistry of Territorial Administration and InfrastructureAsian Development BankAsian Development BankMaria Pia Ancorahttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=42417-033 (Active)&officer= vkarapetyan@adb.org&division= Armenia Resident Mission (ARRM)&projectcountry= ArmeniaYerevan40.18111 44.51361PartnershipsInclusive economic growthEnvironmentally sustainable growthGovernance and capacity developmentSome gender elements (SGE)112970000Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure9715355.77Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure148949.73Asian Development BankMinistry of Territorial Administration and Infrastructure2991111.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure190481.19Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure547792.18Asian Development BankMinistry of Territorial Administration and Infrastructure232631.12Asian Development BankMinistry of Territorial Administration and Infrastructure321745.03Asian Development BankMinistry of Territorial Administration and Infrastructure3050310.77Asian Development BankMinistry of Territorial Administration and Infrastructure555950.56Asian Development BankMinistry of Territorial Administration and Infrastructure8795987.80Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure417286.42Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure445459.38Asian Development BankMinistry of Territorial Administration and Infrastructure1455791.86Asian Development BankMinistry of Territorial Administration and Infrastructure284605.48Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure825551.94Asian Development BankMinistry of Territorial Administration and Infrastructure424297.92Asian Development BankMinistry of Territorial Administration and Infrastructure1166042.85Asian Development BankMinistry of Territorial Administration and Infrastructure960884.83Asian Development BankMinistry of Territorial Administration and Infrastructure1545827.62Asian Development BankMinistry of Territorial Administration and Infrastructure556266.94Asian Development BankMinistry of Territorial Administration and Infrastructure985324.73Asian Development BankMinistry of Territorial Administration and Infrastructure862721.90Asian Development BankMinistry of Territorial Administration and Infrastructure558422.58Asian Development BankMinistry of Territorial Administration and Infrastructure2133392.15Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1154790.33Asian Development BankMinistry of Territorial Administration and Infrastructure4950000.00Asian Development BankMinistry of Territorial Administration and Infrastructure515506.57Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1407602.75Asian Development BankMinistry of Territorial Administration and Infrastructure811229.46Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure516177.48Asian Development BankMinistry of Territorial Administration and Infrastructure122327.28Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure808788.49Asian Development BankMinistry of Territorial Administration and Infrastructure1279468.97Asian Development BankMinistry of Territorial Administration and Infrastructure497003.96Asian Development BankMinistry of Territorial Administration and Infrastructure120415.60Asian Development BankMinistry of Territorial Administration and Infrastructure1220385.41Asian Development BankMinistry of Territorial Administration and Infrastructure153035.56Asian Development BankMinistry of Territorial Administration and Infrastructure880838.48Asian Development BankMinistry of Territorial Administration and Infrastructure1514531.40Asian Development BankMinistry of Territorial Administration and Infrastructure147334.51Asian Development BankMinistry of Territorial Administration and Infrastructure144042.01Asian Development BankMinistry of Territorial Administration and Infrastructure846292.01Asian Development BankMinistry of Territorial Administration and Infrastructure929644.90Asian Development BankMinistry of Territorial Administration and Infrastructure643034.06Asian Development BankMinistry of Territorial Administration and Infrastructure533271.16Asian Development BankMinistry of Territorial Administration and Infrastructure498320.48Asian Development BankMinistry of Territorial Administration and Infrastructure566469.44Asian Development BankMinistry of Territorial Administration and Infrastructure2105422.15Asian Development BankMinistry of Territorial Administration and Infrastructure921843.84Asian Development BankMinistry of Territorial Administration and Infrastructure1529749.86Asian Development BankMinistry of Territorial Administration and Infrastructure2680295.47Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure425680.39Asian Development BankMinistry of Territorial Administration and Infrastructure959918.98Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure295765.92Asian Development BankMinistry of Territorial Administration and Infrastructure1260017.38Asian Development BankMinistry of Territorial Administration and Infrastructure2274976.26Asian Development BankMinistry of Territorial Administration and Infrastructure470621.88Asian Development BankMinistry of Territorial Administration and Infrastructure261741.90Asian Development BankMinistry of Territorial Administration and Infrastructure187393.50Asian Development BankMinistry of Territorial Administration and Infrastructure611163.45Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure213684.42Asian Development BankMinistry of Territorial Administration and Infrastructure410751.03Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure348299.56Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure742005.99Asian Development BankMinistry of Territorial Administration and Infrastructure421444.37Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure-40134.03Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure78000.84Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure148949.73Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure190481.19Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure220654.86Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure350778.60Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure539759.66Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure682638.75Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure743622.02Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure676819.10Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure399433.47Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure310741.86Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure311449.53Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure340434.01Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1001402.84Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2063278.87Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2372529.72Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2410905.65Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2473611.60Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2031543.85Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2109584.83Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1802772.74Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and InfrastructurePerformanceFiduciaryOutput/s as listed by the project staff.Output: Appropriate institutional capacity strengthened in Yerevan. Indicator: PIU additional staff is recruited and trained (at least 25% women, with a minimum of 1) Achievement: 25 Progress/Status: PIU additional staff is recruited and trained. Data Source: IA project progress reports YM, SUDIP websites Output: Urban transport infrastructure extended, rehabilitated, and improved in Yerevan. Indicator: Yearly contracts awards and disbursement targets are achieved by IA Achievement: Y Progress/Status: Baseline CAD was revised after approval of partial loan cancellation of $22 million. Disbursements may not achieve 100% of the target by the end of the project. Data Source: IA project progress reports YM, SUDIP websites Baseline year: 2015 Baseline value: N Baseline year: 2015 Baseline value: N Target year: 2023 Target value: Y Actual value: YOutput: Indicator Indicator: ADB procedures and policy for safeguards, public communications and procurements are timely implemented and complied with by YM staff Achievement: Y Progress/Status: ADB procedures and policy for safeguards and public communication are being implemented and complied with. Data Source: IA project progress reports YM, SUDIP websites Baseline year: 2015 Baseline value: N Baseline year: 2015 Baseline value: N Target year: 2023 Target value: Y Actual value: YOutput: Indicator Indicator: YM transport department and transport authority staff trained on transport and traffic models (minimum 4 staff recruited and trained, with at least 25% women ) Achievement: 0 Progress/Status: YM transport department and transport authority staff training have been implemented through grant resources from ADB and other development partners in 2021 and 2022. Data Source: IA project progress reports YM, SUDIP websites and other municipal communication and media materials Output: Indicator Indicator: YM transport department staff and transport authority staff trained on asset management (minimum 4 staff trained) Achievement: 0 Progress/Status: YM transport department and transport authority staff training have been implemented through grant resources from ADB and other development partners. Some training was provided in the form of knowledge exchange with Tbilisi and participation to ADB run workshops and forums in 2019 and 2020. Data Source: IA project progress reports YM, SUDIP websites and other municipal communication and media materials Output: Indicator Indicator: Argavand - Shirak Road Link 1.3 km including a new bridge over Hrazdan River of 250 m length Achievement: 0.9 Progress/Status: Completed. Data Source: IA project progress reports YM, SUDIP websites and other municipal communication and media materials Output: Indicator Indicator: Babajanyan - Ashtarak highway, 6.5 km Achievement: 0.8 Progress/Status: a 170-meter section was not constructed due to court order prohibiting constriction activities on that specific section. Data Source: IA project progress reports YM, SUDIP websites and other municipal communication and media materials Output: Indicator Indicator: Davitashen-Ashtarak highway; of 2.3 km including 2 interchanges Achievement: 0 Progress/Status: Civil works contract signed in December 2016. Works were completed by the end of December 2018. Data Source: IA project progress reports YM, SUDIP websites and other municipal communication and media materials Output: Indicator Indicator: Argavand-Babajanyan road section Achievement: 0.55 Progress/Status: Completed. Data Source: IA project progress reports YM, SUDIP websites and other municipal communication and media materialsEfficient, reliable, and affordable urban infrastructure and services provided in Yerevan.Travel time from South to North Yerevan (calculated from North South road connection points, 45 min as 2009) decreased by 30% compared to existing alternative routes. Achievement: 32 Progress/Status: Following extension of MFF availability period and loan closing date, the two contracts for civil works have been extended accordingly. With Tranche 2 implementation travel time was decreased by 13 minutes (28.9%) reaching the target of 32 minutes compared to 45 minutes. The target is expected to be overachieved when the ongoing roads construction are fully completed. On 6 March 2023, YM received a letter from an Italian Legal Consultancy Company ARBLIT, issued on behalf of appointed Liquidators of Contractor Tirrena Scavi Spa., informing that the contractor under Contract No. L3293- ICB/CW-T5 (Tender 5), awarded on 11 December 2017, was declared insolvent as of 31 Jan 2023 by the Court of Lucca, Italy. IA submitted a letter requesting ADB to approve single-source selection of the T3 contractor to deliver the remaining scope of T5 on 26 June 2023. The request was approved by ADB on 12 July 2023 with the construction activities to be completed by the end of MFF availability period. Data Source: NGO, international and national organizations IA progress reportYerevan Municipality respective staff use the multimodal transport model in the decision making process (incorporate the model in all new traffic infrastructures, baseline is NO, no model developed as of now) Achievement: N Progress/Status: Will not be implemented with loan proceeds. Transport planning and monitoring processes are being established for Yerevan, with grant support from ADB and other development partners (CDIA). The grant support, however, will not be sufficient to ensure a development of a multimodal transport model. Data Source: Municipal Transport statistics Base year: 2015 Baseline value: N XM-DAC-46004-49244-002-LN3449Asian Development BankThe proposed project will improve a strategic regional link between Armenia (Vanadzor) and Georgia Border (Bagratashen), one of the most heavily traveled roads for internal and external trade. It will rehabilitate and upgrade 51.5 kilometers (km) of the two-lane M6 highway from Vanadzor to the border with Georgia at Bagratashen, improve facilities and safety along and in the vicinity of this road section in northern Armenia, strengthen the institutional capacity of the Ministry of Transport, Communication and Information Technologies (MTCIT).Asian Development BankMinistry of Territorial Administration and InfrastructureMinistry of Transport, Communication and Information TechnologiesAsian Development BankAsian Development BankZaigham Naqvihttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=49244-002 (Active)&officer= znaqvi@adb.org&division= Transport Sector Office (SG-TRA)&projectcountry= ArmeniaBagratashen41.24358 44.81737Vanadzor40.80456 44.4939Alaverdi41.09766 44.67316Regional integrationPrivate sector developmentPartnershipsInclusive economic growthEnvironmentally sustainable growthGovernance and capacity developmentKnowledge solutions50000000Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure25325.62Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure239802.55Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure38496.94Asian Development BankMinistry of Territorial Administration and Infrastructure5197036.92Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure579423.25Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure232854.00Asian Development BankMinistry of Territorial Administration and Infrastructure117820.43Asian Development BankMinistry of Territorial Administration and Infrastructure643679.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure337596.71Asian Development BankMinistry of Territorial Administration and Infrastructure237666.16Asian Development BankMinistry of Territorial Administration and Infrastructure223395.13Asian Development BankMinistry of Territorial Administration and Infrastructure12934.73Asian Development BankMinistry of Territorial Administration and Infrastructure1196339.14Asian Development BankMinistry of Territorial Administration and Infrastructure304117.47Asian Development BankMinistry of Territorial Administration and Infrastructure73536.00Asian Development BankMinistry of Territorial Administration and Infrastructure671877.66Asian Development BankMinistry of Territorial Administration and Infrastructure74286.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure205649.51Asian Development BankMinistry of Territorial Administration and Infrastructure1870162.07Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure818580.55Asian Development BankMinistry of Territorial Administration and Infrastructure417325.15Asian Development BankMinistry of Territorial Administration and Infrastructure1757091.51Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure290324.52Asian Development BankMinistry of Territorial Administration and Infrastructure850705.58Asian Development BankMinistry of Territorial Administration and Infrastructure693796.80Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure650164.00Asian Development BankMinistry of Territorial Administration and Infrastructure765249.35Asian Development BankMinistry of Territorial Administration and Infrastructure1419304.37Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure699787.62Asian Development BankMinistry of Territorial Administration and Infrastructure2860079.17Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1381844.74Asian Development BankMinistry of Territorial Administration and Infrastructure426246.32Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure169341.46Asian Development BankMinistry of Territorial Administration and Infrastructure1144403.35Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure433479.09Asian Development BankMinistry of Territorial Administration and Infrastructure1975259.93Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1215280.22Asian Development BankMinistry of Territorial Administration and Infrastructure3314738.04Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure82976.53Asian Development BankMinistry of Territorial Administration and Infrastructure1685663.87Asian Development BankMinistry of Territorial Administration and Infrastructure213444.00Asian Development BankMinistry of Territorial Administration and Infrastructure238207.06Asian Development BankMinistry of Territorial Administration and Infrastructure435274.90Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure85097.81Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1627692.54Asian Development BankMinistry of Territorial Administration and Infrastructure91511.72Asian Development BankMinistry of Territorial Administration and Infrastructure1914414.78Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure891183.24Asian Development BankMinistry of Territorial Administration and Infrastructure461725.71Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure26565.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure90363.14Asian Development BankMinistry of Territorial Administration and Infrastructure299674.02Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure336024.35Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure603239.90Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure811547.40Asian Development BankMinistry of Territorial Administration and Infrastructure25325.62Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure38494.38Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure38152.39Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure40203.58Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure45536.21Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure50881.82Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure67392.57Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure45875.62Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure42096.15Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure37618.05Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure78579.11Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure520871.87Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure792317.31Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure967909.65Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure910199.27Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure771731.63Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure661723.12Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure717659.82Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and InfrastructurePerformanceFiduciaryOutput/s as listed by the project staff.Output: Design of a new Dilijan tunnel and the rehabilitation of Pushkin tunnel prepared Indicator: RDF accepted the detailed design Progress/Status: The contract for the detailed design was awarded to BERNARD Gruppe ZT GmbH on 20 June 2023 in the amount of €974,076.25. RDF approved Amendment No. 1 to contract extending the design consultant's contract completion date from 4 February 2024 to 4 July 2024. ADB approved on 30 August 2024 the extension of loan closing date (until 31 December 2025), reallocation, and minor change in scope to utilize the uncommitted loan funds to finance the activities/studies for road improvement works due to significant damages to the M6 due to severe flooding in May 2024 and complete the detailed design of Dilijan and Pushkin tunnels. The Dilijan tunnel detailed design will be changed from rehabilitation of existing tunnel to design of a new tunnel. ADB had agreed in-principle in March 2024 to amend the scope of services of the Consultant. ADB approved on 23 October 2024 the Amendment No. 2 to the design consultant's contract to (i) extend the contract completion date until 4 May 2025, (ii) revise the TOR, (iii) add two experts (env and soc), and (iv) increase the contract amount. ADB approved on 29 April 2025 the Amendment No. 3 to the design consultant's contract to (i) extend the contract completion date until 30 December 2025; (ii) update the TOR to include the preparation of detailed designs for post-disaster rehabilitation of the M6 road and construction of the three new bridges over the Debed River, environmental and social assessment documents, and complete set of standard bidding documents; (iii) add six key experts and non-key experts; and (iv) increase the contract amount. ADB approved on 23 September 2025 the Amendment No. 4 to the design consultant's contract to (i) update the TOR to exclude the preparation of detailed designs, environmental and social safeguards assessment documents, and complete set of standard bidding documents for civil works procurement for construction of three new bridges over the Debed River; (ii) revise the inputs of relevant experts; and (iii) decrease the contract amount. Detailed design for Pushkin tunnel was submitted by Bernand and accepted by RDF. The alignment for Dilijan tunnel was endorsed and the exact boundaries are defined. Detailed design except for social report and technical expertise, was submitted on time, by end of December 2025 and accepted by RDF in June 2026. Data Source: Detailed design by the Consultant firm Baseline year: 2021 Baseline value: N Baseline year: 2021 Baseline value: N Target year: 2025 Target value: YOutput: Institutional capacity of MOTC strengthened Indicator: At least 10 MOTC staff trained on black spots management Achievement: 0 Progress/Status: The TOR for the training on Blackspot Management was submitted by MTAI/RD to ADB on 14 March 2024. The Training on Road Safety and Blackspot Monitoring was conducted from 27 August to 30 August 2024. Data Source: PMC's final reportOutput: Institutional capacity of MOTC strengthened Indicator: At least 100 MOTC staff trained on project management and FIDIC Achievement: 0 Progress/Status: Trainings on Procurement and Contract Administration, Road Asset Management, and Project Scheduling and Management were delivered in Q4 2021, Q1 2022, and Q2 2022, respectively. FIDIC workshop was conducted in February 2019. Data Source: PMC project progress reportOutput: Road in M6 Vanadzor-Bagratashen section totaling 51.5 km (Km 38+500-Km 90+000) reconstructed Indicator: 51.5 km of the M6's Vanadzor-Bagratashen section reconstructed with improved pavement condition, safety features, and climate-change adaptation measures Achievement: 0 Progress/Status: The three works contracts (Lots 1, 2, and 3) were fully completed and the road was inaugurated on 22 July 2023. Subsequently, the defects notification period was also successfully completed in March 2024. The Engineer issued the performance certificate for Lot 1 works on 4 December 2023 and for Lots 2 and 3 on 11 April 2024. ADB approved on 30 August 2024 the extension of loan closing date (until 31 December 2025), reallocation, and minor change in scope to utilize the uncommitted loan funds to finance the activities/studies for road improvement works due to significant damages to the M6 due to severe flooding in May 2024 and complete the detailed design of Dilijan and Pushkin tunnels. Data Source: PMC's final report.Output: Road in M6 Vanadzor-Bagratashen section totaling 51.5 km (Km 38+500-Km 90+000) reconstructed Indicator: International roughness index value reduced to 3.0 Achievement: 0 Progress/Status: The international roughness index (IRI) was carried out and the average results are 1.79 mm/m, 1.52 mm/m, and 1.56 for Lots -1, -2, and -3 respectively vs. the acceptable maximum limit of 2.5mm/m, i.e., the IRI values are well within the acceptable limits. Data Source: PMC's final report.Output: Road in M6 Vanadzor-Bagratashen section totaling 51.5 km (Km 38+500-Km 90+000) reconstructed Indicator: RDF accepted the detailed hydrological studies of the 3 rivers in the valley and detailed design for M6 road restoration works Progress/Status: ADB approved on 30 August 2024 the extension of loan closing date (until 31 December 2025), reallocation, and minor change in scope to utilize the uncommitted loan funds to finance the activities/studies for road improvement works to the M6 due to severe flooding in May 2024 and complete the detailed design of Dilijan and Pushkin tunnels. Hydrological studies, funded by APDRF, were conducted by Geoinfo firm. The final report was accepted by RDF and ADB. Workshop was conducted to share the results of the study. ADB approved on 29 April 2025 the Amendment No. 3 to the design consultant's contract to (i) extend the contract completion date until 30 December 2025; (ii) update the TOR to include the preparation of detailed designs for post-disaster rehabilitation of the M6 road and construction of the three new bridges over the Debed River, environmental and social assessment documents, and complete set of standard bidding documents; (iii) add six key experts and non-key experts; and (iv) increase the contract amount. ADB approved on 23 September 2025 the Amendment No. 4 to the design consultant's contract to (i) update the TOR to exclude the preparation of detailed designs, environmental and social safeguards assessment documents, and complete set of standard bidding documents for civil works procurement for construction of three new bridges over the Debed River; (ii) revise the inputs of relevant experts; and (iii) decrease the contract amount. ADB approved on 27 November 2025 the Amendment No. 5 to the design consultant's contract to (i) extend the contract period to 30 June 2026, noting that only expenditures incurred on or before the current loan closing date of 31 December 2025 are eligible for ADB financing; (ii) update the deliverables and submission deadlines; and (iii) revise the payment schedule and other items. Detailed design for M6 road link, except for social report and technical expertise, was submitted for review in the end of December 2025. Design was accepted by RDF in June 2026. ADB approved on 2 July 2026 the Amendment No. 6 to the design consultant's contract to (i) extend the contract period to 30 September 2026, noting that only expenditures incurred on or before the current loan closing date of 31 December 2025 are eligible for ADB financing; (ii) update the deliverables and submission deadlines; (iii) allow partial use of contract contingency of €10,595.00 to cover additional cost following the increase in the number of affected properties because of the design solutions; and (iv) revise the payment schedule and other items. Data Source: PMC's final report. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2025 Target value: YTransport efficiency and safety along the Vanadzor-Bagratashen section of the M6 improved.Travel time from Vanadzor to Bagratashen at the Georgia border reduced to 101 minutes Achievement: 0 Progress/Status: As of June 2026, travel time from Vanadzor to Bagratashen at the Georgia border reduced to 100 minutes overachieving the targeted 101 minutes. Data Source: Armenia Statistical YearbookAverage annual daily traffic along Vanadzor-Alaverdi-Bagratashen at the Georgia border increased to 3,500 vehicles Achievement: 374 Progress/Status: In 2024, average daily traffic along Vanadzor-Alaverdi-Bagratashen increased to 4,687 vehicles overachieving the target of 3,500 vehicles per day. In 2025, average daily traffic decreased to 3,298 vehicles underachieving the target of 3,500 vehicles per day. In 2026, average annual daily traffic increased to 3,672 vehicles overachieving the target of 3,500 vehicles per day. Data Source: Armenia Roads Directorate ReportAverage annual road accident fatalities along M6 Vanadzor-Bagratashen at the Georgia border reduced to four during 2021-2022 Achievement: 0 Progress/Status: Average annual road accident fatalities along M6 Vanadzor-Bagratashen reduced to 1 in 2021, 0 in 2022, 2 in 2023, 1 in 2024 and increased to 8 in 2025. Data Source: Provincial Police Department XM-DAC-46004-46220-006-LN3453Asian Development BankUsing a programmatic approach with a policy-based loan providing budget support ensures leverage for multi-sectoral reforms, whilst at the same time providing sufficient flexibility to adjust the program as the situation demands. In addition, the policy-based loan supports reforms and, in tandem, also helps finance the fiscal deficit and ring-fence specific expenses related to the scope of the proposed reforms. The program will have two subprograms and combined with TA, will support policy reforms and capacity building in the implementing and executing agencies. Subprogram 1 will focus on reviewing the economic regulator to increase independence, transparency and accountability; increasing funding for maintenance expenditure and ensuring financial viability of commercial entities in the water and power sectors; and introducing operational reforms to improve the efficiency of the transport and water government agencies, and encouraging competition in the power sector. Subprogram 2 will focus on rolling out program budgeting reforms across government, with specific support to MOENR, MOTC and SCWE; implementing the changes recommended for the economic regulator, including increased funding; entrenching increased funding for maintenance activities; and concrete actions to implement operational reforms.Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankMatthew Hodgehttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=46220-006 (Closed)&officer= mhodge@adb.org&division= Public Management, Financial Sector and Trade Division, CWRD&projectcountry= ArmeniaArmenia40.29496 44.93837PartnershipsGovernance and capacity developmentInclusive economic growthSome gender elements (SGE)90000000Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)60000000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)30000000.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3750000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)404810.30Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)583299.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)893054.21Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1347750.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1505250.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1384933.50Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1040282.82Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)484741.12Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)303730.88Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)263486.25Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)262869.75Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)857786.73Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1711248.06Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1856264.44Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1738330.25Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1665739.29Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1260033.46Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1211548.30Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)942281.79Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)PolicyPerformanceFiduciaryOutput/s as listed by the project staff.Output: Improved public financial management and utility regulation Indicator: Government plan to increase PSRC's independence, transparency, and accountability approved (Baseline: None) Progress/Status: Baseline value should be N. Target values should be Y. Achieved. Data Source: Government decree Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2016 Target value: NOutput: Improved public financial management and utility regulation Indicator: PSRC issued rules for drinking water usage and wastewater treatment, and contract templates (Baseline: None) Progress/Status: Baseline value should be N. Target values should be Y. Achieved. Data Source: Consultation on draft rules and contract templates published on PSRC's website Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2016 Target value: NOutput: Improved public financial management and utility regulation Indicator: MOF instructed all line agencies to execute program budgeting (Baseline: None) Progress/Status: Baseline value should be N. Target values should be Y. Achievement of 2017 target ongoing. Data Source: MOF decree(s) Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2017 Target value: NOutput: Improved public financial management and utility regulation Indicator: Government approved formula to increase PSRC budget (Baseline: None) Progress/Status: Baseline value should be N. Target values should be Y. Achievement of 2017 target ongoing. Data Source: Government decree Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2017 Target value: NOutput: Increased financing and improved operations in the road sector Indicator: Government road maintenance budget increased to $28.3 million in 2017 (Baseline: 2016 budget allocation of $23.3 million) Progress/Status: Baseline value should be $23.3 million. Target achieved. Data Source: 2017-2019 MTEF and 2017 budget documents Baseline year: 2015 Baseline value: $28.3 million Baseline year: 2015 Baseline value: $28.3 million Target year: 2016 Target value: $28.3 millionOutput: Increased financing and improved operations in the road sector Indicator: Government revised fuel tax regime including a 20% VAT on diesel, and increased excise taxes on diesel, petrol, and CNG (Baseline: None) Progress/Status: Baseline value should be N. Target value should be Y. Achieved. Data Source: Government approval of draft tax code presented to the National Assembly Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2016 Target value: NOutput: Increased financing and improved operations in the road sector Indicator: At least 5 new methods introduced to expand coverage of, and improve contracting for, road maintenance (Baseline: None) Progress/Status: Baseline value should be N. Target value should be Y. Achieved. Data Source: Government decree(s) Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2016 Target value: NOutput: Increased financing and improved operations in the road sector Indicator: Government road maintenance budget increased to $34.4 million (2018) and $42.5 million (2019) (Baseline: 2016 budget allocation of $23.3 million) Progress/Status: Not yet due. Data Source: 2018-2020 MTEF and 2018 Budget documents Baseline year: 2015 Baseline value: $23.3 million Baseline year: 2015 Baseline value: $23.3 million Target year: 2017 Target value: $34.4/ $42.5 millionOutput: Increased financing and improved operations in the road sector Indicator: ARD issued at least 5 new contracts using new methods to expand coverage of, and improve contracting for, road maintenance (Baseline: None). Progress/Status: Achievement of 2017 target ongoing. Data Source: Maintenance contracts issued by ARD Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2017 Target value: NOutput: Increased financing and improved operations in the water sector Indicator: Signed lease contract with a private water concessionaire provides for $79 million maintenance work during the 15-year concession period (Baseline: None). Progress/Status: Baseline value should be N. Target value should be Y. Achieved. Data Source: Signed lease contract Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2016 Target value: NOutput: Increased financing and improved operations in the water sector Indicator: Signed lease contract with a private water concessionaire provides for KPIs enforcing improved water supply service duration, reduced NRW, and improved water quality (Baseline: None) Progress/Status: Baseline value should be N. Target value should be Y. Achieved. Data Source: Signed lease contract with new private lessee Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2016 Target value: NOutput: Increased financing and improved operations in the water sector Indicator: Investment planning and asset management department created in SCWE (Baseline: None) Progress/Status: Baseline value should be N. Target value should be Y. Achieved. Data Source: Government decree Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2016 Target value: NOutput: Increased financing and improved operations in the water sector Indicator: SCWE employed at least 12 professional staff in the investment planning and asset management department (Baseline: None) Progress/Status: Achievement of 2017 target ongoing. Data Source: SCWE letter identifying employed staff. Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2017 Target value: NOutput: Increased financing and improved operations in the water sector Indicator: SCWE contracted independent auditor to audit new lessee's performance (Baseline: None) Progress/Status: Achievement of 2017 target ongoing. Data Source: SCWE contract with independent auditor Baseline year: 2015 Baseline value: Y Baseline year: 2015 Baseline value: Y Target year: 2017 Target value: NOutput: Increased level of power sector competitiveness and revenue generation Indicator: Government consulted on future market structure in the power sector (Baseline: None) Progress/Status: Achieved. Data Source: MOEINR decree Baseline year: 2015 Baseline value: N Baseline year: 2015 Baseline value: N Target year: 2016 Target value: YOutput: Increased level of power sector competitiveness and revenue generation Indicator: Government consulted on amending the Energy Law (2001) to enable cross-border trading (Baseline: None) Progress/Status: Achieved. Data Source: Government decree Baseline year: 2015 Baseline value: N Baseline year: 2015 Baseline value: N Target year: 2016 Target value: YOutput: Increased level of power sector competitiveness and revenue generation Indicator: PSRC introduced power sector distribution tariff (Baseline: None) Progress/Status: Achieved. Data Source: PSRC decree Baseline year: 2015 Baseline value: N Baseline year: 2015 Baseline value: N Target year: 2016 Target value: YOutput: Increased level of power sector competitiveness and revenue generation Indicator: Government appointed at least 2 independent directors to boards of government- owned power corporations, and appoints at least 1 woman to each board (Baseline: No independent or women directors) Progress/Status: Achieved. Data Source: Government decree Baseline year: 2015 Baseline value: N Baseline year: 2015 Baseline value: N Target year: 2016 Target value: YOutput: Increased level of power sector competitiveness and revenue generation Indicator: Government submitted revised Energy Law to the National Assembly (Baseline: None) Progress/Status: Achievement of 2017 target ongoing. Data Source: Government decree Baseline year: 2015 Baseline value: N Baseline year: 2015 Baseline value: N Target year: 2017 Target value: YOutput: Increased level of power sector competitiveness and revenue generation Indicator: PSRC market rules introduced for competitive power trading and new tariff structure implemented (Baseline: None) Progress/Status: Achievement of 2017 target ongoing. Data Source: PSRC decree Baseline year: 2015 Baseline value: N Baseline year: 2015 Baseline value: N Target year: 2017 Target value: YOutput: Increased level of power sector competitiveness and revenue generation Indicator: PSRC introduced grid code to permit cross-border trading (Baseline: None) Progress/Status: Achievement of 2017 target ongoing. Data Source: PSRC decree Baseline year: 2015 Baseline value: N Baseline year: 2015 Baseline value: N Target year: 2017 Target value: YImproved management and sustainability of road, water supply, and power sectorsBy 2017, MOTCIT, MOEINR, and SCWE published their performance against program budget KPIs at least half-yearly (Baseline: None) Progress/Status: Achievement of 2017 target ongoing. Data Source: MOTCIT, MOEINR, and SCWE websites Base year: 2015 Baseline value: NBy 2017, SCWE reported annually on maintenance expenditure in the water supply sector (Baseline: None) Progress/Status: Achievement of 2017 target ongoing. Data Source: SCWE website Base year: 2015 Baseline value: NBy 2017, MOTCIT reported annually on maintenance expenditure in the road sector (Baseline: None) Progress/Status: Achievement of 2017 target ongoing. Data Source: MOTCIT website Base year: 2015 Baseline value: N XM-DAC-46004-51060-002-LN3584Asian Development BankThe proposed public efficiency and financial markets program aims to strengthen fiscal sustainability and deepen financial markets in Armenia. The program will strengthen public debt and fiscal risk management, deepen the government securities market and money market infrastructure, broaden the base of investors and enhance corporate transparency. The programmatic approach and policy-based loan will support two subprograms implemented during 2017-2018. A transaction technical assistance (TRTA) will be provided.Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankTariq Niazihttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=51060-002 (Closed)&officer= tniazi@adb.org&division= Public Management, Financial Sector and Trade Division, CWRD&projectcountry= ArmeniaArmenia40.29496 44.93837Governance and capacity developmentPartnershipsPrivate sector developmentInclusive economic growth40000000Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)40000000.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1666666.67Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)335180.31Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)599000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)669000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)615526.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)482450.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)235026.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)147847.83Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)128815.51Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)129129.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)423598.38Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)849756.52Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)928008.93Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)875561.13Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)846044.46Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)646340.05Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)628180.45Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)495018.61Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)PolicyPerformanceFiduciaryOutput/s as listed by the project staff.Output: Base of instruments and investors broadened, and corporate transparency enhanced Indicator: 3a. Law for Residential Mortgage Lending and amendments to the Covered Bonds Law submitted to the government for its consideration by December 2017 (2016 baseline: None). Data Source: 3a. CBA decree Baseline year: 2016 Baseline value: n Baseline year: 2016 Baseline value: n Target year: 2017 Target value: yOutput: Base of instruments and investors broadened, and corporate transparency enhanced Indicator: 3b. Legislative reforms, which make it mandatory for large firms to be externally audited, submitted to Parliament by December 2018 (subprogram 2; 2017 baseline: None). Data Source: 3b. Government decree Baseline year: 2017 Baseline value: n Baseline year: 2017 Baseline value: n Target year: 2018 Target value: yOutput: Government?s securities market and money-market infrastructure improved Indicator: 2a. Number of government securities auctions held by public debt management department increased to 10 per year by December 2017 (2016 baseline: 8 auctions per year). Data Source: 2a. MOF decree Actual value: Output: Government?s securities market and money-market infrastructure improved Indicator: 2b. Legal amendments for secured interbank lending based on standardized repos approved by Parliament by December 2017 (2016 baseline: Not approved). Data Source: 2b. Revised law on government website Baseline year: 2016 Baseline value: n Baseline year: 2016 Baseline value: n Target year: 2017 Target value: yOutput: Public debt and fiscal risk management policies strengthened Indicator: 1a. MOF issuing procedures for (i) issuing Eurobonds, (ii) contracting external loans, and (iii) enacting payments for domestic and external debts by December 2018 (subprogram 2; 2017 baseline: None). Data Source: 1a.-b. MOF decrees Baseline year: 2017 Baseline value: N Baseline year: 2017 Baseline value: N Target year: 2018 Target value: YOutput: Public debt and fiscal risk management policies strengthened Indicator: 1b. MOF approved framework to (i) identify, vet, and prepare PPPs (based on risk profiling, fiscal affordability, and financial viability); (ii) govern unsolicited proposals; and (iii) monitor the operational performance of each PPP on the basis of guidelines developed by December 2018 (subprogram 2; 2017 baseline: 0). Data Source: 1a.-b. MOF decrees Baseline year: 2017 Baseline value: N Baseline year: 2017 Baseline value: N Target year: 2018 Target value: YDepth of financial markets increasedBy 2020: 1. Percentage of domestic securities in total public debt outstanding increased to 30% (2016 baseline: 20%). Data Source: CBA, MOF Actual value: 2. Turnover ratio in government bonds increased by 100% (2016 baseline: 4.17%. Data Source: CBA, MOF Actual value: XM-DAC-46004-51060-003-LN3735Asian Development BankThe proposed program is the second of two subprograms within the current programmatic assistance approach of ADB in Armenia. It supports the government reform efforts in the areas of public debt and fiscal risk management, and financial and capital markets development. Specifically, the proposed program will continue to: (i) strengthen public debt and fiscal risk management, in support of the Authorities' fiscal consolidation efforts and attempts to reduce financial risks in the economy; (ii) improve money market liquidity and financial market transparency, by deepening the government securities market and improving money market infrastructure; and (iii) foster the development of corporate debt and equity markets, by enhancing corporate transparency and developing legislative frameworks for new instruments and investment vehicles. The first sub-program for $40 million was approved in October 2017; this second sub-program, for $50 million, is expected to be approved in October 2018. A transaction technical assistance (TA) has facilitated reform preparation and implementation during both subprograms.Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankJoao Pedro Farinha Fernandeshttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=51060-003 (Closed)&officer= jfarinha@adb.org&division= Public Management, Financial Sector and Trade Division, CWRD&projectcountry= ArmeniaArmenia40.29496 44.93837Private sector developmentPartnershipsInclusive economic growthGovernance and capacity development50000000Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 50000000.00Asian Development Bank Ministry of Finance (MOF) 2083333.33Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 2083333.33Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 2083333.33Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 2083333.33Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 2083333.33Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 2083333.33Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 2083333.33Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 2083333.33Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 2083333.33Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 670942.70Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 775500.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 602375.01Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 326219.99Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 190720.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 179095.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 175907.50Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 578329.85Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 1185851.25Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 1340733.92Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 1287610.49Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 1255535.16Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 985435.69Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 949969.52Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 773895.43Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) 0.00Asian Development Bank Ministry of Finance (MOF) PolicyPerformanceFiduciaryOutput/s as listed by the project staff.Output: 1. Public debt and fiscal risk management policies strengthened Indicator: 1.1 MOF issuing procedures for (i) issuing Eurobonds, (ii) contracting external loans, and (iii) enacting payments for domestic and external debts by December 2017 (subprogram 1; 2016 baseline: none) Data Source: 1.1 MOF decrees Baseline year: 2016 Baseline value: N Baseline year: 2016 Baseline value: N Target year: 2017 Target value: YOutput: 1. Public debt and fiscal risk management policies strengthened Indicator: 1.2 Government approved framework to (i) identify, vet, and prepare PPPs (based on risk profiling, fiscal affordability, and financial viability); (ii) govern unsolicited proposals; and (iii) monitor the operational performance of each PPP based on guidelines developed by December 2018 (subprogram 2; 2017 baseline: 0) Data Source: 1.2 Ministry of Economic Development and Investments decrees Baseline year: 2017 Baseline value: N Baseline year: 2017 Baseline value: N Target year: 2018 Target value: YOutput: 2. Government?s securities market and money-market infrastructure improved Indicator: 2.1 Number of government securities auctions held by Public Debt Management Department increased to 10 per year by December 2017 (subprogram 1; 2016 baseline: 8 auctions per year) Data Source: 2.1 MOF decree Actual value: Output: 2. Government?s securities market and money-market infrastructure improved Indicator: 2.2 Legal amendments for secured interbank lending based on standardized repos approved by Parliament by December 2017 (subprogram 1; 2016 baseline: not approved) Data Source: 2.2 Revised law on government website Baseline year: 2016 Baseline value: N Baseline year: 2016 Baseline value: N Target year: 2017 Target value: YOutput: 2. Government?s securities market and money-market infrastructure improved Indicator: 2.3 CBA becomes a member of ICMA, and approved the introduction for 2018 in Armenia (subprogram 2; 2017 baseline: not a member) Data Source: 2.3 ICMA website Baseline year: 2017 Baseline value: N Baseline year: 2017 Baseline value: N Target year: 2018 Target value: YOutput: 3. Base of instruments and investors broadened, and corporate transparency enhanced Indicator: 3.1. Law for Residential Mortgage Lending and amendments to the Covered Bonds Law submitted to the government for its consideration by December 2017 (subprogram 1; 2016 baseline: none) Data Source: 3.1. CBA decree Baseline year: 2016 Baseline value: N Baseline year: 2016 Baseline value: N Target year: 2017 Target value: YOutput: 3. Base of instruments and investors broadened, and corporate transparency enhanced Indicator: 3.2. Legislative reforms proposals, which make it mandatory for large firms to be externally audited, submitted to Parliament by December 2018 (subprogram 2; 2017 baseline: none) Data Source: 3.2. Government decree Baseline year: 2017 Baseline value: N Baseline year: 2017 Baseline value: N Target year: 2018 Target value: YDepth of financial markets increasedBy 2020: a. Percentage of net domestic securities issuance in total public debt issued increased to 42% (2016 baseline: 22%) Data Source: a. MOF annual public debt reports and medium-term debt strategy updates Actual value: b. Turnover ratio in government bonds increased by 100% (2016 baseline: 4.17%) Data Source: b. CBA statistical reports Actual value: XM-DAC-46004-53248-001-LN3859Asian Development BankThe program will help strengthen fiscal sustainability and develop financial and capital markets in Armenia. It builds on previous Asian Development Bank (ADB) programmatic assistance to Armenia and the reform momentum maintained through its post-program engagement framework. Reforms under the proposed program aim to further (i) strengthen the management of public debt and fiscal risks to support the authorities' efforts towards fiscal consolidation; (ii) improve interbank markets liquidity by deepening the government securities market and improving the infrastructure for money markets; and (iii) foster the development of capital markets by enhancing the legal and regulatory framework for new instruments and investment vehicles.Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankJoao Pedro Farinha Fernandeshttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=53248-001 (Closed)&officer= aisrar@adb.org&division= Public Management, Financial Sector and Trade Division, CWRD&projectcountry= ArmeniaArmenia40.29496 44.93837Strengthening governance and institutional capacityPartnershipsKnowledge solutionsPrivate sector developmentInclusive economic growthGovernance and capacity development40000000Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)40704189.39Asian Development BankMinistry of Finance (MOF)1669084.38Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1606719.89Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1632123.20Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1644595.76Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1728712.02Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1771300.83Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1782860.78Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)28917.29Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)75574.65Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1103.03Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)53362.47Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)511540.98Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)764589.79Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)834651.49Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)753759.36Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)595887.03Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)462920.61Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)458427.01Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)PolicyPerformanceFiduciaryOutput/s as listed by the project staff.Output: Base of instruments and investors broadened and corporate transparency enhanced Indicator: Insolvency amendments introduced to strengthen creditors'; rights and raise creditors'; recovery rates Data Source: Documentary evidence collected from official sources for program processing Official communications and reports from the Ministry of Finance, CBA, and MEDI Baseline year: 2018 Baseline value: none Baseline year: 2018 Baseline value: none Target year: 2019 Target value: introducedOutput: Base of instruments and investors broadened and corporate transparency enhanced Indicator: Modern elements of corporate law approved by Parliament Data Source: Documentary evidence collected from official sources for program processing Official communications and reports from the Ministry of Finance, CBA, and MEDI Baseline year: 2018 Baseline value: none Baseline year: 2018 Baseline value: none Target year: 2019 Target value: approvedOutput: Government securities market deepened and money market infrastructure improved Indicator: Medium-term debt strategy benchmarks met and targets updated to be more stringent Data Source: Documentary evidence collected from official sources for program processing. Official communications and reports from the Ministry of Finance, CBA, and MEDI Baseline year: 2018 Baseline value: not met Baseline year: 2018 Baseline value: not met Target year: 2019 Target value: Met and updatedOutput: Government securities market deepened and money market infrastructure improved Indicator: GMRA road map implementation is on track Data Source: Documentary evidence collected from official sources for program processing. Official communications and reports from the Ministry of Finance, CBA, and MEDI Baseline year: 2018 Baseline value: no implementation Baseline year: 2018 Baseline value: no implementation Target year: 2019 Target value: On trackOutput: Public debt and fiscal risk management policies and practices strengthened Indicator: Charter of Fiscal Risks and Statistics Department approved Data Source: Documentary evidence collected from official sources for program processing Official communications and reports from the Ministry of Finance, CBA, and MEDI Actual value: Output: Public debt and fiscal risk management policies and practices strengthened Indicator: Fiscally responsible PPP law approved Data Source: Documentary evidence collected from official sources for program processing Official communications and reports from the Ministry of Finance, CBA, and MEDI Actual value: Depth of financial markets increased.Percentage of net domestic securities issuance in total public debt issued increased Data Source: Annual medium-term debt strategy updates Actual value: Turnover ratio in government bonds increased Data Source: CBA statistics Actual value: Term premium between policy rate and average lending rate in local currency (over 1 year) decreased to 400 basis points Data Source: CBA statistics Actual value: XM-DAC-46004-51129-002-LN3860Asian Development BankThe proposed program will support the Government of Armenia in developing and financing timely and comprehensive policy reforms in the education and health sectors. These reforms will enable the government to strengthen the efficient utilization of resources and provision of quality services in these sectors. Support for these social sectors is consistent with the strategic focus of the country partnership strategy2014-2018, of the Asian Development Bank (ADB) for Armenia. The proposed program will provide a much-needed policy and planning boost for system reform in the two social sectors. This is necessary not only to improve the quality and efficiency of the sectors, but also to provide a better basis for the MOES and MOH to improve the alignment of their sector strategies and resource allocations, and coordinate domestic resources and external support. The program can both complement and leverage other external support.Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankRouselle Lavadohttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=51129-002 (Closed)&officer= rlavado@adb.org&division= CWSS, Central and West Regional Department&projectcountry= ArmeniaArmenia40.29496 44.93837Making cities more livableAddressing remaining poverty and reducing inequalitiesAccelerating progress in gender equalityStrengthening governance and institutional capacityGovernance and capacity developmentInclusive economic growthEffective gender mainstreaming (EGM)10000000Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)10146499.85Asian Development BankMinistry of Finance (MOF)416059.50Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)400513.65Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)406846.03Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)409955.12Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)430923.12Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)441539.41Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)444421.01Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)7315.93Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)18838.80Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)13531.22Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)127513.91Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)190592.43Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)208056.98Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)187892.69Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)148539.20Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)115394.11Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)114273.97Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)PolicyPerformanceFiduciaryOutput/s as listed by the project staff.Output: Enhancing the quality of services Indicator: Government-endorsed law on preschool education submitted to the National Assembly (2019 baseline: not endorsed) Data Source: Vested interests of some citizen groups may delay reforms. Baseline year: 2019 Baseline value: N Baseline year: 2019 Baseline value: N Target year: 2021 Target value: YOutput: Enhancing the quality of services Indicator: Government-endorsed amendments to the Law on Medical Care and Services to the Population to incorporate quality improvement, with provisions to prioritize women's health, submitted to the National Assembly (2019 baseline: not endorsed) Data Source: Vested interests of some citizen groups may delay reforms. Baseline year: 2019 Baseline value: N Baseline year: 2019 Baseline value: N Target year: 2021 Target value: YOutput: Improving access to education and health services Indicator: Action plan for implementation of policy endorsed for (i) ensuring equal representation of boys and girls in all levels of education, (ii) ensuring inclusive curriculum and training programs that promote equal participation of female and male students, (iii) increasing women's involvement in science, (iv) increasing the gender sensitivity of health service providers through training, (v) improving the quality of reproductive health services in rural areas, (vi) protecting the sexual reproductive rights of women by increasing the provision of infertility treatment, (vii) mandating feeding rooms for nursing mothers at higher education and state institutions, and (viii) informing socially disadvantaged women of the provision of free inpatient care services. (2019 baseline: Not endorsed) Data Source: Action plan endorsed by government decree Baseline year: 2017 Baseline value: N Baseline year: 2017 Baseline value: N Target year: 2021 Target value: YOutput: Increasing financing and improving management Indicator: Government decree on the approval of the charter and structure of the new National Institute of Education endorsed (2019 baseline: not endorsed) Data Source: Government-endorsed decree Baseline year: 2019 Baseline value: N Baseline year: 2019 Baseline value: N Target year: 2021 Target value: YOutput: Increasing financing and improving management Indicator: Allocation to the education sector increased (2019 baseline: 2.09% of gross domestic product) Data Source: Government approved the medium-term expenditure framework for 2020-2022 Actual value: Output: Increasing financing and improving management Indicator: Allocation to the health sector increased (2019 baseline: 1.33% of gross domestic product) Data Source: Government approved the medium-term expenditure framework for 2020-2022 Actual value: Output: Promoting healthy lifestyles through government policies Indicator: Decree on child restraints approved (2019 baseline: not approved) Data Source: Government-approved decree Baseline year: 2019 Baseline value: N Baseline year: 2019 Baseline value: N Target year: 2021 Target value: YOutput: Promoting healthy lifestyles through government policies Indicator: Government-endorsed law on decreasing and preventing the negative impacts of tobacco use, especially among male youths, submitted to the National Assembly (2019 baseline: not endorsed) Data Source: Government-endorsed law Baseline year: 2019 Baseline value: N Baseline year: 2019 Baseline value: N Target year: 2021 Target value: YNumber of Children and youth benefitting from improved education and health services increasedChildren 3-18 years old attending educational institutions increased to 87% for males and 89% for females (2017 baseline: 83% for males and 86% for females) Data Source: Integrated Living Conditions Survey and Ministry of Education, Science, Culture and Sport report Actual value: Basic benefit package coverage expanded to include children under the age of 18 (2019: only children under age 7 covered) Data Source: Integrated Living Conditions Survey and government program budget report Actual value: XM-DAC-46004-50146-001-LN3540Asian Development BankElectric Networks of Armenia (ENA) is undertaking a five-year investment program to rehabilitate and renovate network equipment, provide connections to new subscribers and introduce automated control and metering systems. This is aimed at quality improvement of the distribution services, reduction of electricity losses and operational expenses, improvement of technical maintenance and safety conditions, modernization of the metering system, rehabilitation, reinforcement and augmentation of the distribution network, connecting new costumers, the introduction of international standards of management and an automated control system.Asian Development BankElectric Networks of Armenia CJSCAsian Development BankAsian Development BankSergey Mokroussovhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=50146-001 (Active)&officer= smokroussov@adb.org&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaArmenia40.25 45Private sector developmentPartnershipsEnvironmentally sustainable growthInclusive economic growth80000000Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC15000000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1458333.00Asian Development BankElectric Networks of Armenia CJSC2916674.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1239440.61Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC2478881.22Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1266738.15Asian Development BankElectric Networks of Armenia CJSC1542.08Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1290308.03Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1280032.50Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1293373.74Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1284971.48Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC166396.56Asian Development BankElectric Networks of Armenia CJSC394006.52Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC346874.49Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC35000.00Asian Development BankElectric Networks of Armenia CJSC256973.92Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC236425.49Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC215879.63Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC196870.61Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC20000.00Asian Development BankElectric Networks of Armenia CJSC187425.51Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC171022.48Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC161082.49Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC144569.68Asian Development BankElectric Networks of Armenia CJSC20000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC166396.56Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC188185.06Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC194335.78Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC161044.19Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC20000.00Asian Development BankElectric Networks of Armenia CJSC2000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC106774.42Asian Development BankElectric Networks of Armenia CJSC27826.54Asian Development BankElectric Networks of Armenia CJSC950.55Asian Development BankElectric Networks of Armenia CJSC294730.37Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC1988.51Asian Development BankElectric Networks of Armenia CJSC539564.76Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC158341.11Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC966.69Asian Development BankElectric Networks of Armenia CJSC122196.32Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC100405.51Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC136521.50Asian Development BankElectric Networks of Armenia CJSC20000.01Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC109913.61Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC86262.73Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC60775.14Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC36065.90Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSCPerformanceFiduciaryOutput/s as listed by the project staff.Output: Network rehabilitated Indicator: 400 kilometers of distribution lines are upgraded to 10-0.4 kV overhead lines (baseline: 0; 2016) Data Source: Beginning of 2016, before the investment program commences. Actual value: Output: Network rehabilitated Indicator: 900 10/0.4 kV transformers are upgraded (baseline: 0; 2016) Data Source: Beginning of 2016, before the investment program commences. Actual value: Output: Network rehabilitated Indicator: 550 sub-stations upgraded (baseline: 0; 2016) Data Source: Beginning of 2016, before the investment program commences. Actual value: Output: Network rehabilitated Indicator: 250,000 automatic metering devices for end consumers installed (baseline: 0; 2016) Data Source: Beginning of 2016, before the investment program commences. Actual value: Improved private-sector electricity distribution in ArmeniaNumber of household connections increased to 957,451 (baseline: 936,451; 2016) Data Source: Annual Monitoring Report Actual value: Number of non- household connections increased to 80,641 (baseline: 73,635; 2016) Data Source: Annual Monitoring Report Actual value: Annual energy distribution increased to 5,500 GWh (baseline: 5,328 GWh; 2016) Data Source: Annual Monitoring Report Actual value: Distribution losses decreased to 8.0% (baseline: 9.7%; 2016) Data Source: Annual Monitoring Report Actual value: Annual CO2 emissions avoided amounts to 11,400 tons per annumb (2016 baseline: 0) Data Source: Annual Monitoring Report Actual value: XM-DAC-46004-46941-014-LN2996Asian Development BankSevan Hrazdan Cascade Hydropower System (the System) consists of seven run-of-the-river hydropower stations located along a waterway of connected rivers (Hrazdan and Marmarik, canals and reservoirs, principally fed by the Marmarik river. The System was originally built between 1930 and 1965. The Project involves the rehabilitation and modernization of the System's four hydropower plants, the diversion channels for three plants and associated electrical equipment replacement at the substations.Asian Development BankINTERNATIONAL ENERGY CORPORATIONAsian Development BankAsian Development BankStefan Hruschkahttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=46941-014 (Closed)&officer= smokroussov@adb.org&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaYerevan40.18111 44.51361Sevan40.5484 44.94868Kanaker40.22302 44.53986Hrazdan40.49748 44.7662Arzni40.29626 44.59664Argel40.37943 44.59828Inclusive economic growthPrivate sector development25000000Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION19815508.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION549391.38Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATION0.00Asian Development BankINTERNATIONAL ENERGY CORPORATIONPerformanceFiduciaryOutput/s as listed by the project staff.Output: Rehabilitation and modernization of Sevan-Hrazdan Cascade Hydropower System Indicator: Armenia's available generation capacity is restored by 44.7 MW when rehabilitation ends in 2017 Data Source: Project reporting Actual value: Output: Rehabilitation and modernization of Sevan-Hrazdan Cascade Hydropower System Indicator: Appropriate environmental and social mitigation measures are implemented in accordance with the safeguard documents from 2015 Data Source: Project reporting Baseline year: 2013 Baseline value: N Baseline year: 2013 Baseline value: N Target year: 2015 Target value: YOutput: Rehabilitation and modernization of Sevan-Hrazdan Cascade Hydropower System Indicator: Locally purchased goods and services amount to $10 million by 2017 Progress/Status: Value of total local goods and services as of end December 2014 is $2.8 million. Data Source: Project reporting Actual value: Output: Rehabilitation and modernization of Sevan-Hrazdan Cascade Hydropower System Indicator: 400 workers are employed during rehabilitation and reconstruction from 2013 to 2017 Data Source: Project reporting Actual value: Increased efficiency, reliability, safety, and environmental performance of the Sevan-Hrazdan Cascade Hydropower System.Project dispatches an estimated annual production of 600 GWh from 2018 Data Source: Project Reporting Actual value: The Company's operation and maintenance according to international good practice and safety standards from 2018 Data Source: Project Reporting Base year: 2013 Baseline value: NElectricity generation and transmission equipment meets international technical, and environmental performance standards from 2018 Data Source: Project Reporting Base year: 2013 Baseline value: NAnnual contribution to government revenue increased from $0.13 million in 2011 to $1.1 million from 2018 onwards. Data Source: Government and ADB statistics Actual value: XM-DAC-46004-50074-001-LN3491Asian Development BankADB will provide a loan to Finca Armenia UCO CJSC (FIAR) in an amount of up to $6 million or dram (AMD) equivalent. ADB's funding will be used to support MSMEs and the agriculture sector, primarily outside of the capital Yerevan. Up to 75% of ADB's funding will go to Micro, Small and Medium-Sized Enterprises (MSMEs) outside of Yerevan and up to 70% will be used to onlend to agri-borrowers. ADB will also be providing technical assistance (TA) in an amount of up to $200,000 funded from an existing TA. The technical assistance will support the development of a credit scoring system and SMART certification of Finca Armenia. Asian Development BankFinca Armenia UCO CJSCAsian Development BankAsian Development BankAsif Cheemahttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=50074-001 (Active)&officer= zcolquhoun@adb.org&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaArmenia40.29496 44.93837Private sector developmentInclusive economic growthSome gender elements (SGE)6000000Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC1200000.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC3600000.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC194767.42Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC82297.29Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSC0.00Asian Development BankFinca Armenia UCO CJSCPerformanceFiduciaryOutput/s as listed by the project staff.Output: FIAR MSME and agriculture financing expanded Indicator: FIAR's number of farmer clients in its outstanding portfolio increased to X by 2020 from X in December 2015. Data Source: FIAR reports Actual value: Output: FIAR MSME and agriculture financing expanded Indicator: FIAR's number of SME clients in its outstanding portfolio increased to X by 2020 from X in December 2015. Data Source: FIAR reports Actual value: Output: FIAR MSME and agriculture financing expanded Indicator: FIAR's number of micro-clients in its outstanding portfolio increased to X by 2020 from X in December 2015. Data Source: FIAR reports Actual value: Output: FIAR MSME and agriculture financing expanded Indicator: FIAR's number of women MSME clients in its outstanding portfolio increased to at least X by 2020 Data Source: FIAR reports Actual value: Output: FIAR MSME and agriculture financing expanded Indicator: FIAR's number of women agricultural clients in its outstanding portfolio increased to at least X by 2020 from X in December 2015 Data Source: FIAR reports Actual value: Output: FIAR MSME and agriculture financing expanded Indicator: FIAR's number of micro-clients in its outstanding portfolio increased to X by 2020 from X in December 2015 Data Source: FIAR reports Actual value: Sustainable growth of MSME and agriculture-related loans demonstratedFIAR's outstanding portfolio of MSME borrowing exceeded X in 2022 from X in December 2015 Data Source: FIAR reports Actual value: FIAR's outstanding portfolio of agriculture- related borrowing exceeded X in 2022 from X in December 2015 Data Source: FIAR reports Actual value: FIAR MSME PAR (>30 days) remained less than or equal to 5% of gross MSME loans from 2016 to 2020 Data Source: FIAR reports Actual value: XM-DAC-46004-50146-002-LN3927Asian Development BankThe loan will assist ENA to relieve the financial stress caused by delayed payments of electricity bills by ENA's private customers due to the coronavirus disease (COVID-19), which could otherwise lead to deterioration of its services and ultimately disrupt Armenia's access to electricity.Asian Development BankElectric Networks of Armenia CJSCAsian Development BankAsian Development BankWolfgang Pocheimhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=50146-002 (Closed)&officer= smokroussov@adb.org&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaArmenia40.29496 44.93837Accelerating progress in gender equalityMaking cities more livablePrivate sector developmentPartnershipsInclusive economic growthSome gender elements (SGE)20000000Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC2116000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC2266455.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC4382455.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC40000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC5000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC38357.32Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC38883.83Asian Development BankElectric Networks of Armenia CJSC899.12Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC32277.19Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC5000.00Asian Development BankElectric Networks of Armenia CJSC32411.09Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSCPerformanceFiduciaryOutput/s as listed by the project staff.Output: Continuity of electricity generation payments by ENA ensured Indicator: By end of 2020 ENA's PPA obligations are 100 % met Data Source: ENA's annual development effectiveness monitoring report Actual value: Output: ENA?'s female staff supported during the COVID-19 crisis Indicator: ENA's Collective Agreement is amended to include: all female employees are allowed to work from home on full pay during COVID-19 crisis if they have either children under 14 years of age or family members either with health issues or that are over 65 years of age Data Source: ENA's annual development effectiveness monitoring report Actual value: Output: ENA?'s female staff supported during the COVID-19 crisis Indicator: ENA's Collective Agreement is amended to include:all female and male staff are provided access to psychological assistance to help them cope with stress, anxiety or depression Data Source: ENA's annual development effectiveness monitoring report Actual value: Output: ENA?'s female staff supported during the COVID-19 crisis Indicator: ENA's Collective Agreement is amended to include: all female staff may avail of a staff loan in case of financial need during the COVID -19 crisis equivalent to an amount of 3 month's salary Data Source: ENA's annual development effectiveness monitoring report Actual value: Output: Flexibility of ENA?'s work arrangements increased Indicator: ENA's Collective Agreement amended to include a Flexible Work Arrangement for staff that will apply post COVID-19 crisis by Q2 2021 Data Source: ENA's annual development effectiveness monitoring report Baseline year: 2019 Baseline value: N Baseline year: 2019 Baseline value: N Target year: 2021 Target value: YEnsured continuity of ENA?s electricity supply and distributionNumber of active customers connected not less than 1,025,000 Data Source: ENA's annual development effectiveness monitoring report Actual value: Collection ratio has recovered to 100% in July 2021 Data Source: ENA's annual development effectiveness monitoring report Actual value: XM-DAC-46004-52168-001-LN3899Asian Development BankThe transaction involves a loan of up to $15,000,000 to Armeconombank OJSC (AEB) for the Increasing Gender-Inclusive Lending to Micro, Small, and Medium-Sized Enterprises Project in Armenia.Asian Development BankArmeconombank OJSCAsian Development BankAsian Development BankPablo Guadix Martínhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=52168-001 (Active)&officer= barshad@adb.org&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaArmenia40.29496 44.93837Addressing remaining poverty and reducing inequalitiesAccelerating progress in gender equalityPrivate sector developmentInclusive economic growthGender Equity and Mainstreaming15000000Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC7500000.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC1071428.57Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC1071428.57Asian Development BankArmeconombank OJSC1071428.57Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC1071428.57Asian Development BankArmeconombank OJSC740705.70Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC1071428.57Asian Development BankArmeconombank OJSC1071428.57Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC1071428.57Asian Development BankArmeconombank OJSC1071428.57Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC1071428.57Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC1071428.58Asian Development BankArmeconombank OJSC1071428.57Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC1071428.58Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC164766.56Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC57656.25Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC166955.94Asian Development BankArmeconombank OJSC1562.50Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC158920.63Asian Development BankArmeconombank OJSC164766.56Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC167848.75Asian Development BankArmeconombank OJSC167497.50Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC161599.06Asian Development BankArmeconombank OJSC164766.56Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC140809.29Asian Development BankArmeconombank OJSC169318.13Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC113514.73Asian Development BankArmeconombank OJSC1766325.93Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC93872.86Asian Development BankArmeconombank OJSC120291.29Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC69256.74Asian Development BankArmeconombank OJSC94672.50Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC71394.51Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC22958.04Asian Development BankArmeconombank OJSC47076.16Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC23928.21Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSC0.00Asian Development BankArmeconombank OJSCPerformanceFiduciaryOutput/s as listed by the project staff.Output: Financing capacity of AEB to serve MSMEs, especially MSMEs owned by women, increased Indicator: At least 25% of ADB's loan disbursed to MSMEs based outside Yerevan (2019 baseline: NA) Data Source: AEB's annual monitoring reports Actual value: Output: Financing capacity of AEB to serve MSMEs, especially MSMEs owned by women, increased Indicator: At least 40% of ADB's loan disbursed to MSMEs owned by women (2018 baseline: NA) Data Source: AEB's annual monitoring reports Actual value: Output: Financing capacity of AEB to serve MSMEs, especially MSMEs owned by women, increased Indicator: Loans disbursed to SMEs total at least $141 million (2019 baseline: $71.6 million) Data Source: AEB's annual monitoring reports Actual value: Output: Financing capacity of AEB to serve MSMEs, especially MSMEs owned by women, increased Indicator: Loans disbursed to SMEs owned by women total at least $56.4 million (2019 baseline: $26.5 million) Data Source: AEB's annual monitoring reports Actual value: Output: Financing capacity of AEB to serve MSMEs, especially MSMEs owned by women, increased Indicator: Micro loans disbursed total at least $62 million (2019 baseline: $31.7 million) Data Source: AEB's annual monitoring reports Actual value: Output: Financing capacity of AEB to serve MSMEs, especially MSMEs owned by women, increased Indicator: Micro loans disbursed to enterprises owned by women total at least $17.4 million (2019 baseline: $7.6 million) Data Source: AEB's annual monitoring reports Actual value: Output: Financing capacity of AEB to serve MSMEs, especially MSMEs owned by women, increased Indicator: Training on prevention against sexual harassment for all staff at least every 2 years, with first training by Q3 2020 (2019 baseline: no training) Data Source: AEB's annual monitoring reports Baseline year: 2019 Baseline value: N Baseline year: 2019 Baseline value: N Target year: 2025 Target value: YOutput: Financing capacity of AEB to serve MSMEs, especially MSMEs owned by women, increased Indicator: Internship program for at least 10 women per year in the credit department starting in 2020(2019 baseline: 2) Data Source: AEB's annual monitoring reports Actual value: Output: Financing capacity of AEB to serve MSMEs, especially MSMEs owned by women, increased Indicator: Mentorship program developed to support professional women's promotion into management, with at least 5 professional women participating in the mentorship program each year starting from 2020 (2019 baseline: NA) Data Source: AEB's annual monitoring reports Baseline year: 2019 Baseline value: N Baseline year: 2019 Baseline value: N Target year: 2025 Target value: YOutput: Financing capacity of AEB to serve MSMEs, especially MSMEs owned by women, increased Indicator: Marketing program developed and executed that targets broader uptake of loans and other financial products by MSMEs owned by women (2019 baseline: NA) Data Source: AEB's annual monitoring reports Baseline year: 2019 Baseline value: N Baseline year: 2019 Baseline value: N Target year: 2025 Target value: YOutput: Financing capacity of AEB to serve MSMEs, especially MSMEs owned by women, increased Indicator: Online portal developed that provides MSMEs owned by women a knowledge exchange and education platform by Q4 2020 (2019 baseline: NA) Data Source: AEB's annual monitoring reports Baseline year: 2019 Baseline value: N Baseline year: 2019 Baseline value: N Target year: 2025 Target value: YSustainable lending to MSMEs expanded, with a sharper focus on lending to businesses owned by womenNumber of outstanding loans to SMEs increased to 1,350 (2019 baseline: 686) Data Source: AEB's annual monitoring reports Actual value: Number of outstanding loans to SMEs owned by women increased to 513 (2019 baseline: 233) Data Source: AEB's annual monitoring reports Actual value: Number of outstanding micro loans increased to 2,910 (2019 baseline: 1,473) Data Source: AEB's annual monitoring reports Actual value: Number of outstanding micro loans to enterprises owned by women increased to 1,106 (2019 baseline: 486) Data Source: AEB's annual monitoring reports Actual value: XM-DAC-46004-50146-003-LN4091Asian Development BankElectric Networks of Armenia (ENA) is undertaking a second phase of the 2016-2027 investment program. Under the second phase, the project will cover 2021-2022 investment needs and is aimed at (i) substation modernization and reinforcement; (ii) network expansion and improvement; (iii) automatic metering systems installation; and (iv) other investments. Asian Development BankElectric Networks of Armenia CJSCAsian Development BankAsian Development BankSergey Mokroussovhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=50146-003 (Active)&officer= smokroussov@adb.org&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaArmenia40.29496 44.93837Accelerating progress in gender equalityTackling climate change, building climate and disaster resilience, and enhancing environmental sustainabilityMaking cities more livablePrivate sector developmentPartnershipsInclusive economic growthEnvironmentally sustainable growthEffective gender mainstreaming (EGM)20000000Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC11428571.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC8571429.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC621542.09Asian Development BankElectric Networks of Armenia CJSC3457.91Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC625000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC275028.89Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC360000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC75948.45Asian Development BankElectric Networks of Armenia CJSC2428.57Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC194052.51Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC210629.90Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC5000.00Asian Development BankElectric Networks of Armenia CJSC275028.89Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC358254.44Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC434074.66Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC430732.07Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC5000.00Asian Development BankElectric Networks of Armenia CJSC3000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC463062.25Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC8797.84Asian Development BankElectric Networks of Armenia CJSC448977.66Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC3011.49Asian Development BankElectric Networks of Armenia CJSC438186.58Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC5000.00Asian Development BankElectric Networks of Armenia CJSC414637.13Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC3202.92Asian Development BankElectric Networks of Armenia CJSC396184.63Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC356858.58Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC334396.19Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC325678.15Asian Development BankElectric Networks of Armenia CJSC5000.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC302569.42Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC277673.47Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC252261.79Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSC0.00Asian Development BankElectric Networks of Armenia CJSCPerformanceFiduciaryOutput/s as listed by the project staff.Output: Capacity building opportunities for women enhanced Indicator: Leadership training delivered to at least 30 female staff by 2025 Data Source: Annual Development Effectiveness Monitoring Report Baseline year: 2020 Baseline value: Not applicable Baseline year: 2020 Baseline value: Not applicable Target year: 2025 Target value: 30Output: Capacity building opportunities for women enhanced Indicator: At least 10 female students or graduates from a polytechnic university participate in a practicum or internship program at ENA by 2025 Data Source: Annual Development Effectiveness Monitoring Report Baseline year: 2020 Baseline value: Not applicable Baseline year: 2020 Baseline value: Not applicable Target year: 2025 Target value: 10Output: Gender inclusiveness of ENA workplace enhanced Indicator: Gender Inclusion Policy to support the hiring, retention and promotion of female staff developed and implemented by 2023 Data Source: Annual Development Effectiveness Monitoring Report Baseline year: 2020 Baseline value: N Baseline year: 2020 Baseline value: N Target year: 2023 Target value: YOutput: Network rehabilitated Indicator: An anti-sexual harassment policy developed and implemented by 2022 Data Source: Annual Development Effectiveness Monitoring Report Baseline year: 2020 Baseline value: N Baseline year: 2020 Baseline value: N Target year: 2022 Target value: YOutput: Network rehabilitated Indicator: At least 685 kilometers of distribution lines upgraded Data Source: Annual Development Effectiveness Monitoring Report Baseline year: 2020 Baseline value: 0 Target year: 2023 Target value: 685 kmOutput: Network rehabilitated Indicator: 35 10/0.4 kV transformers are upgraded Data Source: Annual Development Effectiveness Monitoring Report Actual value: Output: Network rehabilitated Indicator: 160,000 automatic metering devices for end consumers installed Data Source: Annual Development Effectiveness Monitoring Report Actual value: Output: Support for gender-based violence survivors in the community enhanced Indicator: At least 75% of ENA's customer service centers have publicly available pamphlets or other materials that communicates support services (such as hotlines) for gender-based violence survivors by 2023 Data Source: Annual Development Effectiveness Monitoring Report Baseline year: 2020 Baseline value: Not applicable Baseline year: 2020 Baseline value: Not applicable Target year: 2023 Target value: 75ENA?s energy efficiency through distribution loss reduction improvedAt least additional 4,100 ton of annual CO2 emission avoided Data Source: Annual Development Effectiveness Monitoring Report Target value: 4100 ton Actual value: Distribution losses decreased to 7% Data Source: Annual Development Effectiveness Monitoring Report Actual value: Power supply interruptions reduced to 457 minutes/customer based on SAIDI Data Source: Annual Development Effectiveness Monitoring Report Baseline value: 609 minutes XM-DAC-46004-43922-014-LN2620Asian Development BankThe project will finance the construction of a new landside terminal building and the purchase of equipment to supplement the existing airside concourse building. It will increase the passenger- handling capacity of the Zvartnots International Airport (ZIA) to about 3.2 million a year from the current level of 1.8 million-2.0 million a year. The project will be the first private sector infrastructure investment by the Asian Development Bank (ADB) in Armenia or the Caucasus region.Asian Development BankARMENIA INTERNATIONAL AIRPORTSAsian Development BankAsian Development BankShinya Kondohttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=43922-014 (Closed)&officer= skondo@adb.org&division= Infrastructure Finance Division 1 (PSIF1)&projectcountry= ArmeniaArmenia40.25 45Regional integrationPrivate sector developmentInclusive economic growth40000000Asian Development BankARMENIA INTERNATIONAL AIRPORTS40000000.00Asian Development BankARMENIA INTERNATIONAL AIRPORTSPerformanceFiduciaryOutput/s as listed by the project staff.Output indicators are in the Completion Report: https://www.adb.org/sites/default/files/project-documents//43922-014-arm-xarr.pdfSome results are in the Environmental and Social Monitoring Reports | Dec 2013: https://www.adb.org/sites/default/files/project-documents//43922-014-esmr-01.pdfSome results are in the Resettlement Plans | Jun 2013: https://www.adb.org/sites/default/files/project-documents//43922-014-arm-rp.pdfSome results are in the Environment and Social Compliance Audit Reports | Dec 2012: https://www.adb.org/sites/default/files/project-documents//43922-014-arm-escar-02.pdf XM-DAC-46004-45903-024-LN2811Asian Development BankADB extends debt facilities totaling up to $65 million to Armenian banks for on-lending to SMEs. ACBA Credit Agricole, Ameriabank, Ardshininvestbank, and Inecobank were selected to be the banks to participate in the program based on their credit profiles, their willingness and ability to expand their SME portfolios, and ADB's potential to add value under and beyond the program.Asian Development BankAmeriabank CJSCAsian Development BankAsian Development BankStefan Hruschkahttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=45903-024 (Closed)&officer= STEFAN.HRUSCHKA@GMAIL.COM&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaArmenia40.25 45Inclusive economic growth20000000Asian Development BankAmeriabank CJSC20000000.00Asian Development BankAmeriabank CJSCPerformanceFiduciaryOutput/s as listed by the project staff.Output indicators are in the Completion Report: https://www.adb.org/sites/default/files/project-documents//45903-024-xarr.pdf XM-DAC-46004-45903-034-LN2812Asian Development BankADB extends debt facilities totaling up to $65 million to Armenian banks for on-lending to SMEs. ACBA Credit Agricole, Ameriabank, Ardshininvestbank, and Inecobank were selected to be the banks to participate in the program based on their credit profiles, their willingness and ability to expand their SME portfolios, and ADB's potential to add value under and beyond the program.Asian Development BankArdshinbank CJSCAsian Development BankAsian Development BankStefan Hruschkahttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=45903-034 (Closed)&officer= STEFAN.HRUSCHKA@GMAIL.COM&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaArmenia40.25 45Inclusive economic growth15000000Asian Development BankArdshinbank CJSC15000000.00Asian Development BankArdshinbank CJSCPerformanceFiduciaryOutput/s as listed by the project staff.Output indicators are in the Completion Report: https://www.adb.org/sites/default/files/project-documents//45903-024-xarr.pdf XM-DAC-46004-45903-014-LN2810Asian Development BankADB extends debt facilities totaling up to $65 million to Armenian banks for on-lending to SMEs. ACBA Credit Agricole, Ameriabank, Ardshininvestbank, and Inecobank were selected to be the banks proposed to participate in the program based on their credit profiles, their willingness and ability to expand their SME portfolios, and ADB?s potential to add value under and beyond the program.Asian Development BankACBA CREDIT AGRICOLE BANKAsian Development BankAsian Development BankChandrasekera Mudalige Manohari Gunawardhenahttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=45903-014 (Closed)&officer= STEFAN.HRUSCHKA@GMAIL.COM&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaArmenia40.25 45Private sector developmentInclusive economic growth20000000Asian Development BankACBA CREDIT AGRICOLE BANK20000000.00Asian Development BankACBA CREDIT AGRICOLE BANKPerformanceFiduciaryOutput/s as listed by the project staff.Output indicators are in the Completion Report: https://www.adb.org/sites/default/files/project-documents//45903-014-xarr.pdf XM-DAC-46004-45903-044-LN2813Asian Development BankADB proposes to extend debt facilities totaling up to $65 million to Armenian banks for on-lending to SMEs. ACBA Credit Agricole, Ameriabank, Ardshininvestbank, and Inecobank were selected to be the banks proposed to participate in the program based on their credit profiles, their willingness and ability to expand their SME portfolios, and ADB's potential to add value under and beyond the program.Asian Development BankINECOBANK CJSCAsian Development BankAsian Development BankStefan Hruschkahttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=45903-044 (Closed)&officer= STEFAN.HRUSCHKA@GMAIL.COM&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaArmenia40.25 45Inclusive economic growth10000000Asian Development BankINECOBANK CJSC5000000.00Asian Development BankINECOBANK CJSC0.00Asian Development BankINECOBANK CJSC0.00Asian Development BankINECOBANK CJSC0.00Asian Development BankINECOBANK CJSC5000000.00Asian Development BankINECOBANK CJSC0.00Asian Development BankINECOBANK CJSC0.00Asian Development BankINECOBANK CJSC0.00Asian Development BankINECOBANK CJSC0.00Asian Development BankINECOBANK CJSCPerformanceFiduciaryOutput/s as listed by the project staff.Output indicators are in the Completion Report: https://www.adb.org/sites/default/files/project-documents/45903/45903-044-xarr-en.pdf XM-DAC-46004-51184-001-LN3575Asian Development BankThe proposed ADB assistance consists of (i) a proposed loan of up to $30,000,000 or the dram equivalent to Ameriabank CJSC (AMB) and (ii) a proposed equity investment of up to the dram equivalent of $30,000,000 in AMB both for the Strengthening the Banking Sector for Financial Inclusion in Armenia.Asian Development BankAmeriabank CJSCAsian Development BankAsian Development BankAsif Cheemahttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=51184-001 (Approved)&officer= acheema@adb.org&division= Private Sector Financial Institutions Division&projectcountry= ArmeniaArmenia40.29496 44.93837Private sector developmentInclusive economic growthSome gender elements (SGE)30000000Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSC0.00Asian Development BankAmeriabank CJSCPerformanceFiduciaryOutput/s as listed by the project staff.Output: Financing capacity of AMB to serve SMEs increased Indicator: Total amount of SME loans disbursed at least AMD150 billion (2016 baseline AMD77 billion) Data Source: AMB annual monitoring report Baseline year: 2016 Baseline value: 77 billion Baseline year: 2016 Baseline value: 77 billion Target year: 2022 Target value: 150 billionOutput: Financing capacity of AMB to serve SMEs increased Indicator: Amount of SME loans disbursed to women or female-owned businesses at least AMD2.5 billion (2016 baseline: not available) Data Source: AMB annual monitoring report Baseline year: 2016 Baseline value: 0 Target year: 2022 Target value: 2.5 billionUptake of financial services by SMEs increasedNumber of SME loans outstanding increased to 1,100 (2016 baseline: 711) Data Source: AMB annual monitoring report Actual value: Number of SME loans outstanding to female-owned businesses increased to at least 15 (2016 baseline: not available) Data Source: AMB annual monitoring report Actual value: Nonperforming loans (90 days past due) limited to no more than 5.00% (2016 baseline: 4.04%) Data Source: AMB annual monitoring report Actual value: XM-DAC-46004-51162-001-LN3642Asian Development BankThe project will support the development of 30 hectares of climate-controlled greenhouses equipped with drip irrigation systems in Yerevan to produce tomatoes and bell peppers. The products will be exported to Russia and the United Arab Emirates, leveraging Spayka?s existing supply chain and client network. Asian Development BankSpayka Limited Liability CompanyAsian Development BankAsian Development BankSergey Mokroussovhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=51162-001 (Active)&officer= smokroussov@adb.org&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaArmenia40.29496 44.93837Regional integrationInclusive economic growthEnvironmentally sustainable growthPrivate sector developmentEffective gender mainstreaming (EGM)32000000Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company376299.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company376299.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability Company0.00Asian Development BankSpayka Limited Liability CompanyPerformanceFiduciaryOutput/s as listed by the project staff.Output: Farming operations increased Indicator: Greenhouse cultivation area reaches 135 ha (2017 baseline: 85 ha) Data Source: Spayka annual monitoring report Actual value: Agricultural production increased leading to increased food security and improved rural livelihoodsNumber of farmers linked to client company as suppliers, buyers, contractors or farming employees increased to [x] ([year] baseline: [x]) Data Source: Spayka annual monitoring report) Volume of agricultural product produced while the project is active: [x] tons ([year] baseline: [x]) Data Source: Spayka annual monitoring reportTotal export sales during the lifetime of the project $US[x] ([year] baseline: [x]) Data Source: Spayka annual monitoring reportTotal sales during the lifetime of the project $US[x] ([year] baseline [x]) Data Source: Spayka annual monitoring report XM-DAC-46004-51090-001-LN3657Asian Development BankThe project is a 250MW gas fired combined cycle power plant (CCPP). The power plant, utilizing natural gas as fuel, is located on land acquired from the Yerevan Thermal Power Plant CJSC (YTPP), owned by the Ministry of Energy Infrastructure and Natural Resources. The project site is located 10 km from Yerevan, adjacent to the existing power plant operated by YTPP.Asian Development BankArmPower CJSCAsian Development BankAsian Development BankSergey Mokroussovhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=51090-001 (Active)&officer= smokroussov@adb.org&division= Portfolio Management Division, PSOD&projectcountry= ArmeniaArmenia40 45Inclusive economic growthPartnershipsPrivate sector development68400000Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC10987779.54Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC9621403.71Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1024131.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1428959.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1392555.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1463608.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1446502.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1499135.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1484661.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1374572.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1318870.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1632469.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC5000.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC868545.34Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC868541.79Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC867435.69Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1068662.23Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1045617.61Asian Development BankArmPower CJSC5000.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1568303.55Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1952563.69Asian Development BankArmPower CJSC54825.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC2003975.28Asian Development BankArmPower CJSC5870.07Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1935335.67Asian Development BankArmPower CJSC5000.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1863261.88Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1605839.74Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1550460.07Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSC1361373.29Asian Development BankArmPower CJSC0.00Asian Development BankArmPower CJSCPerformanceFiduciaryOutput/s as listed by the project staff.Output: Gas-fired CCPP constructed and commissioned Indicator: Total installed electricity generation capacity of project Data Source: ArmPower annual monitoring report Baseline year: 2017 Baseline value: 0 Target year: 2020 Target value: 250 megawattsOutput: Growth of local and national economy supported Indicator: Total payments to government provided during construction and early operation Data Source: ArmPower annual monitoring report Baseline year: 2017 Baseline value: 0 Target year: 2020 Target value: $18.3MOutput: Growth of local and national economy supported Indicator: Total domestic purchases during construction and early operation Data Source: ArmPower annual monitoring report Baseline year: 2017 Baseline value: 0 Target year: 2020 Target value: $99.0MOutput: Local employment generated Indicator: Number of jobs provided during construction phase Data Source: ArmPower annual monitoring report Actual value: Reliable and affordably priced power to the domestic grid increasedElectricity delivered to offtaker reached Data Source: ArmPower annual monitoring report Target value: 1,981 gigawatt-hours Actual value: Number of jobs provided during operation Data Source: ArmPower annual monitoring report Actual value: XM-DAC-46004-55103-001-LN4250Asian Development BankThe program builds on previous Asian Development Bank (ADB) reform engagement in Armenia, specifically on its PostProgram Engagement Framework (PPEF), and aims to help the government further strengthen its fiscal management policies and practices, improve the infrastructure of money markets and the government securities market, and promote capital markets. The programmatic approach with parallel cofinancing and forthcoming technical assistance (TA) from the Agence Française de Developpement (AFD)6 enables the capturing of reform efforts supported by ADB TA during the PPEF in subprogram 1; and allows the structuring of subprogram 2 with ambitious reform targets with enough flexibility to cope with current uncertainties about the specific legal and institutional formats that might ultimately be needed. The strong alignment with the corresponding reform pillars of past programs (i) recognizes the benefits of continuity in medium-term, interconnected reform agendas; and (ii) allows a gradual transition into new and deeper reform activities in the fiscal management area, as requested by the government. The program is closely coordinated with the policy reform work of the World Bank and the International Monetary Fund (IMF).Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankJoao Pedro Farinha Fernandeshttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=55103-001 (Closed)&officer= jfarinha@adb.org&division= Public Sector Management and Governance Sector Office (SG-PSMG)&projectcountry= ArmeniaArmenia40.29496 44.93837Tackling climate change, building climate and disaster resilience, and enhancing environmental sustainabilityAddressing remaining poverty and reducing inequalitiesStrengthening governance and institutional capacityAccelerating progress in gender equalityGovernance and capacity developmentInclusive economic growthPartnershipsEnvironmentally sustainable growthSome gender elements (SGE)100000000Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)100000000.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)4166666.66Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3691156.39Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3183998.79Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)3179112.99Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)2986388.46Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)2640978.76Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)2608090.78Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)PolicyPerformanceFiduciaryPolicy Action/s as listed by the project staff. Action 1: To start linking medium-term fiscal planning and budget allocation decisions to national strategic and sectoral planning directions (and to explicit high-level economic and social objectives/targets), while also enhancing the budget process and analysis requirements to raise the overall design quality and effectiveness/impact of public expenditure, the following set of sub-actions were undertaken: (i) The MOF established a results framework (from current national strategies and action plans) to enable line ministries' compliance in the new budget submissions for FY2023 and onwards, and issues instructions accordingly; (ii) The MOF established requirements for alignment between program budgeting and current national strategic priorities (through the MOF issuance of mandatory new guidelines for MTEF preparation and the 2023 state budget); (iii) A pilot for gender-sensitive budgeting was implemented in two key ministries, and MOF evaluated and published its assessment with lessons and recommendations for action; (iv) MOF approved a budget program evaluation concept and pilot methodology (with full-fledged criteria for Relevance, Effectiveness, Efficiency, Impact and Sustainability) to raise allocative efficiency and enable evidence-based budget management flexibility, and launched three pilot evaluations to ongoing budget programs. (v) To reduce regulatory arbitrage risks and tax compliance burdens on micro-sized enterprises while at the same time raising turnover tax revenue generation potential, the MOF circulated for inter-ministerial review legislative proposals and regulations related to tax incentives and alternative tax systems (covering micro-entrepreneurship) to incentivize microbusinesses to move out of the presumptive regime while continuing to pay lower taxes. (vi) To start integrating, into medium-term fiscal planning, the new public investment management governance, the MOF established a budget allocation in the MTEF (from FY2023 onwards) for the funding of feasibility studies that pass the Investment Committee stage. (vii) To improve coordination and sequencing, and sustain the momentum in public budgeting reforms, MOF (a) restructured the Budget Department to transition from an expenditure-based focus to a sector-based focus (also establishing a Methodology Unit); and (b) piloted the establishment of a high-level Budget Committee to monitor quarterly execution of the State Budget and to govern significant reappropriations on the basis of MOF proposals. A Prime Minister Decree was approved to formalize the high-level Budget Committee. Target date: 2022-09-30 Action 2: To enable linkages between annual and medium-term budget and expenditure planning to climate change adaptation commitments and priorities, the government approved, by government decree, a national climate adaptation plan (2021-2025) identifying key principles to guide integration of climate adaptation into all policy and programming, including a principle on climate-aligned financial decision-making and management, and distributing institutional responsibilities for implementation across sectors. Target date: 2022-09-30 Action 3: To raise the economic and social impact of overall public investments decisions and the fiscal sustainability of their implementation irrespective of the form of procurement, a high-level, fully-fledged public investment management (PIM) framework was established (through two PM decrees) and operationalized by government (through MOE instructions), to be governed by a quantitative and qualitative multicriteria framework for project prioritization that includes, inter alia: (a) disaster and CC risk adaptation and mitigation objectives embedded in the key identification and prioritization criteria, (b) full integration with the PPP operational framework, and (c) integration with medium-term fiscal planning and the state budget process. Target date: 2022-09-30 Action 4: To establish, inter alia, a dedicated PPP procurement mechanism under secondary legislation for the PPP Law, and ensure that all new PPP projects must first be identified, evaluated, prioritized and selected through the procedures set in new PIM framework of the Government, the Public Procurement Law and the PPP Law were amended by Parliament, and the PPP Procedures Decree (the main secondary legislation to the new PPP law) was approved by Government. In addition, to establish a full-fledged risk vetting and monitoring framework for PPPs towards future full integration with the fiscal rule, and to complete the operational framework for PPPs, government approved: (i) A 'PPP Contingent Liabilities' Government Decree (with methodologies and tools for identification, assessment and calculation of risks and reporting in state budget documentation, as well as requirements for benchmarking against PPP "fiscal affordability" ceilings); (ii) More detailed methodological guidelines and tools—in consistency with the new PPP CLs Govt Decree; and (iii) Two government decrees to establish PPP "fiscal affordability" ceiling mechanisms for both contingent liabilities and direct liabilities. Target date: 2022-09-30 Action 5: To improve financial transparency and start strengthening the centralized fiscal monitoring of SOEs: (i) the amendments to the laws on accounting (i.e., issues of Financial Accounting, regulation of Accounting and Audit activities) were enacted by Parliament ensure all SOEs above a specific size threshold (and other large companies) are obliged to have their financial reports audited; (ii) the Fiscal risks management function at MOF (FRSD) established and operationalized the collection of financial information on all SOE a new SOE database, including financial SOEs, and ensures it remains current at 2022 (i.e., already includes 2021 data) Target date: 2022-09-30 Action 6: To promote fiscal transparency and continue sustaining the ongoing institutional strengthening efforts into a more comprehensive and integrated FRM function at MOF (now already including the covering of disaster and CC risks): (i) the MOF (through the FRMD) significantly upgrades the comprehensiveness of its disclosure of fiscal risks (by publishing more comprehensive Fiscal Risks Statements for the 2021 and 2022 budget laws), now presenting (a) a calculation of headline contingent liability exposures to major SOEs and selected PPPs (including PPAs), (b) a discussion on key fiscal risks, and (c) an explicitly acknowledgment and quantification of fiscal risks deriving from disaster risk and CC (the MOF also produced the first two MTEF updates with a report on fiscal risks deriving from disaster risk and CC); (ii) the MOF established internal periodic comprehensive reporting of PPP Contingent Liabilities (including the operationalization of a PPP fiscal commitments database and risk assessment matrixes for each PPP) as a “living-document” analysis application of the newly approved methodologies (presenting a more detailed calculation of contingent liability exposures per risk category and selected PPPs [including PPAs] than what was included in the 2021 State Budget law documentation), to serve as the basis for any MTEF annual update or annual budget submission; (iii) the MOF approved the updated Fiscal Risk Management Roadmap for 2022-2023, charting the objectives to, by end-2023 and inter alia, achieve: (a) full operationalization of the ‘Vetting' and ‘Mitigation Recommendations' functions, (b) systematic coverage of all material sources of risk, including ‘Budgetary Lending', ‘State Guarantees', ‘Legacy PPPs and PPAs', ‘disasters caused by natural and man-made hazards (including biological and technological) and from CC', and ‘potential environmental liabilities of the State'. Target date: 2022-09-30 Action 7: To promote more effective, efficient and transparent procurement practices while embedding key CC action objectives, a Procurement Development/Reform Concept was approved by PM Decree, to include (i) analyses of the feasibility of introducing green procurement, and (ii) proposals for the standardization of procurement packages in the recurrent budget. Target date: 2022-09-30 Action 8: To formulate green economy policy and align economic policy tools with climate mitigation and adaptation targets: (i) the MOE issued for the review of co-implementing ministries a proposed concept for ‘Green Economy Transition'; (ii) the MOE created an operational unit dedicated to the Green Economy Transition and operationalizes it. Target date: 2022-09-30 Action 9: Government's debt management implementation and medium-term strategic communication to the markets aligned further to continue reducing public debt exposures to exchange rate risk and develop the domestic government securities market, while institutional mechanisms were designed to gradually insulate the government securities issuance program from short-term macroeconomic risks. These were achieved through the following reform and institutional upgrade efforts: (i) Submission by Government to Parliament of proposed legal amendments to the Law of the Treasury System and the Law on Budget System to Parliament in order to ensure that the Stabilization Account strictly acts as a government debt refinancing risk management and a countercyclical stabilization support mechanism with good governance. (ii) MTDS (2020-2022) was implemented within its benchmark targets for refinancing risk, interest rate risk and exchange rate risk (with minimal deviations), and the approved MTDS (i.e. for 2021-2023) (a) raised the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and (b) improved the exchange rate risk benchmark indicators (.e. the share of domestic debt in total debt and the share of dram denominated debt in total debt to be minimum 25% instead of minimum 20% envisaged by the previous strategy. Target date: 2022-09-30 Action 1: To start linking medium-term fiscal planning and budget allocation decisions to national strategic and sectoral planning directions (and to explicit high-level economic and social objectives/targets), while also enhancing the budget process and analysis requirements to raise the overall design quality and effectiveness/impact of public expenditure, the following set of sub-actions were undertaken: (i) The MOF established a results framework (from current national strategies and action plans) to enable line ministries' compliance in the new budget submissions for FY2023 and onwards, and issues instructions accordingly; (ii) The MOF established requirements for alignment between program budgeting and current national strategic priorities (through the MOF issuance of mandatory new guidelines for MTEF preparation and the 2023 state budget); (iii) A pilot for gender-sensitive budgeting was implemented in two key ministries, and MOF evaluated and published its assessment with lessons and recommendations for action; (iv) MOF approved a budget program evaluation concept and pilot methodology (with full-fledged criteria for Relevance, Effectiveness, Efficiency, Impact and Sustainability) to raise allocative efficiency and enable evidence-based budget management flexibility, and launched three pilot evaluations to ongoing budget programs. (v) To reduce regulatory arbitrage risks and tax compliance burdens on micro-sized enterprises while at the same time raising turnover tax revenue generation potential, the MOF circulated for inter-ministerial review legislative proposals and regulations related to tax incentives and alternative tax systems (covering micro-entrepreneurship) to incentivize microbusinesses to move out of the presumptive regime while continuing to pay lower taxes. (vi) To start integrating, into medium-term fiscal planning, the new public investment management governance, the MOF established a budget allocation in the MTEF (from FY2023 onwards) for the funding of feasibility studies that pass the Investment Committee stage. (vii) To improve coordination and sequencing, and sustain the momentum in public budgeting reforms, MOF (a) restructured the Budget Department to transition from an expenditure-based focus to a sector-based focus (also establishing a Methodology Unit); and (b) piloted the establishment of a high-level Budget Committee to monitor quarterly execution of the State Budget and to govern significant reappropriations on the basis of MOF proposals. A Prime Minister Decree was approved to formalize the high-level Budget Committee. Target date: 2022-09-30Policy 1: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome 2: b. Term premium between policy rate and average lending rate in local currency (over 1 year) decreased to 300 basis points (end-2020 baseline: 750 basis points). Data source: CBA reports. Action 2: To enable linkages between annual and medium-term budget and expenditure planning to climate change adaptation commitments and priorities, the government approved, by government decree, a national climate adaptation plan (2021-2025) identifying key principles to guide integration of climate adaptation into all policy and programming, including a principle on climate-aligned financial decision-making and management, and distributing institutional responsibilities for implementation across sectors. Target date: 2022-09-30 Action 3: To raise the economic and social impact of overall public investments decisions and the fiscal sustainability of their implementation irrespective of the form of procurement, a high-level, fully-fledged public investment management (PIM) framework was established (through two PM decrees) and operationalized by government (through MOE instructions), to be governed by a quantitative and qualitative multicriteria framework for project prioritization that includes, inter alia: (a) disaster and CC risk adaptation and mitigation objectives embedded in the key identification and prioritization criteria, (b) full integration with the PPP operational framework, and (c) integration with medium-term fiscal planning and the state budget process. Target date: 2022-09-30 Action 4: To establish, inter alia, a dedicated PPP procurement mechanism under secondary legislation for the PPP Law, and ensure that all new PPP projects must first be identified, evaluated, prioritized and selected through the procedures set in new PIM framework of the Government, the Public Procurement Law and the PPP Law were amended by Parliament, and the PPP Procedures Decree (the main secondary legislation to the new PPP law) was approved by Government. In addition, to establish a full-fledged risk vetting and monitoring framework for PPPs towards future full integration with the fiscal rule, and to complete the operational framework for PPPs, government approved: (i) A 'PPP Contingent Liabilities' Government Decree (with methodologies and tools for identification, assessment and calculation of risks and reporting in state budget documentation, as well as requirements for benchmarking against PPP "fiscal affordability" ceilings); (ii) More detailed methodological guidelines and tools—in consistency with the new PPP CLs Govt Decree; and (iii) Two government decrees to establish PPP "fiscal affordability" ceiling mechanisms for both contingent liabilities and direct liabilities. Target date: 2022-09-30 Action 5: To improve financial transparency and start strengthening the centralized fiscal monitoring of SOEs: (i) the amendments to the laws on accounting (i.e., issues of Financial Accounting, regulation of Accounting and Audit activities) were enacted by Parliament ensure all SOEs above a specific size threshold (and other large companies) are obliged to have their financial reports audited; (ii) the Fiscal risks management function at MOF (FRSD) established and operationalized the collection of financial information on all SOE a new SOE database, including financial SOEs, and ensures it remains current at 2022 (i.e., already includes 2021 data) Target date: 2022-09-30 Action 6: To promote fiscal transparency and continue sustaining the ongoing institutional strengthening efforts into a more comprehensive and integrated FRM function at MOF (now already including the covering of disaster and CC risks): (i) the MOF (through the FRMD) significantly upgrades the comprehensiveness of its disclosure of fiscal risks (by publishing more comprehensive Fiscal Risks Statements for the 2021 and 2022 budget laws), now presenting (a) a calculation of headline contingent liability exposures to major SOEs and selected PPPs (including PPAs), (b) a discussion on key fiscal risks, and (c) an explicitly acknowledgment and quantification of fiscal risks deriving from disaster risk and CC (the MOF also produced the first two MTEF updates with a report on fiscal risks deriving from disaster risk and CC); (ii) the MOF established internal periodic comprehensive reporting of PPP Contingent Liabilities (including the operationalization of a PPP fiscal commitments database and risk assessment matrixes for each PPP) as a “living-document” analysis application of the newly approved methodologies (presenting a more detailed calculation of contingent liability exposures per risk category and selected PPPs [including PPAs] than what was included in the 2021 State Budget law documentation), to serve as the basis for any MTEF annual update or annual budget submission; (iii) the MOF approved the updated Fiscal Risk Management Roadmap for 2022-2023, charting the objectives to, by end-2023 and inter alia, achieve: (a) full operationalization of the ‘Vetting' and ‘Mitigation Recommendations' functions, (b) systematic coverage of all material sources of risk, including ‘Budgetary Lending', ‘State Guarantees', ‘Legacy PPPs and PPAs', ‘disasters caused by natural and man-made hazards (including biological and technological) and from CC', and ‘potential environmental liabilities of the State'. Target date: 2022-09-30 Action 7: To promote more effective, efficient and transparent procurement practices while embedding key CC action objectives, a Procurement Development/Reform Concept was approved by PM Decree, to include (i) analyses of the feasibility of introducing green procurement, and (ii) proposals for the standardization of procurement packages in the recurrent budget. Target date: 2022-09-30 Action 8: To formulate green economy policy and align economic policy tools with climate mitigation and adaptation targets: (i) the MOE issued for the review of co-implementing ministries a proposed concept for ‘Green Economy Transition'; (ii) the MOE created an operational unit dedicated to the Green Economy Transition and operationalizes it. Target date: 2022-09-30 Action 9: Government's debt management implementation and medium-term strategic communication to the markets aligned further to continue reducing public debt exposures to exchange rate risk and develop the domestic government securities market, while institutional mechanisms were designed to gradually insulate the government securities issuance program from short-term macroeconomic risks. These were achieved through the following reform and institutional upgrade efforts: (i) Submission by Government to Parliament of proposed legal amendments to the Law of the Treasury System and the Law on Budget System to Parliament in order to ensure that the Stabilization Account strictly acts as a government debt refinancing risk management and a countercyclical stabilization support mechanism with good governance. (ii) MTDS (2020-2022) was implemented within its benchmark targets for refinancing risk, interest rate risk and exchange rate risk (with minimal deviations), and the approved MTDS (i.e. for 2021-2023) (a) raised the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and (b) improved the exchange rate risk benchmark indicators (.e. the share of domestic debt in total debt and the share of dram denominated debt in total debt to be minimum 25% instead of minimum 20% envisaged by the previous strategy. Target date: 2022-09-30 Action 1: To keep reform momentum and strengthen coordination and joint-action towards financial and capital markets development, the: (i) Government approved and commenced implementation of a Capital Markets Development Program (jointly prepared by CBA, MOE and MOF); (ii) MOE established a Capital Markets Development Division to take on the coordination role for overall implementation; and (iii) MOF (PDMD) implemented the following money markets development and systemic liquidity management-enabling practices: (a) New issuance program of 6-months securities as benchmark was initiated and ramped-up (as the main issued security) to increase its benchmark reference for other segments of the capital market and increase liquidity in repo (interbank) markets. (b) while continuing buybacks (and other forms of active debt management), initiated exchanges (of the off-the-run government treasury securities) aimed at accelerating the smoothing of the government debt redemption profile, at decreasing clustered refinancing risks, and at improving liquidity management. (c) Technical specifications were finalized by MOF and AMX to enable the implementation of bond switch auctions. (d) PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA by adopting a new cash forecasting responsibility and framework/template for FX cash-flow data to more effectively support CBA's systemic liquidity management efforts. Target date: 2022-09-30Policy 2: Improving government securities market and money markets infrastructure Outcome 1: 2.a Trading Turnover in government bonds (secondary market transactions at both AMX and OTC, in volume) in percentage of nominal GDP increased to 9% (2019 baseline: 6.9%). Data source: AMX and MOF reports. Action 2: To establish truly-secured interbank markets in Armenia and significantly improve liquidity in money markets, the following sub-actions were implemented: (i) Amendments to the civil code were approved by Parliament to resolve, inter alia, re-characterization risks in repo transactions (and other issues that are key for the ICMA -certified GMRA Legal Opinion). (ii) CBA approved the necessary amendments to its regulations to ensure GMRA applicability in Armenia to all counterparties. (iii) CBA obtained ICMA-certified GMRA Legal Opinion (duly published in ICMA's website to establish financial markets recognition of GMRA applicability in Armenia to all counterparties). Target date: 2022-09-30 Action 1: To keep reform momentum and strengthen coordination and joint-action towards financial and capital markets development, the: (i) Government approved and commenced implementation of a Capital Markets Development Program (jointly prepared by CBA, MOE and MOF); (ii) MOE established a Capital Markets Development Division to take on the coordination role for overall implementation; and (iii) MOF (PDMD) implemented the following money markets development and systemic liquidity management-enabling practices: (a) New issuance program of 6-months securities as benchmark was initiated and ramped-up (as the main issued security) to increase its benchmark reference for other segments of the capital market and increase liquidity in repo (interbank) markets. (b) while continuing buybacks (and other forms of active debt management), initiated exchanges (of the off-the-run government treasury securities) aimed at accelerating the smoothing of the government debt redemption profile, at decreasing clustered refinancing risks, and at improving liquidity management. (c) Technical specifications were finalized by MOF and AMX to enable the implementation of bond switch auctions. (d) PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA by adopting a new cash forecasting responsibility and framework/template for FX cash-flow data to more effectively support CBA's systemic liquidity management efforts. Target date: 2022-09-30Policy 2: Improving government securities market and money markets infrastructure Outcome 2: 2.b Demand to placement ratio for government bonds reaches 2.5 (2020 baseline: 1.7) Data source: MOF reports. Action 2: To establish truly-secured interbank markets in Armenia and significantly improve liquidity in money markets, the following sub-actions were implemented: (i) Amendments to the civil code were approved by Parliament to resolve, inter alia, re-characterization risks in repo transactions (and other issues that are key for the ICMA -certified GMRA Legal Opinion). (ii) CBA approved the necessary amendments to its regulations to ensure GMRA applicability in Armenia to all counterparties. (iii) CBA obtained ICMA-certified GMRA Legal Opinion (duly published in ICMA's website to establish financial markets recognition of GMRA applicability in Armenia to all counterparties). Target date: 2022-09-30 Action 1: To promote new financial instruments and investors, the following sub-actions are implemented: (i) Parliament approved legal amendments to the law on 'Currency regulation and Currency Control' to encourage corporate debt issuances and enable flexibility in the currency-denomination of repo contracts' settlement. (ii) CBA amended its regulations to introduce clearer rules for market making in corporate bonds in line with international best practices. (iii) CBA implemented a new regulatory framework to (a) address regulatory gaps and eliminate uncertainties with derivative instruments, and (b) promote participation of foreign institutional investors in the local debt markets. (iv) Parliament approved amendments to the Law on the Joint-Stock Companies to enable the issuance of common shares of various classes, etc. Target date: 2022-09-30Policy 3: Broadening the base of financial instruments and investors, and enhancing corporate transparency Outcome 1: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Action 2: To pre-empt financial stability risks and ensure market integrity and sustainability in the potential proliferation of green finance instruments, the CBA formally launched and operationalized a working group to study options for the development of green finance and assess if climate chance risks to banking stability justify a specific adjustment to the current regulatory approach. Target date: 2022-09-30 Action 3: To fundamentally enhance corporate transparency conditions in Armenia and establish proper governance and effectiveness in the professions that underpin it, the following set of reform activities was implemented: (i) Parliament approved amendment proposals to the Laws on Accounting and Audit, and a new proposed Law on Regulation and Public Oversight of Audit and Accounting to delegate key regulatory functions to a POB and the prospective CAAA. This includes legislative proposals such as mandatory audits. This new legal architecture enters into force. (ii) The POB was created and operationalized, to be lead by MOF and with members from MOE, CBA and State Revenue Committee. Private sector stakeholders participate with consultative vote rights. Secondary legislation was approved to define the procedure for registration of auditors, expert accountants, and audit organizations. The electronic register was established. (iii) The POB, chaired by the MOF, approved and endorsed the widespread use of a simplified manual of financial reporting for micro-sized enterprises in Armenia. Target date: 2022-09-30 Action 4: To continue establishing a more effective insolvency regime and stronger protection of creditor's rights: (i) amendments to the Bankruptcy Law were approved by Parliament to provide additional and effective mechanisms for maximum satisfaction of creditors' claims. In particular, the law provides the procedure for declaration of the debtor's property, the inventory of debtor's property. Procedures for the realization of the object of a secured right have also been clarified and made-more cost efficient (e.g., the amount of the administrator's remuneration has been reduced). (ii) an e-bankruptcy system (e.g., for selecting candidates of bankruptcy administrators) has also been procured by the Ministry of Justice. Target date: 2022-09-30 XM-DAC-46004-54172-002-LN4371Asian Development BankThe proposed Yerevan Urban Development Investment Project aims to enhance the economy, livability, and inclusiveness of Yerevan, the capital city of Armenia, through improved sustainable urban mobility and services (output 1) and strengthened institutional capacity for green and inclusive urban mobility (output 2). It aims to support Yerevan in improving the urban environment, enhancing the road network, and promoting climate-resilient infrastructure. The project will benefit up to 1.2 million people.The project will relieve traffic congestion and significantly improve socioeconomic connectivity and access to green urban space. The river crossing and road capacity will be increased by one-third and travel distances reduced by more than 2 km, thereby reducing travel time (by 10 minutes) and the risk of traffic accidents, decreasing traffic congestion and emissions, and improving the overall environment of the main city arteries.Asian Development BankMinistry of Territorial Administration and InfrastructureAsian Development BankAsian Development BankNakamitsu, Kiyoshihttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=54172-002 (Approved)&officer= knakamitsu@adb.org&division= Water and Urban Development Sector Office (SG-WUD)&projectcountry= ArmeniaYerevan40.18111 44.51361Addressing remaining poverty and reducing inequalitiesTackling climate change, building climate and disaster resilience, and enhancing environmental sustainabilityAccelerating progress in gender equalityMaking cities more livableStrengthening governance and institutional capacityInclusive economic growthPartnershipsGovernance and capacity developmentEnvironmentally sustainable growthKnowledge solutionsSome gender elements (SGE)65426015Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure2237300.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure96375.36Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure1842049.18Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure106990.53Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure6146958.57Asian Development BankMinistry of Territorial Administration and Infrastructure96375.36Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure106990.53Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure0.00Asian Development BankMinistry of Territorial Administration and Infrastructure119375.99Asian Development BankMinistry of Territorial Administration and InfrastructurePerformanceFiduciaryOutput/s as listed by the project staff.Output: Institutional capacity for green and inclusive urban mobility strengthened Indicator: 15 Yerevan Municipality staff (30% female) demonstrate knowledge and/or skills in management and control of transport systems Achievement: 0 Progress/Status: TA 10101-ARM to provide funding for required training activities. Data Source: Project progress reports, Yerevan Municipality reports (yearly)Output: Institutional capacity for green and inclusive urban mobility strengthened Indicator: Monitoring system for PM2.5 along Admiral Isakov Avenue, the new road, and the green park established, and results disclosed on the Yerevan website Achievement: N Progress/Status: Under discussion with IA. Data Source: Project progress reports, Yerevan Municipality reports (yearly) Baseline year: 2023 Baseline value: N Baseline year: 2023 Baseline value: N Target year: 2027 Target value: Y Actual value: NOutput: Institutional capacity for green and inclusive urban mobility strengthened Indicator: Key urban planning documents, including (i) a sustainable mobility corridor plan, (ii) a land-use plan of 66 hectares developed, and (iii) traffic management and urban masterplan Achievement: N Progress/Status: Under TA 10101-ARM, one traffic modelling consulting firm was hired; contract was completed on 31 May 2025. A bus public transport planning was engaged; contract was completed on 30 Jun 2026. Land use plan being developed by YM with own resources. Data Source: Project progress reports, Yerevan Municipality reports (yearly) Baseline year: 2023 Baseline value: N Baseline year: 2023 Baseline value: N Target year: 2027 Target value: Y Actual value: NOutput: Institutional capacity for green and inclusive urban mobility strengthened Indicator: Enhanced design for urban land use in the project area accepted by Yerevan Municipality Achievement: N Progress/Status: Land use plan being developed by YM with own resources. Data Source: Project progress reports, Yerevan Municipality reports (yearly) Baseline year: 2023 Baseline value: N Baseline year: 2023 Baseline value: N Target year: 2027 Target value: Y Actual value: NOutput: Sustainable and inclusive urban mobility and commuter and recreational experience and services improved Indicator: 1.8-kilometer climate- and disaster resilient Admiral Isakov-Arshakunyats road constructed including vehicle and pedestrian underpasses, road safety features and associated drainage systems Achievement: 0 Progress/Status: The civil works contract for the construction of the Isakov-Arshakunyats Road Link and Komitas Park was signed on 1 May 2026 and the construction supervision consultant contract was signed on 8 May 2026. Data Source: Project progress reports, Yerevan Municipality reports (yearly)Output: Sustainable and inclusive urban mobility and commuter and recreational experience and services improved Indicator: 280-meter climate- and disaster-resilient bridge over Hrazdan River constructed Achievement: 0 Progress/Status: As above. Data Source: Project progress reports, Yerevan Municipality reports (yearly)Output: Sustainable and inclusive urban mobility and commuter and recreational experience and services improved Indicator: 1.3 hectares gender-friendly urban park improved using nature-based solutions Achievement: 0 Progress/Status: As above. Data Source: Project progress reports, Yerevan Municipality reports (yearly)Output: Sustainable and inclusive urban mobility and commuter and recreational experience and services improved Indicator: 4,800 trees and bushes planted along the new road and park Achievement: 0 Progress/Status: As above. Data Source: Project progress reports, Yerevan Municipality reports (yearly)Sustainability, inclusiveness, and livability of Yerevan enhancedAt least 60,000 people daily benefit from travel time reduced by 10 minutes between Admiral Isakov and Monte Melkonian junction and Komitas Park on Arshakunyats Avenue Achievement: 0 Progress/Status: The civil works contract for the construction of the Isakov-Arshakunyats Road Link and Komitas Park was signed on 1 May 2026 and the construction supervision consultant contract was signed on 8 May 2026. Data Source: Reports and measurement surveys of the monitoring system developed by the project (yearly)At least 20,000 people benefit from renovated green urban spaces annually, of whom 50% are female Achievement: 0 Progress/Status: Recruitment of consultants for corridor development under TA 6559-REG was completed on 26 Aug 2025. One gender workshop, funded by TA 10101-ARM, was done on 13 Mar 2024 with 16 stakeholders/participants (excluding ADB participants), 13 of which are female. Data Source: Yerevan Municipality reports (yearly) XM-DAC-46004-55103-002-LN4518Asian Development BankSubprogram 2 helps the Government of Armenia strengthen fiscal management, improve the infrastructure of money markets and the government securities market, and promote financial and capital markets. It builds on continuous reform engagement of the Asian Development Bank (ADB) in Armenia, now in partnership with parallel cofinancing and coordinated technical expertise from Agence Française de Développement (AFD).Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankFarinha Fernandes, Joao Pedrohttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=55103-002 (Active)&officer= jfarinha@adb.org&division= Public Sector Management and Governance Sector Office (SG-PSMG)&projectcountry= ArmeniaArmenia40.29496 44.93837Effective gender mainstreaming (EGM)Addressing remaining poverty and reducing inequalitiesAccelerating progress in gender equalityTackling climate change, building climate and disaster resilience, and enhancing environmental sustainabilityStrengthening governance and institutional capacity89469000Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)93656180.52Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)823145.86Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1574396.80Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)1479806.04Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)PolicyPerformanceFiduciaryPolicy Action/s as listed by the project staff. Action 1: To improve linkages between medium-term fiscal planning, budget allocation decisions and national strategic and sectoral planning directions (with explicit high-level targets), while also enhancing budget processes, effectiveness/impact of public expenditure, and domestic resource mobilization (DRM): (i) The government endorsed the concept of results-management reform and circulated for interministerial review a government decree, providing for a) solutions to operationalize an institutional set up (including, explicit requirements for climate change, digital, social and gender policy) for national strategic planning of medium-term resource allocation; b) explicitly anchoring all program budgeting results-focus to a (forthcoming) unified ledger of high-level (priority) KPIs, with a requirement for a common template for national strategies that specifically operationalizes this new standard of results-focus in any new sector strategy. (ii) The government, through the 2024 State Budget package approved by Parliament, established explicit linkages between budget programs and the approved Government Program targets. (iii) The MOF, through interministerial circulation of draft law amendments, proposed changes to improve MTEF reliability for medium-term fiscal planning and accuracy against ultimate annual budget allocations, including medium- (line-ministry level) budget ceilings, solutions for carry-forwards in CAPEX, and MTEF updating cycle; (iv) The government, through MOF-approved budget instructions, rolled-out legally binding gender-responsive budgeting requirements across all ministries while also: a) circulating, for interministerial guidance, proposals to make this reform more effective in subsequent fiscal years (including revisions to the manual on Gender-Responsive Budgeting to enhance its comprehensibility) in agreement with the Ministry of Social Affairs, b) enhancing the guideline for public consultations of state bodies on proposed budget programs (‘Open/Citizen's Budget' initiatives) to include gender aspects and raise CSOs awareness and capacity to scrutinize the compliance with gender-responsive budgeting requirements, & c) piloting participatory budgeting across 4 municipalities. (v) MOF completed a first SDG budget tagging exercise at a ‘direct link' level for 2024 and published it with the 2024 State Budget package (approved by Parliament in late 2023). In addition, a separate comprehensive exercise of budget tagging to include ‘indirect link' levels (e.g. SDG 13 on CC actions) was produced and formally disseminated to line-ministries in preparation for the next budget cycle, together with a complete SDG budget tagging framework (including SDG 13 on CC action) also in preparation of the next budget. (vi) Parliament approved the necessary amendments to the tax code to rationalize the coverage of the micro-entrepreneurship tax regime and reduce regulatory arbitrage and the scope of application of tax privileges. Subsequently, MOF applied the framework of analysis of foregone revenue to identify options for rationalizing VAT tax incentives (based on an analysis of revenue foregone, distributional impact and the availability of alternative policies). Also, the MOF: (1) Established and operationalized a systematic and standardized framework to analyze and assess the cost-benefit of VAT incentives and estimate and report foregone revenue; (2) Developed a new Tax Treaty policy framework and Model Double Tax Agreement (DTA) to relieve double taxation and reduce tax evasion (and avoidance) in cross-border transactions and investment, and applied it to negotiations with international treaty partners; (3) Implemented - on behalf of Government and to promote FDI while protecting the domestic tax base -- the minimum standard in the OECD/G20's BEPS inclusive framework, by (a ) removing harmful tax measures in Free Economic Zone and Information Technology Pr Action 2: To enable linkages between annual and medium-term budget planning to climate and gender policy targets and results: (i) Government circulated for interministerial review a Financing Strategy and Investment Plan proposal for Armenia's NDC to facilitate the broad engagement of relevant stakeholders towards the coordinated mobilization of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) Government a) circulated for interministerial review a new National Disaster Risk Management Law, and b) approved a new National Disaster Risk Management Strategy and Action Plan to eliminate contradictions with the Sendai framework for DRR (i.e., ensuring Armenia's planning coherence and optimization with both the Paris Accord and the Sendai Framework objectives); (iii) Government started implementation of components in budget programs for DRR and for CC adaptation and mitigation. Detailed action plans for CC adaptation in at least three sectors were approved (Water, Agriculture, Health), and two more were finalized (Tourism, Energy). (iv) The Ministry of Labor and Social Affairs submitted for Government approval a time-bound 2024-2028 Gender Policy Implementation Strategy Program to operationalize gender equality policies along six policy priorities: governance and decision-making levels; socio-economic and labor; education and science; health; gender-based violence; women/girls and domestic violence prevention, and climate). Action 3: 2.3. The Government: (i) approved and implemented: (a) a new PIM Government Decree to raise the legal standing of its mandatory requirements, b) a new set of updated PIM instructions (through MOE) to accommodate the expansion of scoring criteria into climate change and lessons learned; (ii) through MOF-issued budget circulars, instructed all line ministries (including development partner-financed investment) that (new) projects that exceed a minimum threshold need to go through the PIM process for appraisal and prioritization/scoring and Investment Committee approval before entering the MTEF. (iii) reached a policy decision and provided clarity on the way forward for PIM reform implementation (via e.g. DPM letter or Minister of Finance letter), including: a) acknowledgment of PIM implementation issues in the recent past; b) transition arrangements; c) the (updated) PIM Roadmap to serve as the indicative coordinating action plan for consolidating the PIM reform. Action 4: To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the MOF developed and circulated (inter-ministerially) a Concept to standardize (in terms of reporting and accounting) the treatment to PPP-related fiscal liabilities (towards enabling a future linkage with the fiscal rule) by considering different methodological proposals. In addition, all new PPP Guidelines required to implement the PPP Procedures Decree and complete the PPP operational framework were established through MOE orders. Action 5: The MOF, on the basis of a Rapid Assessment of Enabling Environment/Context for Disaster Risk Financing (with a high-level identification of policy, regulatory and financing gaps), submitted a Concept for a (disaster) Financial Protection Plan Recommendation, for consultations with line-ministries and other stakeholders. Action 6: To improve financial transparency, strengthen centralized fiscal monitoring and oversight of operational performance in SOEs: (i) The Government — through MOF — initiated the upgrading of compliance monitoring functions for SOEs' publication of audited financial statements (e.g., the technical requirements for a new separate corporate web portal/ registry were approved); (ii) The MOF circulated for interministerial review a strategic concept proposal for a new SOE Ownership Policy to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; and (c) align performance appraisal to target efficiency gains. (iii) Upon the piloting of the SOE Integrity and Corruption Risk Analysis by the Corruption Prevention Commission, the Ministry of Justice (and the Corruption Prevention Commission) developed and circulated for interministerial review (and public consultations) a set of legal amendment proposals (to the Law on the Corruption Prevention Commission and to the Law on Local Self-Government) to expand the mandate of the Corruption Prevention Commission and include in it the assessment of corruption risks at SOEs and state and community non-commercial organizations (SNCOs) and the provision of recommendations on anti-corruption measures to the competent authorities. Action 7: To reduce fiscal inefficiencies and increase impact in direct forms of investment promotion, Government disclosed on the MOF website a comprehensive policy review of state-owned enterprises, equity funds and other financial SOEs, and, with specific regards to ANIF, approved a new Government Decree (subsequent to which: MOE approved a new charter for ANIF, duly lodged in the State Register) and other policy decisions to ensure: i. A binding strategic mandate (and sector focus/investment policies) that eliminates crowding-out of the private sector, and provides a value-for-money rationale for its existence. (complemented by operating procedures that rationalize activities solely based of market failures). ii. transparency with regards to ANIF's use of state-allocated resources, scope of operations and performance indicators (with introduction of performance reviews), iii. fundamental aspects of corporate governance. iv. operational policy/standard operating procedures that rationalize activities solely on the basis of addressing market failures, and v. clear requirements for external financial audits 2.7(b) ANIF was transferred under the ownership oversight and policy coordination of MOE, while Govt considers outright divestment or dissolution actions through the State Property Committee. Action 8: 2.8(a) In order to establish a transparent governing framework for PPP renegotiations for pre-PPP Law PPPs (i.e., “legacy” PPPs) and amendments to any other long-term infrastructure contract, MOF submitted for interministerial review the legal amendment proposals to e.g. establish accountability and fiscal transparency. As an immediate stop-gap measure to address the problem, the DPM issued a directive asserting (a) the key role of MOF in any engagement with private players about renegotiations of “legacy” PPP (together with the policy-making body for each sector) and (b) the requirement for conducting proper fiscal implications analysis during any discussions that can lead to renegotiations. 2.8[b] Parliament approved legal amendments to give the Audit Chamber of the Republic of Armenia the legal authority to conduct audit activities on all “legacy" and new PPPs/PPAs and any other infrastructure service contracts. Action 9: In addition to sustaining the upgrades in public disclosure of fiscal risks of 2021-2022 into 2023-2024 (including climate risks), to establish the legal anchoring for MOF's FRM responsibilities and function and strengthen its systemic relevance: i. MOF approved changes to the FRM charter for it to acquire the functional responsibilities for SOE financial monitoring; ii. MOF activated the mitigation function on “specific" FRM by regularly briefing DPM office with mitigation action proposals on risk events pertaining to PPP/PPAs, credit guarantees, and SOEs iii. MOF circulated for interministerial review draft legal amendment proposals to inter alia give the government the authority to: (a) create the Specific Fiscal Risks Management Council (this is a requirement for a Specific Fiscal Risks Mitigation Recommendations Reporting sub-function), (b) set (through the specific fiscal risk council) Staffing Certification Requirements for fiscal risk management, and (c) establish an inter-institutions mechanism to underpin the information flows of a fully functioning integrated “specific” FRM framework, iv. MOF issued a ministerial order to govern budgetary lending and guarantee requests. Action 10: To promote more effective, efficient and transparent procurement practices while also embedding key CC mitigation objectives: (i) Government launched (via approval of MOF Decree) the tender for the e-Procurement module of the GFMIS; (ii) Government implemented key steps of the Procurement Reform Action plan, including: a) approval of amendments (to Govt decree) to impart direct accountability in procurement bodies' use of non-competitive procurement (thereby, and effectively reducing recourse to non-competitive procurement); b) facilitating NGOs' access to contractualized monitoring of national and subnational procurement activities; c) conducting interministerial consultations on a sustainability criteria framework for one recurrent item of government spending, to demonstrate how the government can strategically procure specified items in a sustainable* and cost-effective manner; d) introduction of index-based costing practices in public procurement for all contracts above 1 year term (thereby reducing procurement risks due to price fluctuations and increasing competitive tension) (iii) MOF completed the feasibility assessment on sustainable (“green”) procurement and initiates public consultations on forthcoming options, (iv) MOF issued regulatory guidance to procuring entities on risk mitigation to: (a) eliminate systemic reliance on (high) performance and contract-related securities; (b) promote proper assessment of technical experience upfront; (c) mainstream quality requirements into procurement outcomes; and (d) increase the use of competitive dialogue procedures; (v) MOF launched a Methodology for Assessing Procurement Systems (MAPS) Assessment of its national procurement with development partners. Action 11: To formulate green economy policy and align economic policy tools with climate policy: (1) MOE submitted the national strategy on 'Green and Sustainable Economic Development' (including ‘Circular Economy' development proposals and implementation arrangements) for Government approval. (2) The concept of green taxonomy was approved by the Ministerial Order of MOE (3) A concept for a law on an ‘Extended Producer Responsibility' system was circulated for interministerial review. The MOE also formally operationalized a working group to define preconditions for 'circular economy' and sustain dialogue. (4) Government approved a Long-Term Low Emissions Development Strategy till 2050 [5] MOEnv circulated for interministerial review a new Law on Climate, and approved a Ministerial Order on Climate Financing Information (applicable only to Ministries, Yerevan Municipality and communities) to govern the submission of information on climate financing (received by Armenia) in the context of the Paris Agreement. Action 12: The MOF: [i] implemented the MTDS, 2022-2024 and MTDS 2023-2025 within they benchmark targets for refinancing, interest rate, and exchange rate risk with minimal deviations; and through the approved MTDS for 2024-2026:, MOF raised further the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and improved the exchange rate risk benchmark indicators (i.e., the shares of public domestic debt and dram denominated debt in total debt to be above 40%); [ii] approved the Debt Data Validation Procedures Manual and incorporated it into the Procedures Manuals of the Public Debt Management Department. MOF also completed the upgrade of its debt management database to a new DMFAS-6 system to enhance the autonomy, management, and analytical capabilities of debt management office with new modules on debt securities, reorganization, non-guaranteed external debt, and debt analysis modules. [iii] submitted legal amendment proposals to government for upgrading the Public Debt Law, to address identified shortcomings (e.g. expanding the scope of what is reported as public sector debt, including subnational debt instruments and SOE debt instruments; and [iv] in addition to approval by Parliament of legal amendments to the Law of the Treasury System and the Law on Budget System, it supported the final approval by Government of implementing legislation to regulate the process of replenishment and utilization of the new Stabilization Account. Action 1: To improve linkages between medium-term fiscal planning, budget allocation decisions and national strategic and sectoral planning directions (with explicit high-level targets), while also enhancing budget processes, effectiveness/impact of public expenditure, and domestic resource mobilization (DRM): (i) The government endorsed the concept of results-management reform and circulated for interministerial review a government decree, providing for a) solutions to operationalize an institutional set up (including, explicit requirements for climate change, digital, social and gender policy) for national strategic planning of medium-term resource allocation; b) explicitly anchoring all program budgeting results-focus to a (forthcoming) unified ledger of high-level (priority) KPIs, with a requirement for a common template for national strategies that specifically operationalizes this new standard of results-focus in any new sector strategy. (ii) The government, through the 2024 State Budget package approved by Parliament, established explicit linkages between budget programs and the approved Government Program targets. (iii) The MOF, through interministerial circulation of draft law amendments, proposed changes to improve MTEF reliability for medium-term fiscal planning and accuracy against ultimate annual budget allocations, including medium- (line-ministry level) budget ceilings, solutions for carry-forwards in CAPEX, and MTEF updating cycle; (iv) The government, through MOF-approved budget instructions, rolled-out legally binding gender-responsive budgeting requirements across all ministries while also: a) circulating, for interministerial guidance, proposals to make this reform more effective in subsequent fiscal years (including revisions to the manual on Gender-Responsive Budgeting to enhance its comprehensibility) in agreement with the Ministry of Social Affairs, b) enhancing the guideline for public consultations of state bodies on proposed budget programs (‘Open/Citizen's Budget' initiatives) to include gender aspects and raise CSOs awareness and capacity to scrutinize the compliance with gender-responsive budgeting requirements, & c) piloting participatory budgeting across 4 municipalities. (v) MOF completed a first SDG budget tagging exercise at a ‘direct link' level for 2024 and published it with the 2024 State Budget package (approved by Parliament in late 2023). In addition, a separate comprehensive exercise of budget tagging to include ‘indirect link' levels (e.g. SDG 13 on CC actions) was produced and formally disseminated to line-ministries in preparation for the next budget cycle, together with a complete SDG budget tagging framework (including SDG 13 on CC action) also in preparation of the next budget. (vi) Parliament approved the necessary amendments to the tax code to rationalize the coverage of the micro-entrepreneurship tax regime and reduce regulatory arbitrage and the scope of application of tax privileges. Subsequently, MOF applied the framework of analysis of foregone revenue to identify options for rationalizing VAT tax incentives (based on an analysis of revenue foregone, distributional impact and the availability of alternative policies). Also, the MOF: (1) Established and operationalized a systematic and standardized framework to analyze and assess the cost-benefit of VAT incentives and estimate and report foregone revenue; (2) Developed a new Tax Treaty policy framework and Model Double Tax Agreement (DTA) to relieve double taxation and reduce tax evasion (and avoidance) in cross-border transactions and investment, and applied it to negotiations with international treaty partners; (3) Implemented - on behalf of Government and to promote FDI while protecting the domestic tax base -- the minimum standard in the OECD/G20's BEPS inclusive framework, by (a ) removing harmful tax measures in Free Economic Zone and Information Technology Pr Action 2: To enable linkages between annual and medium-term budget planning to climate and gender policy targets and results: (i) Government circulated for interministerial review a Financing Strategy and Investment Plan proposal for Armenia's NDC to facilitate the broad engagement of relevant stakeholders towards the coordinated mobilization of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) Government a) circulated for interministerial review a new National Disaster Risk Management Law, and b) approved a new National Disaster Risk Management Strategy and Action Plan to eliminate contradictions with the Sendai framework for DRR (i.e., ensuring Armenia's planning coherence and optimization with both the Paris Accord and the Sendai Framework objectives); (iii) Government started implementation of components in budget programs for DRR and for CC adaptation and mitigation. Detailed action plans for CC adaptation in at least three sectors were approved (Water, Agriculture, Health), and two more were finalized (Tourism, Energy). (iv) The Ministry of Labor and Social Affairs submitted for Government approval a time-bound 2024-2028 Gender Policy Implementation Strategy Program to operationalize gender equality policies along six policy priorities: governance and decision-making levels; socio-economic and labor; education and science; health; gender-based violence; women/girls and domestic violence prevention, and climate). Action 3: 2.3. The Government: (i) approved and implemented: (a) a new PIM Government Decree to raise the legal standing of its mandatory requirements, b) a new set of updated PIM instructions (through MOE) to accommodate the expansion of scoring criteria into climate change and lessons learned; (ii) through MOF-issued budget circulars, instructed all line ministries (including development partner-financed investment) that (new) projects that exceed a minimum threshold need to go through the PIM process for appraisal and prioritization/scoring and Investment Committee approval before entering the MTEF. (iii) reached a policy decision and provided clarity on the way forward for PIM reform implementation (via e.g. DPM letter or Minister of Finance letter), including: a) acknowledgment of PIM implementation issues in the recent past; b) transition arrangements; c) the (updated) PIM Roadmap to serve as the indicative coordinating action plan for consolidating the PIM reform. Action 4: To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the MOF developed and circulated (inter-ministerially) a Concept to standardize (in terms of reporting and accounting) the treatment to PPP-related fiscal liabilities (towards enabling a future linkage with the fiscal rule) by considering different methodological proposals. In addition, all new PPP Guidelines required to implement the PPP Procedures Decree and complete the PPP operational framework were established through MOE orders. Action 5: The MOF, on the basis of a Rapid Assessment of Enabling Environment/Context for Disaster Risk Financing (with a high-level identification of policy, regulatory and financing gaps), submitted a Concept for a (disaster) Financial Protection Plan Recommendation, for consultations with line-ministries and other stakeholders. Action 6: To improve financial transparency, strengthen centralized fiscal monitoring and oversight of operational performance in SOEs: (i) The Government — through MOF — initiated the upgrading of compliance monitoring functions for SOEs' publication of audited financial statements (e.g., the technical requirements for a new separate corporate web portal/ registry were approved); (ii) The MOF circulated for interministerial review a strategic concept proposal for a new SOE Ownership Policy to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; and (c) align performance appraisal to target efficiency gains. (iii) Upon the piloting of the SOE Integrity and Corruption Risk Analysis by the Corruption Prevention Commission, the Ministry of Justice (and the Corruption Prevention Commission) developed and circulated for interministerial review (and public consultations) a set of legal amendment proposals (to the Law on the Corruption Prevention Commission and to the Law on Local Self-Government) to expand the mandate of the Corruption Prevention Commission and include in it the assessment of corruption risks at SOEs and state and community non-commercial organizations (SNCOs) and the provision of recommendations on anti-corruption measures to the competent authorities. Action 7: To reduce fiscal inefficiencies and increase impact in direct forms of investment promotion, Government disclosed on the MOF website a comprehensive policy review of state-owned enterprises, equity funds and other financial SOEs, and, with specific regards to ANIF, approved a new Government Decree (subsequent to which: MOE approved a new charter for ANIF, duly lodged in the State Register) and other policy decisions to ensure: i. A binding strategic mandate (and sector focus/investment policies) that eliminates crowding-out of the private sector, and provides a value-for-money rationale for its existence. (complemented by operating procedures that rationalize activities solely based of market failures). ii. transparency with regards to ANIF's use of state-allocated resources, scope of operations and performance indicators (with introduction of performance reviews), iii. fundamental aspects of corporate governance. iv. operational policy/standard operating procedures that rationalize activities solely on the basis of addressing market failures, and v. clear requirements for external financial audits 2.7(b) ANIF was transferred under the ownership oversight and policy coordination of MOE, while Govt considers outright divestment or dissolution actions through the State Property Committee. Action 8: 2.8(a) In order to establish a transparent governing framework for PPP renegotiations for pre-PPP Law PPPs (i.e., “legacy” PPPs) and amendments to any other long-term infrastructure contract, MOF submitted for interministerial review the legal amendment proposals to e.g. establish accountability and fiscal transparency. As an immediate stop-gap measure to address the problem, the DPM issued a directive asserting (a) the key role of MOF in any engagement with private players about renegotiations of “legacy” PPP (together with the policy-making body for each sector) and (b) the requirement for conducting proper fiscal implications analysis during any discussions that can lead to renegotiations. 2.8[b] Parliament approved legal amendments to give the Audit Chamber of the Republic of Armenia the legal authority to conduct audit activities on all “legacy" and new PPPs/PPAs and any other infrastructure service contracts. Action 9: In addition to sustaining the upgrades in public disclosure of fiscal risks of 2021-2022 into 2023-2024 (including climate risks), to establish the legal anchoring for MOF's FRM responsibilities and function and strengthen its systemic relevance: i. MOF approved changes to the FRM charter for it to acquire the functional responsibilities for SOE financial monitoring; ii. MOF activated the mitigation function on “specific" FRM by regularly briefing DPM office with mitigation action proposals on risk events pertaining to PPP/PPAs, credit guarantees, and SOEs iii. MOF circulated for interministerial review draft legal amendment proposals to inter alia give the government the authority to: (a) create the Specific Fiscal Risks Management Council (this is a requirement for a Specific Fiscal Risks Mitigation Recommendations Reporting sub-function), (b) set (through the specific fiscal risk council) Staffing Certification Requirements for fiscal risk management, and (c) establish an inter-institutions mechanism to underpin the information flows of a fully functioning integrated “specific” FRM framework, iv. MOF issued a ministerial order to govern budgetary lending and guarantee requests. Action 10: To promote more effective, efficient and transparent procurement practices while also embedding key CC mitigation objectives: (i) Government launched (via approval of MOF Decree) the tender for the e-Procurement module of the GFMIS; (ii) Government implemented key steps of the Procurement Reform Action plan, including: a) approval of amendments (to Govt decree) to impart direct accountability in procurement bodies' use of non-competitive procurement (thereby, and effectively reducing recourse to non-competitive procurement); b) facilitating NGOs' access to contractualized monitoring of national and subnational procurement activities; c) conducting interministerial consultations on a sustainability criteria framework for one recurrent item of government spending, to demonstrate how the government can strategically procure specified items in a sustainable* and cost-effective manner; d) introduction of index-based costing practices in public procurement for all contracts above 1 year term (thereby reducing procurement risks due to price fluctuations and increasing competitive tension) (iii) MOF completed the feasibility assessment on sustainable (“green”) procurement and initiates public consultations on forthcoming options, (iv) MOF issued regulatory guidance to procuring entities on risk mitigation to: (a) eliminate systemic reliance on (high) performance and contract-related securities; (b) promote proper assessment of technical experience upfront; (c) mainstream quality requirements into procurement outcomes; and (d) increase the use of competitive dialogue procedures; (v) MOF launched a Methodology for Assessing Procurement Systems (MAPS) Assessment of its national procurement with development partners. Action 11: To formulate green economy policy and align economic policy tools with climate policy: (1) MOE submitted the national strategy on 'Green and Sustainable Economic Development' (including ‘Circular Economy' development proposals and implementation arrangements) for Government approval. (2) The concept of green taxonomy was approved by the Ministerial Order of MOE (3) A concept for a law on an ‘Extended Producer Responsibility' system was circulated for interministerial review. The MOE also formally operationalized a working group to define preconditions for 'circular economy' and sustain dialogue. (4) Government approved a Long-Term Low Emissions Development Strategy till 2050 [5] MOEnv circulated for interministerial review a new Law on Climate, and approved a Ministerial Order on Climate Financing Information (applicable only to Ministries, Yerevan Municipality and communities) to govern the submission of information on climate financing (received by Armenia) in the context of the Paris Agreement. Action 12: The MOF: [i] implemented the MTDS, 2022-2024 and MTDS 2023-2025 within they benchmark targets for refinancing, interest rate, and exchange rate risk with minimal deviations; and through the approved MTDS for 2024-2026:, MOF raised further the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and improved the exchange rate risk benchmark indicators (i.e., the shares of public domestic debt and dram denominated debt in total debt to be above 40%); [ii] approved the Debt Data Validation Procedures Manual and incorporated it into the Procedures Manuals of the Public Debt Management Department. MOF also completed the upgrade of its debt management database to a new DMFAS-6 system to enhance the autonomy, management, and analytical capabilities of debt management office with new modules on debt securities, reorganization, non-guaranteed external debt, and debt analysis modules. [iii] submitted legal amendment proposals to government for upgrading the Public Debt Law, to address identified shortcomings (e.g. expanding the scope of what is reported as public sector debt, including subnational debt instruments and SOE debt instruments; and [iv] in addition to approval by Parliament of legal amendments to the Law of the Treasury System and the Law on Budget System, it supported the final approval by Government of implementing legislation to regulate the process of replenishment and utilization of the new Stabilization Account. Action 1: 2.13 The Government ensured that the implementation of the Capital Markets Development Strategy time-bound action plan remained broadly on track, and specifically implemented the following sub-actions: i. the MOE publicly disclosed the status of the Capital Markets Development Strategy ii. to enable the effective reorganization of the outstanding public debt redemption/maturity profile of Armenia (to consolidate outstanding lines into key benchmarks), the CBA and MOF developed the necessary regulations to ensure that—after system testing is complete—bond switch auction options could become fully operational on the AMX platform; and iii. the PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA, by also obtaining the necessary tax revenue forecasts and integrating these information flows and routines to more effectively support CBA's systemic liquidity management efforts. Action 2: 2.14 To promote the systemic relevance of money markets to the Armenian financial system, the CBA: a) together with AMX, established and fully operationalized the new money markets (repo) trading platform. b) circulated for interdepartmental consultations the draft concept on ISDA SFT Schedule Provisions (as an alternative reform route to the GMRA), on the basis of consultations with the financial industry on the Concept Paper for a GMRA (Armenian version) and the Gap Analysis on the possibility to use GMRA by CBA and banks in repo transactions. Action 1: 2.13 The Government ensured that the implementation of the Capital Markets Development Strategy time-bound action plan remained broadly on track, and specifically implemented the following sub-actions: i. the MOE publicly disclosed the status of the Capital Markets Development Strategy ii. to enable the effective reorganization of the outstanding public debt redemption/maturity profile of Armenia (to consolidate outstanding lines into key benchmarks), the CBA and MOF developed the necessary regulations to ensure that—after system testing is complete—bond switch auction options could become fully operational on the AMX platform; and iii. the PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA, by also obtaining the necessary tax revenue forecasts and integrating these information flows and routines to more effectively support CBA's systemic liquidity management efforts. Action 2: 2.14 To promote the systemic relevance of money markets to the Armenian financial system, the CBA: a) together with AMX, established and fully operationalized the new money markets (repo) trading platform. b) circulated for interdepartmental consultations the draft concept on ISDA SFT Schedule Provisions (as an alternative reform route to the GMRA), on the basis of consultations with the financial industry on the Concept Paper for a GMRA (Armenian version) and the Gap Analysis on the possibility to use GMRA by CBA and banks in repo transactions. Action 1: 2.15 To promote new financial instruments and investors, the following has been implemented: i. To promote international integration of Armenia's capital markets, the MOF and AMX established solutions in the scope of the Retail Debt Program to enable non-residents' direct access to the government securities market in Armenia; ii. To enable the transition of Armenian “investment funds” (including venture and private equity funds) from non-public to public, and to safely and credibly develop this market segment, Government submitted for interministerial review a set of legislative amendments to (a) give CBA the authority to set new rules for non-public funds through secondary legislation, including on performance requirements, (b) clarify rules applicable to non-public funds (e.g. procedure for fund creation, registration of rules, fund charter rules, provisions for liquidation procedures); and iii. Government submitted to interministerial review a draft legislative package that would allow LLCs and JSC to become borrowers of convertible loans, and to regulate the process of conversion of debt to equity and tax treatment. iv. Government circulated for interministerial review amendments to the Law on Joint-Stock Companies to e.g. promote project finance, by clarifying the separation between ordinary and preferred shares, and aligning the rules governing negative equity balance with the insolvency law; v. Parliament approved amendments to the Civil Code, to enable corporate governance policy setting (e.g. to give government the authority to set corporate governance requirements [namely MOE]). vi. MOE circulated a new corporate governance code draft (proposing, inter alia, a minimum 30% of women in boards) for interministerial review, private sector and civil society Action 2: 2.16 To pre-empt financial stability risks and ensure market integrity and sustainability in the proliferation of green finance instruments (and ESG claims) in Armenia, the CBA: i. Adopted—through a formal resolution of the CBA Board—a Roadmap for Sustainable Finance with time-bound targets; ii. Undertook consultations with the financial industry on (a) ESG reporting templates and draft reporting framework, (b) Draft report and recommendations on integration of social factors into financial system policy and regulatory frameworks (which included concrete gender diversity requirement proposals) (c) Integration of ESG risk management and assessment tools (e.g. risk radar), and iii. Publicly disclosed in its Annual Financial stability report an analysis of climate risks to the credit portfolio of banks, and initiated consultations with the financial industry's financial risk managers on the way forward. Action 3: 2.17 The Monitoring guidelines for quality assurance of audit companies, auditors and expert accountants, were established. In addition, the MOF approved the simplified manual for accounting and financial reporting for micro-sized entities, and, to promote its widespread adoption, the Public Oversight Board: officially endorsed the professional community and public dissemination of simplified Chart of Accounts and corresponding guidelines for its application (based on the manual). Action 4: 2.18 To continue strengthening the insolvency regime and the protection of creditor's rights: i. Parliament approved a normative legal act providing for amendments to the Law on Bankruptcy to enable the introduction of electronic justice tools (pre-conditions for the launch and fully operationalization of the e-bankruptcy system). ii. The MOJ circulated, for interministerial review and public consultations, a New Insolvency Code Concept.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To improve linkages between medium-term fiscal planning, budget allocation decisions and national strategic and sectoral planning directions (with explicit high-level targets), while also enhancing budget processes, effectiveness/impact of public expenditure, and domestic resource mobilization (DRM): (i) The government endorsed the concept of results-management reform and circulated for interministerial review a government decree, providing for a) solutions to operationalize an institutional set up (including, explicit requirements for climate change, digital, social and gender policy) for national strategic planning of medium-term resource allocation; b) explicitly anchoring all program budgeting results-focus to a (forthcoming) unified ledger of high-level (priority) KPIs, with a requirement for a common template for national strategies that specifically operationalizes this new standard of results-focus in any new sector strategy. (ii) The government, through the 2024 State Budget package approved by Parliament, established explicit linkages between budget programs and the approved Government Program targets. (iii) The MOF, through interministerial circulation of draft law amendments, proposed changes to improve MTEF reliability for medium-term fiscal planning and accuracy against ultimate annual budget allocations, including medium- (line-ministry level) budget ceilings, solutions for carry-forwards in CAPEX, and MTEF updating cycle; (iv) The government, through MOF-approved budget instructions, rolled-out legally binding gender-responsive budgeting requirements across all ministries while also: a) circulating, for interministerial guidance, proposals to make this reform more effective in subsequent fiscal years (including revisions to the manual on Gender-Responsive Budgeting to enhance its comprehensibility) in agreement with the Ministry of Social Affairs, b) enhancing the guideline for public consultations of state bodies on proposed budget programs (‘Open/Citizen's Budget' initiatives) to include gender aspects and raise CSOs awareness and capacity to scrutinize the compliance with gender-responsive budgeting requirements, & c) piloting participatory budgeting across 4 municipalities. (v) MOF completed a first SDG budget tagging exercise at a ‘direct link' level for 2024 and published it with the 2024 State Budget package (approved by Parliament in late 2023). In addition, a separate comprehensive exercise of budget tagging to include ‘indirect link' levels (e.g. SDG 13 on CC actions) was produced and formally disseminated to line-ministries in preparation for the next budget cycle, together with a complete SDG budget tagging framework (including SDG 13 on CC action) also in preparation of the next budget. (vi) Parliament approved the necessary amendments to the tax code to rationalize the coverage of the micro-entrepreneurship tax regime and reduce regulatory arbitrage and the scope of application of tax privileges. Subsequently, MOF applied the framework of analysis of foregone revenue to identify options for rationalizing VAT tax incentives (based on an analysis of revenue foregone, distributional impact and the availability of alternative policies). Also, the MOF: (1) Established and operationalized a systematic and standardized framework to analyze and assess the cost-benefit of VAT incentives and estimate and report foregone revenue; (2) Developed a new Tax Treaty policy framework and Model Double Tax Agreement (DTA) to relieve double taxation and reduce tax evasion (and avoidance) in cross-border transactions and investment, and applied it to negotiations with international treaty partners; (3) Implemented - on behalf of Government and to promote FDI while protecting the domestic tax base -- the minimum standard in the OECD/G20's BEPS inclusive framework, by (a ) removing harmful tax measures in Free Economic Zone and Information Technology PrReform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To enable linkages between annual and medium-term budget planning to climate and gender policy targets and results: (i) Government circulated for interministerial review a Financing Strategy and Investment Plan proposal for Armenia's NDC to facilitate the broad engagement of relevant stakeholders towards the coordinated mobilization of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) Government a) circulated for interministerial review a new National Disaster Risk Management Law, and b) approved a new National Disaster Risk Management Strategy and Action Plan to eliminate contradictions with the Sendai framework for DRR (i.e., ensuring Armenia's planning coherence and optimization with both the Paris Accord and the Sendai Framework objectives); (iii) Government started implementation of components in budget programs for DRR and for CC adaptation and mitigation. Detailed action plans for CC adaptation in at least three sectors were approved (Water, Agriculture, Health), and two more were finalized (Tourism, Energy). (iv) The Ministry of Labor and Social Affairs submitted for Government approval a time-bound 2024-2028 Gender Policy Implementation Strategy Program to operationalize gender equality policies along six policy priorities: governance and decision-making levels; socio-economic and labor; education and science; health; gender-based violence; women/girls and domestic violence prevention, and climate).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: 2.3. The Government: (i) approved and implemented: (a) a new PIM Government Decree to raise the legal standing of its mandatory requirements, b) a new set of updated PIM instructions (through MOE) to accommodate the expansion of scoring criteria into climate change and lessons learned; (ii) through MOF-issued budget circulars, instructed all line ministries (including development partner-financed investment) that (new) projects that exceed a minimum threshold need to go through the PIM process for appraisal and prioritization/scoring and Investment Committee approval before entering the MTEF. (iii) reached a policy decision and provided clarity on the way forward for PIM reform implementation (via e.g. DPM letter or Minister of Finance letter), including: a) acknowledgment of PIM implementation issues in the recent past; b) transition arrangements; c) the (updated) PIM Roadmap to serve as the indicative coordinating action plan for consolidating the PIM reform.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the MOF developed and circulated (inter-ministerially) a Concept to standardize (in terms of reporting and accounting) the treatment to PPP-related fiscal liabilities (towards enabling a future linkage with the fiscal rule) by considering different methodological proposals. In addition, all new PPP Guidelines required to implement the PPP Procedures Decree and complete the PPP operational framework were established through MOE orders.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: The MOF, on the basis of a Rapid Assessment of Enabling Environment/Context for Disaster Risk Financing (with a high-level identification of policy, regulatory and financing gaps), submitted a Concept for a (disaster) Financial Protection Plan Recommendation, for consultations with line-ministries and other stakeholders.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To improve financial transparency, strengthen centralized fiscal monitoring and oversight of operational performance in SOEs: (i) The Government — through MOF — initiated the upgrading of compliance monitoring functions for SOEs' publication of audited financial statements (e.g., the technical requirements for a new separate corporate web portal/ registry were approved); (ii) The MOF circulated for interministerial review a strategic concept proposal for a new SOE Ownership Policy to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; and (c) align performance appraisal to target efficiency gains. (iii) Upon the piloting of the SOE Integrity and Corruption Risk Analysis by the Corruption Prevention Commission, the Ministry of Justice (and the Corruption Prevention Commission) developed and circulated for interministerial review (and public consultations) a set of legal amendment proposals (to the Law on the Corruption Prevention Commission and to the Law on Local Self-Government) to expand the mandate of the Corruption Prevention Commission and include in it the assessment of corruption risks at SOEs and state and community non-commercial organizations (SNCOs) and the provision of recommendations on anti-corruption measures to the competent authorities.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To reduce fiscal inefficiencies and increase impact in direct forms of investment promotion, Government disclosed on the MOF website a comprehensive policy review of state-owned enterprises, equity funds and other financial SOEs, and, with specific regards to ANIF, approved a new Government Decree (subsequent to which: MOE approved a new charter for ANIF, duly lodged in the State Register) and other policy decisions to ensure: i. A binding strategic mandate (and sector focus/investment policies) that eliminates crowding-out of the private sector, and provides a value-for-money rationale for its existence. (complemented by operating procedures that rationalize activities solely based of market failures). ii. transparency with regards to ANIF's use of state-allocated resources, scope of operations and performance indicators (with introduction of performance reviews), iii. fundamental aspects of corporate governance. iv. operational policy/standard operating procedures that rationalize activities solely on the basis of addressing market failures, and v. clear requirements for external financial audits 2.7(b) ANIF was transferred under the ownership oversight and policy coordination of MOE, while Govt considers outright divestment or dissolution actions through the State Property Committee.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: 2.8(a) In order to establish a transparent governing framework for PPP renegotiations for pre-PPP Law PPPs (i.e., “legacy” PPPs) and amendments to any other long-term infrastructure contract, MOF submitted for interministerial review the legal amendment proposals to e.g. establish accountability and fiscal transparency. As an immediate stop-gap measure to address the problem, the DPM issued a directive asserting (a) the key role of MOF in any engagement with private players about renegotiations of “legacy” PPP (together with the policy-making body for each sector) and (b) the requirement for conducting proper fiscal implications analysis during any discussions that can lead to renegotiations. 2.8[b] Parliament approved legal amendments to give the Audit Chamber of the Republic of Armenia the legal authority to conduct audit activities on all “legacy" and new PPPs/PPAs and any other infrastructure service contracts.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: In addition to sustaining the upgrades in public disclosure of fiscal risks of 2021-2022 into 2023-2024 (including climate risks), to establish the legal anchoring for MOF's FRM responsibilities and function and strengthen its systemic relevance: i. MOF approved changes to the FRM charter for it to acquire the functional responsibilities for SOE financial monitoring; ii. MOF activated the mitigation function on “specific" FRM by regularly briefing DPM office with mitigation action proposals on risk events pertaining to PPP/PPAs, credit guarantees, and SOEs iii. MOF circulated for interministerial review draft legal amendment proposals to inter alia give the government the authority to: (a) create the Specific Fiscal Risks Management Council (this is a requirement for a Specific Fiscal Risks Mitigation Recommendations Reporting sub-function), (b) set (through the specific fiscal risk council) Staffing Certification Requirements for fiscal risk management, and (c) establish an inter-institutions mechanism to underpin the information flows of a fully functioning integrated “specific” FRM framework, iv. MOF issued a ministerial order to govern budgetary lending and guarantee requests.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To promote more effective, efficient and transparent procurement practices while also embedding key CC mitigation objectives: (i) Government launched (via approval of MOF Decree) the tender for the e-Procurement module of the GFMIS; (ii) Government implemented key steps of the Procurement Reform Action plan, including: a) approval of amendments (to Govt decree) to impart direct accountability in procurement bodies' use of non-competitive procurement (thereby, and effectively reducing recourse to non-competitive procurement); b) facilitating NGOs' access to contractualized monitoring of national and subnational procurement activities; c) conducting interministerial consultations on a sustainability criteria framework for one recurrent item of government spending, to demonstrate how the government can strategically procure specified items in a sustainable* and cost-effective manner; d) introduction of index-based costing practices in public procurement for all contracts above 1 year term (thereby reducing procurement risks due to price fluctuations and increasing competitive tension) (iii) MOF completed the feasibility assessment on sustainable (“green”) procurement and initiates public consultations on forthcoming options, (iv) MOF issued regulatory guidance to procuring entities on risk mitigation to: (a) eliminate systemic reliance on (high) performance and contract-related securities; (b) promote proper assessment of technical experience upfront; (c) mainstream quality requirements into procurement outcomes; and (d) increase the use of competitive dialogue procedures; (v) MOF launched a Methodology for Assessing Procurement Systems (MAPS) Assessment of its national procurement with development partners.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To formulate green economy policy and align economic policy tools with climate policy: (1) MOE submitted the national strategy on 'Green and Sustainable Economic Development' (including ‘Circular Economy' development proposals and implementation arrangements) for Government approval. (2) The concept of green taxonomy was approved by the Ministerial Order of MOE (3) A concept for a law on an ‘Extended Producer Responsibility' system was circulated for interministerial review. The MOE also formally operationalized a working group to define preconditions for 'circular economy' and sustain dialogue. (4) Government approved a Long-Term Low Emissions Development Strategy till 2050 [5] MOEnv circulated for interministerial review a new Law on Climate, and approved a Ministerial Order on Climate Financing Information (applicable only to Ministries, Yerevan Municipality and communities) to govern the submission of information on climate financing (received by Armenia) in the context of the Paris Agreement.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: The MOF: [i] implemented the MTDS, 2022-2024 and MTDS 2023-2025 within they benchmark targets for refinancing, interest rate, and exchange rate risk with minimal deviations; and through the approved MTDS for 2024-2026:, MOF raised further the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and improved the exchange rate risk benchmark indicators (i.e., the shares of public domestic debt and dram denominated debt in total debt to be above 40%); [ii] approved the Debt Data Validation Procedures Manual and incorporated it into the Procedures Manuals of the Public Debt Management Department. MOF also completed the upgrade of its debt management database to a new DMFAS-6 system to enhance the autonomy, management, and analytical capabilities of debt management office with new modules on debt securities, reorganization, non-guaranteed external debt, and debt analysis modules. [iii] submitted legal amendment proposals to government for upgrading the Public Debt Law, to address identified shortcomings (e.g. expanding the scope of what is reported as public sector debt, including subnational debt instruments and SOE debt instruments; and [iv] in addition to approval by Parliament of legal amendments to the Law of the Treasury System and the Law on Budget System, it supported the final approval by Government of implementing legislation to regulate the process of replenishment and utilization of the new Stabilization Account.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To improve linkages between medium-term fiscal planning, budget allocation decisions and national strategic and sectoral planning directions (with explicit high-level targets), while also enhancing budget processes, effectiveness/impact of public expenditure, and domestic resource mobilization (DRM): (i) The government endorsed the concept of results-management reform and circulated for interministerial review a government decree, providing for a) solutions to operationalize an institutional set up (including, explicit requirements for climate change, digital, social and gender policy) for national strategic planning of medium-term resource allocation; b) explicitly anchoring all program budgeting results-focus to a (forthcoming) unified ledger of high-level (priority) KPIs, with a requirement for a common template for national strategies that specifically operationalizes this new standard of results-focus in any new sector strategy. (ii) The government, through the 2024 State Budget package approved by Parliament, established explicit linkages between budget programs and the approved Government Program targets. (iii) The MOF, through interministerial circulation of draft law amendments, proposed changes to improve MTEF reliability for medium-term fiscal planning and accuracy against ultimate annual budget allocations, including medium- (line-ministry level) budget ceilings, solutions for carry-forwards in CAPEX, and MTEF updating cycle; (iv) The government, through MOF-approved budget instructions, rolled-out legally binding gender-responsive budgeting requirements across all ministries while also: a) circulating, for interministerial guidance, proposals to make this reform more effective in subsequent fiscal years (including revisions to the manual on Gender-Responsive Budgeting to enhance its comprehensibility) in agreement with the Ministry of Social Affairs, b) enhancing the guideline for public consultations of state bodies on proposed budget programs (‘Open/Citizen's Budget' initiatives) to include gender aspects and raise CSOs awareness and capacity to scrutinize the compliance with gender-responsive budgeting requirements, & c) piloting participatory budgeting across 4 municipalities. (v) MOF completed a first SDG budget tagging exercise at a ‘direct link' level for 2024 and published it with the 2024 State Budget package (approved by Parliament in late 2023). In addition, a separate comprehensive exercise of budget tagging to include ‘indirect link' levels (e.g. SDG 13 on CC actions) was produced and formally disseminated to line-ministries in preparation for the next budget cycle, together with a complete SDG budget tagging framework (including SDG 13 on CC action) also in preparation of the next budget. (vi) Parliament approved the necessary amendments to the tax code to rationalize the coverage of the micro-entrepreneurship tax regime and reduce regulatory arbitrage and the scope of application of tax privileges. Subsequently, MOF applied the framework of analysis of foregone revenue to identify options for rationalizing VAT tax incentives (based on an analysis of revenue foregone, distributional impact and the availability of alternative policies). Also, the MOF: (1) Established and operationalized a systematic and standardized framework to analyze and assess the cost-benefit of VAT incentives and estimate and report foregone revenue; (2) Developed a new Tax Treaty policy framework and Model Double Tax Agreement (DTA) to relieve double taxation and reduce tax evasion (and avoidance) in cross-border transactions and investment, and applied it to negotiations with international treaty partners; (3) Implemented - on behalf of Government and to promote FDI while protecting the domestic tax base -- the minimum standard in the OECD/G20's BEPS inclusive framework, by (a ) removing harmful tax measures in Free Economic Zone and Information Technology PrReform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To enable linkages between annual and medium-term budget planning to climate and gender policy targets and results: (i) Government circulated for interministerial review a Financing Strategy and Investment Plan proposal for Armenia's NDC to facilitate the broad engagement of relevant stakeholders towards the coordinated mobilization of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) Government a) circulated for interministerial review a new National Disaster Risk Management Law, and b) approved a new National Disaster Risk Management Strategy and Action Plan to eliminate contradictions with the Sendai framework for DRR (i.e., ensuring Armenia's planning coherence and optimization with both the Paris Accord and the Sendai Framework objectives); (iii) Government started implementation of components in budget programs for DRR and for CC adaptation and mitigation. Detailed action plans for CC adaptation in at least three sectors were approved (Water, Agriculture, Health), and two more were finalized (Tourism, Energy). (iv) The Ministry of Labor and Social Affairs submitted for Government approval a time-bound 2024-2028 Gender Policy Implementation Strategy Program to operationalize gender equality policies along six policy priorities: governance and decision-making levels; socio-economic and labor; education and science; health; gender-based violence; women/girls and domestic violence prevention, and climate).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: 2.3. The Government: (i) approved and implemented: (a) a new PIM Government Decree to raise the legal standing of its mandatory requirements, b) a new set of updated PIM instructions (through MOE) to accommodate the expansion of scoring criteria into climate change and lessons learned; (ii) through MOF-issued budget circulars, instructed all line ministries (including development partner-financed investment) that (new) projects that exceed a minimum threshold need to go through the PIM process for appraisal and prioritization/scoring and Investment Committee approval before entering the MTEF. (iii) reached a policy decision and provided clarity on the way forward for PIM reform implementation (via e.g. DPM letter or Minister of Finance letter), including: a) acknowledgment of PIM implementation issues in the recent past; b) transition arrangements; c) the (updated) PIM Roadmap to serve as the indicative coordinating action plan for consolidating the PIM reform.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the MOF developed and circulated (inter-ministerially) a Concept to standardize (in terms of reporting and accounting) the treatment to PPP-related fiscal liabilities (towards enabling a future linkage with the fiscal rule) by considering different methodological proposals. In addition, all new PPP Guidelines required to implement the PPP Procedures Decree and complete the PPP operational framework were established through MOE orders.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: The MOF, on the basis of a Rapid Assessment of Enabling Environment/Context for Disaster Risk Financing (with a high-level identification of policy, regulatory and financing gaps), submitted a Concept for a (disaster) Financial Protection Plan Recommendation, for consultations with line-ministries and other stakeholders.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To improve financial transparency, strengthen centralized fiscal monitoring and oversight of operational performance in SOEs: (i) The Government — through MOF — initiated the upgrading of compliance monitoring functions for SOEs' publication of audited financial statements (e.g., the technical requirements for a new separate corporate web portal/ registry were approved); (ii) The MOF circulated for interministerial review a strategic concept proposal for a new SOE Ownership Policy to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; and (c) align performance appraisal to target efficiency gains. (iii) Upon the piloting of the SOE Integrity and Corruption Risk Analysis by the Corruption Prevention Commission, the Ministry of Justice (and the Corruption Prevention Commission) developed and circulated for interministerial review (and public consultations) a set of legal amendment proposals (to the Law on the Corruption Prevention Commission and to the Law on Local Self-Government) to expand the mandate of the Corruption Prevention Commission and include in it the assessment of corruption risks at SOEs and state and community non-commercial organizations (SNCOs) and the provision of recommendations on anti-corruption measures to the competent authorities.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To reduce fiscal inefficiencies and increase impact in direct forms of investment promotion, Government disclosed on the MOF website a comprehensive policy review of state-owned enterprises, equity funds and other financial SOEs, and, with specific regards to ANIF, approved a new Government Decree (subsequent to which: MOE approved a new charter for ANIF, duly lodged in the State Register) and other policy decisions to ensure: i. A binding strategic mandate (and sector focus/investment policies) that eliminates crowding-out of the private sector, and provides a value-for-money rationale for its existence. (complemented by operating procedures that rationalize activities solely based of market failures). ii. transparency with regards to ANIF's use of state-allocated resources, scope of operations and performance indicators (with introduction of performance reviews), iii. fundamental aspects of corporate governance. iv. operational policy/standard operating procedures that rationalize activities solely on the basis of addressing market failures, and v. clear requirements for external financial audits 2.7(b) ANIF was transferred under the ownership oversight and policy coordination of MOE, while Govt considers outright divestment or dissolution actions through the State Property Committee.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: 2.8(a) In order to establish a transparent governing framework for PPP renegotiations for pre-PPP Law PPPs (i.e., “legacy” PPPs) and amendments to any other long-term infrastructure contract, MOF submitted for interministerial review the legal amendment proposals to e.g. establish accountability and fiscal transparency. As an immediate stop-gap measure to address the problem, the DPM issued a directive asserting (a) the key role of MOF in any engagement with private players about renegotiations of “legacy” PPP (together with the policy-making body for each sector) and (b) the requirement for conducting proper fiscal implications analysis during any discussions that can lead to renegotiations. 2.8[b] Parliament approved legal amendments to give the Audit Chamber of the Republic of Armenia the legal authority to conduct audit activities on all “legacy" and new PPPs/PPAs and any other infrastructure service contracts.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: In addition to sustaining the upgrades in public disclosure of fiscal risks of 2021-2022 into 2023-2024 (including climate risks), to establish the legal anchoring for MOF's FRM responsibilities and function and strengthen its systemic relevance: i. MOF approved changes to the FRM charter for it to acquire the functional responsibilities for SOE financial monitoring; ii. MOF activated the mitigation function on “specific" FRM by regularly briefing DPM office with mitigation action proposals on risk events pertaining to PPP/PPAs, credit guarantees, and SOEs iii. MOF circulated for interministerial review draft legal amendment proposals to inter alia give the government the authority to: (a) create the Specific Fiscal Risks Management Council (this is a requirement for a Specific Fiscal Risks Mitigation Recommendations Reporting sub-function), (b) set (through the specific fiscal risk council) Staffing Certification Requirements for fiscal risk management, and (c) establish an inter-institutions mechanism to underpin the information flows of a fully functioning integrated “specific” FRM framework, iv. MOF issued a ministerial order to govern budgetary lending and guarantee requests.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To promote more effective, efficient and transparent procurement practices while also embedding key CC mitigation objectives: (i) Government launched (via approval of MOF Decree) the tender for the e-Procurement module of the GFMIS; (ii) Government implemented key steps of the Procurement Reform Action plan, including: a) approval of amendments (to Govt decree) to impart direct accountability in procurement bodies' use of non-competitive procurement (thereby, and effectively reducing recourse to non-competitive procurement); b) facilitating NGOs' access to contractualized monitoring of national and subnational procurement activities; c) conducting interministerial consultations on a sustainability criteria framework for one recurrent item of government spending, to demonstrate how the government can strategically procure specified items in a sustainable* and cost-effective manner; d) introduction of index-based costing practices in public procurement for all contracts above 1 year term (thereby reducing procurement risks due to price fluctuations and increasing competitive tension) (iii) MOF completed the feasibility assessment on sustainable (“green”) procurement and initiates public consultations on forthcoming options, (iv) MOF issued regulatory guidance to procuring entities on risk mitigation to: (a) eliminate systemic reliance on (high) performance and contract-related securities; (b) promote proper assessment of technical experience upfront; (c) mainstream quality requirements into procurement outcomes; and (d) increase the use of competitive dialogue procedures; (v) MOF launched a Methodology for Assessing Procurement Systems (MAPS) Assessment of its national procurement with development partners.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To formulate green economy policy and align economic policy tools with climate policy: (1) MOE submitted the national strategy on 'Green and Sustainable Economic Development' (including ‘Circular Economy' development proposals and implementation arrangements) for Government approval. (2) The concept of green taxonomy was approved by the Ministerial Order of MOE (3) A concept for a law on an ‘Extended Producer Responsibility' system was circulated for interministerial review. The MOE also formally operationalized a working group to define preconditions for 'circular economy' and sustain dialogue. (4) Government approved a Long-Term Low Emissions Development Strategy till 2050 [5] MOEnv circulated for interministerial review a new Law on Climate, and approved a Ministerial Order on Climate Financing Information (applicable only to Ministries, Yerevan Municipality and communities) to govern the submission of information on climate financing (received by Armenia) in the context of the Paris Agreement.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: The MOF: [i] implemented the MTDS, 2022-2024 and MTDS 2023-2025 within they benchmark targets for refinancing, interest rate, and exchange rate risk with minimal deviations; and through the approved MTDS for 2024-2026:, MOF raised further the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and improved the exchange rate risk benchmark indicators (i.e., the shares of public domestic debt and dram denominated debt in total debt to be above 40%); [ii] approved the Debt Data Validation Procedures Manual and incorporated it into the Procedures Manuals of the Public Debt Management Department. MOF also completed the upgrade of its debt management database to a new DMFAS-6 system to enhance the autonomy, management, and analytical capabilities of debt management office with new modules on debt securities, reorganization, non-guaranteed external debt, and debt analysis modules. [iii] submitted legal amendment proposals to government for upgrading the Public Debt Law, to address identified shortcomings (e.g. expanding the scope of what is reported as public sector debt, including subnational debt instruments and SOE debt instruments; and [iv] in addition to approval by Parliament of legal amendments to the Law of the Treasury System and the Law on Budget System, it supported the final approval by Government of implementing legislation to regulate the process of replenishment and utilization of the new Stabilization Account.Reform area: Improving government securities market and money markets infrastructure Outcome: 2.a Trading Turnover in government bonds (secondary market transactions at both AMX and OTC, in volume) in percentage of nominal GDP increased to 9% (2019 baseline: 6.9%). Data source: AMX and MOF reports. Description: 2.13 The Government ensured that the implementation of the Capital Markets Development Strategy time-bound action plan remained broadly on track, and specifically implemented the following sub-actions: i. the MOE publicly disclosed the status of the Capital Markets Development Strategy ii. to enable the effective reorganization of the outstanding public debt redemption/maturity profile of Armenia (to consolidate outstanding lines into key benchmarks), the CBA and MOF developed the necessary regulations to ensure that—after system testing is complete—bond switch auction options could become fully operational on the AMX platform; and iii. the PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA, by also obtaining the necessary tax revenue forecasts and integrating these information flows and routines to more effectively support CBA's systemic liquidity management efforts.Reform area: Improving government securities market and money markets infrastructure Outcome: 2.a Trading Turnover in government bonds (secondary market transactions at both AMX and OTC, in volume) in percentage of nominal GDP increased to 9% (2019 baseline: 6.9%). Data source: AMX and MOF reports. Description: 2.14 To promote the systemic relevance of money markets to the Armenian financial system, the CBA: a) together with AMX, established and fully operationalized the new money markets (repo) trading platform. b) circulated for interdepartmental consultations the draft concept on ISDA SFT Schedule Provisions (as an alternative reform route to the GMRA), on the basis of consultations with the financial industry on the Concept Paper for a GMRA (Armenian version) and the Gap Analysis on the possibility to use GMRA by CBA and banks in repo transactions.Reform area: Improving government securities market and money markets infrastructure Outcome: 2.b Demand to placement ratio for government bonds reaches 2.5 (2020 baseline: 1.7) Data source: MOF reports. Description: 2.13 The Government ensured that the implementation of the Capital Markets Development Strategy time-bound action plan remained broadly on track, and specifically implemented the following sub-actions: i. the MOE publicly disclosed the status of the Capital Markets Development Strategy ii. to enable the effective reorganization of the outstanding public debt redemption/maturity profile of Armenia (to consolidate outstanding lines into key benchmarks), the CBA and MOF developed the necessary regulations to ensure that—after system testing is complete—bond switch auction options could become fully operational on the AMX platform; and iii. the PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA, by also obtaining the necessary tax revenue forecasts and integrating these information flows and routines to more effectively support CBA's systemic liquidity management efforts.Reform area: Improving government securities market and money markets infrastructure Outcome: 2.b Demand to placement ratio for government bonds reaches 2.5 (2020 baseline: 1.7) Data source: MOF reports. Description: 2.14 To promote the systemic relevance of money markets to the Armenian financial system, the CBA: a) together with AMX, established and fully operationalized the new money markets (repo) trading platform. b) circulated for interdepartmental consultations the draft concept on ISDA SFT Schedule Provisions (as an alternative reform route to the GMRA), on the basis of consultations with the financial industry on the Concept Paper for a GMRA (Armenian version) and the Gap Analysis on the possibility to use GMRA by CBA and banks in repo transactions.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate transparency Outcome: Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: 2.15 To promote new financial instruments and investors, the following has been implemented: i. To promote international integration of Armenia's capital markets, the MOF and AMX established solutions in the scope of the Retail Debt Program to enable non-residents' direct access to the government securities market in Armenia; ii. To enable the transition of Armenian “investment funds” (including venture and private equity funds) from non-public to public, and to safely and credibly develop this market segment, Government submitted for interministerial review a set of legislative amendments to (a) give CBA the authority to set new rules for non-public funds through secondary legislation, including on performance requirements, (b) clarify rules applicable to non-public funds (e.g. procedure for fund creation, registration of rules, fund charter rules, provisions for liquidation procedures); and iii. Government submitted to interministerial review a draft legislative package that would allow LLCs and JSC to become borrowers of convertible loans, and to regulate the process of conversion of debt to equity and tax treatment. iv. Government circulated for interministerial review amendments to the Law on Joint-Stock Companies to e.g. promote project finance, by clarifying the separation between ordinary and preferred shares, and aligning the rules governing negative equity balance with the insolvency law; v. Parliament approved amendments to the Civil Code, to enable corporate governance policy setting (e.g. to give government the authority to set corporate governance requirements [namely MOE]). vi. MOE circulated a new corporate governance code draft (proposing, inter alia, a minimum 30% of women in boards) for interministerial review, private sector and civil societyReform area: Broadening the base of financial instruments and investors, and enhancing corporate transparency Outcome: Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: 2.16 To pre-empt financial stability risks and ensure market integrity and sustainability in the proliferation of green finance instruments (and ESG claims) in Armenia, the CBA: i. Adopted—through a formal resolution of the CBA Board—a Roadmap for Sustainable Finance with time-bound targets; ii. Undertook consultations with the financial industry on (a) ESG reporting templates and draft reporting framework, (b) Draft report and recommendations on integration of social factors into financial system policy and regulatory frameworks (which included concrete gender diversity requirement proposals) (c) Integration of ESG risk management and assessment tools (e.g. risk radar), and iii. Publicly disclosed in its Annual Financial stability report an analysis of climate risks to the credit portfolio of banks, and initiated consultations with the financial industry's financial risk managers on the way forward.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate transparency Outcome: Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: 2.17 The Monitoring guidelines for quality assurance of audit companies, auditors and expert accountants, were established. In addition, the MOF approved the simplified manual for accounting and financial reporting for micro-sized entities, and, to promote its widespread adoption, the Public Oversight Board: officially endorsed the professional community and public dissemination of simplified Chart of Accounts and corresponding guidelines for its application (based on the manual).Reform area: Broadening the base of financial instruments and investors, and enhancing corporate transparency Outcome: Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: 2.18 To continue strengthening the insolvency regime and the protection of creditor's rights: i. Parliament approved a normative legal act providing for amendments to the Law on Bankruptcy to enable the introduction of electronic justice tools (pre-conditions for the launch and fully operationalization of the e-bankruptcy system). ii. The MOJ circulated, for interministerial review and public consultations, a New Insolvency Code Concept. XM-DAC-46004-49078-004-LN4351Asian Development BankThe program will support the implementation of the National Strategy for Disaster Risk Reduction during 2015-2026 by (i) improving school seismic safety to reduce casualties and damage in schools during earthquakes, and (ii) enabling better use of school buildings as shelters for the general public and as focal points for emergency response after earthquakes. The program reflects the key focus areas advocated by the National Strategy for Disaster Risk Reduction and is in line with the four priorities identified in the Sendai Framework for Disaster Risk Reduction, 2015-2030.Asian Development BankMinistry of Territorial Administration and DevelopmentAsian Development BankAsian Development BankMousaelyan, Gohar Roubenhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=49078-001 (Active)&officer= gmousaelyan@adb.org&division= Human and Social Development Sector Office (SG-HSD)&projectcountry= ArmeniaArmenia40.29496 44.93837Environmentally sustainable growth Inclusive economic growthGender Equity and Mainstreaming Governance and capacity development Knowledge solutions Partnerships Private sector developmentEffective gender mainstreaming (EGM)66100000Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development3222222.20Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development5462731.30Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development1177777.70Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development3636111.00Asian Development BankMinistry of Territorial Administration and Development6276842.00Asian Development BankMinistry of Territorial Administration and Development684832.04Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development5269252.88Asian Development BankMinistry of Territorial Administration and Development629398.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development684832.04Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development0.00Asian Development BankMinistry of Territorial Administration and Development836094.99Asian Development BankMinistry of Territorial Administration and DevelopmentPerformanceFiduciaryOutput/s as listed by the project staff.Output: National capacity in executing and implementing the seismic safety investment program enhanced Indicator: At least 11 additional staff recruited and deployed in ATDF by 2015 Achievement: 11 Progress/Status: All 11 additional staff were recruited in end 2016. Data Source: ATDF's staffing reportsOutput: National capacity in executing and implementing the seismic safety investment program enhanced Indicator: Program monitoring and evaluation system with social and gender indicators in place by 2016 Achievement: Y Progress/Status: The program M&E was in place end 2016. Data Source: ATDF's semiannual program performance reports and system checks Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2016 Target value: Y Actual value: YOutput: National capacity in executing and implementing the seismic safety investment program enhanced Indicator: ATDF's operations manual is updated and adopted for the program by 2016 Achievement: Y Progress/Status: ATDF operations manual was updated and adopted in end 2016. Data Source: ATDF's semiannual program performance reports and system checks Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2016 Target value: Y Actual value: YOutput: National capacity in executing and implementing the seismic safety investment program enhanced Indicator: 30 government officials, with at least 40% women, involved in the program management, implementation, and monitoring trained and licensed, when necessary by 2018 Achievement: Y Progress/Status: All 30 program staff received training. Data Source: Training course evaluation and other reports Actual value: YOutput: National capacity in executing and implementing the seismic safety investment program enhanced Indicator: Template bidding documents are prepared in accordance with internationally accepted procurement procedures by 2016 Data Source: ATDF's semiannual program performance reports and system checks Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2016 Target value: YOutput: Seismic disaster preparedness and response capacity strengthened Indicator: 46 communities reached by public awareness campaigns (with at least 50% female participation) in the onsite meetings on seismic risk and response in accordance with the seismic emergency response plans Achievement: 23 Progress/Status: As of 30 June 2026, 23 communities (58% women's participation) received public awareness campaigns on seismic risk. The emergency response plans have been developed for 23 schools. Data Source: ATDF's semi-annual program performance reportsOutput: Seismic disaster preparedness and response capacity strengthened Indicator: Knowledge of 100 construction managers and workers enhanced with vocational trainings on seismic safety construction technologies, techniques, and skills by 2027 Achievement: 100 Progress/Status: 100 engineers received training on seismically safe construction. Data Source: Training course evaluation survey reportsOutput: Seismic resilience of school buildings increased Indicator: school buildings of 46 schools renovated and/or reconstructed meeting the safety standards for MSK IX scale earthquakes as validated by an internationally accredited third party, with wheelchair access and sex-segregated toilets Achievement: 31 Progress/Status: In progress. Construction is completed and validated in 31 schools, the remaining 15 schools are under construction. Data Source: ATDF's semi-annual program performance reportsOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: Updated and consolidated SSRP, using the prioritization criteria developed with support of the United Nations Children's Fund approved by 2015 Achievement: Y Progress/Status: School strengthening ad Renovation Program was approved in 2015 and was updated in January 2017. Data Source: Government resolution Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2015 Target value: Y Actual value: YOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: Guidelines in line with international best practices for school seismic strengthening and retrofitting approved by 2016 Achievement: Y Progress/Status: Guidelines in line with international best practices for school seismic strengthening and retrofitting is completed. The guidelines were developed with World Bank support. Data Source: Order of the Urban Development Committee Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2016 Target value: Y Actual value: YOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: Updated building codes for school buildings harmonized with international standards and approved by 2016 Achievement: Y Progress/Status: Building code updates have been completed, approved by SCUD in December 2020 and endorsed by validation consultant in March 2021. The DLI achievement is approved by ADB. Data Source: Order of the Urban Development Committee Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2016 Target value: Y Actual value: YOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: National seismic hazard probabilistic map updated based on the seismic risk assessment and approved by 2018 Achievement: Y Progress/Status: National seismic hazard probabilistic map has been completed with the support of World Bank. The achievement is approved is ADB. Data Source: Order of the Ministry of Emergency Situations Baseline year: 2014 Baseline value: N Baseline year: 2014 Baseline value: N Target year: 2018 Target value: Y Actual value: YOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: A financing strategy for seismic safety improvement and management of public infrastructure approved by 2024 Achievement: Y Progress/Status: The financing strategy for seismic safety improvement and management of public infrastructure has been developed and submitted to the government. As it contains sensitive information on the public infrastructure, the full report will not be published. Instead a summary will be published as a policy brief. Data Source: Government resolution Baseline year: 2022 Baseline value: N Baseline year: 2022 Baseline value: N Target year: 2024 Target value: Y Actual value: YOutput: Supportive policies and systems for seismic disaster risk management and reduction improved Indicator: Manual for the application of the updated building code developed and approved to guide structural engineers on the revised seismic standards by 2024 Achievement: Y Progress/Status: The manual is completed and submitted to the UDC for approval and disclosure. Data Source: Order of Urban Development Committee Baseline year: 2022 Baseline value: N Baseline year: 2022 Baseline value: N Target year: 2024 Target value: Y Actual value: YImproved coverage of seismically safe school buildingsPercentage of male and female students studying in school buildings meeting the safety standards for MSK-IX scale earthquake is at least 5.3% Achievement: 4.45 Progress/Status: As of Q2 2026, out of 46 program schools, construction is completed and validated for 31 schools, the remaining 15 schools are under construction. With the completed schools, an increase of 4.45% of students studying in school buildings meeting the safety standards for MSK-IX scale earthquake is achieved. Data Source: ATDF's semiannual program performance reports Program completion report XM-DAC-46004-54293-001-LN4521Asian Development BankThe program aims to improve the quality of health care as stipulated in the Government Program, 2021-2026, Health Sector Strategy 2023-2026, the UHI Concept Paper, and the Quality of Care Strategy 2022-2026. The proposed RBL program is aligned with the following impact: personal and public health improved. The outcome of the RBL program will be quality of health care improved, measured by (i) amenable deaths for chronic conditions reduced; (ii) in-hospital mortality for acute myocardial infarction reduced; and (iii) hospitalization rate for ambulatory care sensitive conditions reduced. The program will have the following outputs: (i) infrastructure and equipment to provide quality health services improved; (ii) capacity and organization for quality of care strengthened; and (iii) quality improvement interventions and monitoring institutionalized. Disbursement-linked indicators (DLIs) may include (i) amenable deaths for chronic conditions reduced; (ii) in-hospital mortality for acute myocardial infarction reduced; (iii) health facilities upgraded or constructed and equipped with consideration of climate-resilience and gender responsiveness; (iv) institutional structure and leadership, including for female leaders, for quality of care strengthened; (v) availability of qualified health workers improved; (vi) gender- and climate-responsive quality of care standards and improvement tools piloted in selected number of marzes (regional administrative entities) and approved for nationwide scale-up; and (vii) health facilities reporting quality indicator data on time.Asian Development BankMinistry of HealthcareAsian Development BankAsian Development BankRamesh, Kirthihttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=54293-001 (Active)&officer= kramesh@adb.org&division= Human and Social Development Sector Office (SG-HSD)&projectcountry= ArmeniaArmenia40.29496 44.93837Effective gender mainstreaming (EGM)Addressing remaining poverty and reducing inequalitiesAccelerating progress in gender equalityTackling climate change, building climate and disaster resilience, and enhancing environmental sustainabilityStrengthening governance and institutional capacity45310000Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare4178854.99Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of Healthcare0.00Asian Development BankMinistry of HealthcarePerformanceFiduciaryOutput/s as listed by the project staff.Output: Capacity and organization for quality of care strengthened Indicator: By 2025, a QMCU is operational with at least half of the members being women (2023 baseline: not established) Achievement: 0 Progress/Status: As of Q2 2026, progress remains delayed. The draft Government Decision establishing the QMCU has received a positive opinion from the Ministry of Justice but has not yet been approved. Government approval and operationalization of the QMCU are expected in August-September 2026. Data Source: HPIU reports and/or database Baseline year: 2023 Baseline value: Not established Baseline year: 2023 Baseline value: Not established Target year: 2025 Target value: Established Actual value: 0Output: Capacity and organization for quality of care strengthened Indicator: By 2025, financial resources to improve quality of care provided through the UHI (2023 baseline: NA) Progress/Status: As of Q2 2026, progress continues but remains delayed. The UHI system rollout commenced in January 2026, and quality-of-care requirements are being incorporated into provider contracting arrangements. However, dedicated financing mechanisms and budget allocations for quality improvement activities, including financing of quality coordinators and related activities, have not yet been established. Data Source: PIU reports and/or database Baseline year: 2023 Baseline value: Not applicable Baseline year: 2023 Baseline value: Not applicable Target year: 2025 Target value: 1Output: Capacity and organization for quality of care strengthened Indicator: By 2028, at least 75% of health care facilities have established QI plans and at least 40% participate actively in a socially inclusive, gender- and climate-responsive QI campaign (2023 baseline: 0) Progress/Status: As of Q2 2026, the indicator remains on track. The Quality Improvement Rollout Plan and Quality Management Mechanisms have been approved by the MOH and verified by the MOF. However, implementation of facility-level QI plans and campaigns remains pending establishment of the QMCU. Quality coordinators have started online training through NIH, and additional support will be provided under the attached TA. Data Source: Initially: HPIU reports and/or database; subsequently: QMCU reports and/or database Actual value: Output: Capacity and organization for quality of care strengthened Indicator: By 2028, at least 15% of registered patients (of which at least 50% are women) use the patient portal for engaging in their care (2023 baseline: 0) Progress/Status: As of Q2 2026, progress is ongoing but delayed. The patient portal is available within ARMED; however, portal functionality and user uptake require further review. The digital health firm under the JFPR TA will conduct a user survey and provide recommendations to improve portal utilisation and patient engagement. Data Source: ARMED through NIH Actual value: Output: Capacity and organization for quality of care strengthened Indicator: By 2028, at least 30% of health care facilities implement CPG-based electronic clinical decision support tools for selected high-priority clinical areas (2023 baseline: 0) Progress/Status: As of Q2 2026, implementation is ongoing. Electronic clinical decision support tools remain under development. The UHIF has developed an AI-enabled tool supporting claims review, provider performance monitoring, and payment verification under the UHI framework. NIH is also developing a system. Further review and alignment with the programme objectives will be supported through the digital health technical assistance. Data Source: ARMED through NIH Actual value: Output: Capacity and organization for quality of care strengthened Indicator: By 2028, at least 60% of certified physicians and 100% of newly admitted residents are licensed according to new licensing requirements (2023 baseline: 0) Progress/Status: As of Q2 2026, implementation is progressing. The licensing framework and procedures have been approved through Government Decree No. 437-N. As of 1 February 2026, 908 clinical residents completed the centralised examination process, while 102 residents obtained transitional individual licences. Additional measures are being implemented to facilitate completion of the licensing process. Amendment to the law approved in 2024. MOF validated achievement of prior result. Government Decree “On determining the application forms for obtaining an individual license and a transitional individual license, the list of documents necessary for obtaining an individual license and a transitional individual license, the grounds and procedure for refusing their issuance, the procedure for issue and extension of their validity” No. 437-N dated 17.04.2025 approved. The licensing process for residents has commenced: 338 candidates took the theoretical exam, 261 met the passing threshold, 149 have already taken the practical exam, and 147 successfully passed it. Data Source: Health Workforce Information System Actual value: Output: Capacity and organization for quality of care strengthened Indicator: (JFPR) By 2027, quality coordinators in at least 80% of primary and secondary health facilities trained on core quality improvement skills and on inclusive, and gender- and climate-responsive quality of care (2023 baseline: 0) Progress/Status: Quality coordinators roles described in approved decree and some training ongoing. Development of eLearning course on quality ongoing. Training yet to start pending hiring of quality of care firm under attached TA. Data Source: HPIU reports and/or database Actual value: Output: Capacity and organization for quality of care strengthened Indicator: (JFPR) By 2027, simulation center for practical examinations equipped (2023 baseline: NA) Progress/Status: HPIU advertised RFQ for simulation center equipment. Data Source: HPIU reports and/or database Baseline year: 2023 Baseline value: Not applicable Baseline year: 2023 Baseline value: Not applicable Target year: 2027 Target value: 1Output: Climate- and gender-responsive and inclusive health facilities for quality health services delivered Indicator: By 2028, at least 24 health care facilities are rehabilitated or constructed and equipped meeting criteria for climate change mitigation and adaptation, inclusive design and gender responsiveness (2023 Baseline: 0) Progress/Status: As of Q2 2026. In progress. Construction works for 19 ambulatories are currently underway. The process of purchasing medical equipment has begun, and by the end of October, 2026, all 19 medical ambulatories will be ready to operate in the new building. Data Source: HPIU reports and/or database Actual value: Output: Climate- and gender-responsive and inclusive health facilities for quality health services delivered Indicator: By 2026, at least 2,783 licenses issued to health care facilities are re-licensed based on the new licensing requirements (2023 Baseline: 0) Progress/Status: As of Q2 2026. In progress. Updated official data indicate that 377 regional outpatient facility licenses have been re-licensed, exceeding the 2026 target of 275. For regional hospitals, 92 licenses have been re-licensed, and the process remains ongoing toward the target of 286. Data Source: Facility licensing registry Actual value: Output: Climate- and gender-responsive and inclusive health facilities for quality health services delivered Indicator: By 2028, telemedicine in 10 remote sites piloted and pilot evaluated, with outreach activities to women, older persons, and persons with disabilities (2023 Baseline: 0) Progress/Status: As of Q2 2026. In progress, but delayed. 330 ECG devices and tablets for Telemedicine were purchased with the support of the Global Fund, which were provided to the MCHs. A training on Telemedicine and FGD with vulnerable groups will be conducted to inform women, outreach activities to older persons and persons with disabilities. The 10 telemedicine sites still need to be identified. Data Source: HPIU progress reports Actual value: Output: Climate- and gender-responsive and inclusive health facilities for quality health services delivered Indicator: (JFPR) By 2027, guidelines on climate-responsive and energy-efficient health care facility management developed and training for health facility building managers in all public health facilities carried out (2023 Baseline: 0) Data Source: HPIU reports and/or database Actual value: Output: Quality of care measurement and accountability institutionalized Indicator: By 2027, at least 360 health care facilities have staff trained on digital health care data reporting and analysis (of which at least 50% are women) to meet quality of care monitoring and evaluation requirements, including data privacy especially for vulnerable groups (2023 baseline: 30%) Progress/Status: As of Q2 2026, implementation has not yet commenced but preparatory work is underway. The digital health consulting firm mobilized in March 2026 is reviewing existing training materials and developing additional digital health and data analysis modules linked to quality-of-care monitoring and reporting requirements. Training activities are expected to begin during 2026. Data Source: HPIU reports and/or database Baseline year: 2023 Baseline value: 30% Baseline year: 2023 Baseline value: 30% Target year: 2027 Target value: 360Output: Quality of care measurement and accountability institutionalized Indicator: By 2027, at least 80% of health care facilities submit disaggregated data for at least 15 quality of care indicators through ARMED that are visualized on dashboards (2023 baseline: 0) Progress/Status: As of Q2 2026, implementation is progressing but remains delayed. Fifteen hospital-level indicators and 11 PHC-level indicators have been approved. WHO is supporting indicator metadata development, while data mapping and technical assessments within ARMED are ongoing to support dashboard development and reporting functionality. Mock-up dashboards are also being developed under ADB technical assistance. A dashboard and data workshop supported by ADB TA will be help end of August 2026 to advance activities Data Source: ARMED through NIH Actual value: Output: Quality of care measurement and accountability institutionalized Indicator: By 2027, NIH publishes annual quality of care statistics and analyses based on facility data disaggregated for sex, age-group, insurance status and residence category, and status. (2023 baseline: not established) Progress/Status: As of Q2 2026, progress is underway. The digital health firm has been mobilized to support capacity development in quality-of-care data analysis and reporting. A dashboard and data workshop is planned for end of August 2026. Publication of annual quality-of-care statistics remains dependent on the establishment of data collection and reporting systems under DLI 7 Data Source: HPIU and NIH reports Baseline year: 2023 Baseline value: Not established Baseline year: 2023 Baseline value: Not established Target year: 2027 Target value: EstablishedOutput: Quality of care measurement and accountability institutionalized Indicator: (JFPR) By 2027, tools for early warning systems for key climate sensitive diseases updated (2023 baseline: tools existing but need updating) Progress/Status: As of Q2 2026, implementation has started. Climate and health consultants engaged under the JFPR TA are working with the National Center for Disease Control on updating systems and protocols related to climate-sensitive diseases and health risks Data Source: HPIU and NCDC reports Baseline year: 2023 Baseline value: tools not updated Baseline year: 2023 Baseline value: tools not updated Target year: 2027 Target value: Tools updatedQuality of care improvements demonstratedPercentage of men and women with high cardiovascular risk or diabetes whose LDL levels are checked at least once a year increased to at least 90% (Baseline data to be available in 2025) Progress/Status: In progress but delayed. Baseline data collection ongoing. Previous issue around the cardiovascular risk assessment methodology has been resolved. Age adjustment in verification protocol pending change of scope memo. Data Source: ARMED through NIH Baseline value: TBDPercentage of STEMI cases among men and women who received timely reperfusion therapy increased to at least 20% from baseline (Baseline data to be available in 2025) Progress/Status: In progress, but delayed. A standardized STEMI case reporting template was shared with health facilities to enable data collection in paper-based or Excel formats until the dedicated module/registry is established in the ARMED system, which will allow for electronic data entry and centralized reporting. The data collection registry framework is currently under review by the relevant departments of the MOH, with comments requested by 25 July 2026. Following finalization of the registry framework, ADB consultants will complete the sampling methodology, and the baseline assessment will be implemented with financial and technical support from ADB. Data Source: ARMED through NIH Baseline value: TBDInpatient admissions for ambulatory care sensitive conditions for selected NCDs reduced by at least 10% (2023 baseline: 113,248) Progress/Status: Not yet due Data Source: ARMED through NIH Baseline value: 113,248 XM-DAC-46004-56317-001-LN4575Asian Development BankThe Resilient and Inclusive Road Sector Improvement Project has a length of 27.1 km and is a green field alignment traversing mountainous terrain and includes 16 bridges and 3 tunnels. The estimated cost is $400 million with ADB's share of financing to be $255 mil and cofinancing by EIB in the amount of $107 mil. The proposed project is designed to (i) address inefficiencies in transport and logistics to and from one of the only two open borders in the country, (ii) alleviate emerging regional socio-economic disparities, (iii) provide safety, sustainability, and climate resilience of road assets, and (iv) expand the economic benefit of infrastructure investment to the region.Asian Development BankAsian Development BankMinistry of Territorial Administration and InfrastructureAsian Development BankAsian Development BankHerz, Thomashttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=56317-001 (Active)&officer= therz@adb.org&division= Transport Sector Office (SG-TRA)&projectcountry= ArmeniaKajaran40.22369 44.33472Sisian39.52101 46.03581Effective gender mainstreaming (EGM)Addressing remaining poverty and reducing inequalitiesAccelerating progress in gender equalityTackling climate change, building climate and disaster resilience, and enhancing environmental sustainabilityPromoting rural development and food securityStrengthening governance and institutional capacityFostering regional cooperation and integration236000000Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development Bank0.00Asian Development BankAsian Development BankPerformanceFiduciaryOutput/s as listed by the project staff.Output: Capacity of the "Road Department" Fund improved. Indicator: 2a. 20 RDF staff (of whom at least 40% are women) reported enhanced knowledge in project design and implementation. (2024 baseline: not applicable). (OP 1.1.1 and 6.1.1) Achievement: 0 Progress/Status: The individual consultant contract (National Gender Specialist for Fostering Women's Entrepreneurship in Armenia's Syunik Region and Gender Mainstreaming in Transport) was signed on 3 February 2026. The services commenced on 4 February 2026 and will continue until 30 November 2027. Data Source: Not ApplicableOutput: Capacity of the "Road Department" Fund improved. Indicator: 2b. 30 RDF staff (of whom at least 35% are women) reported enhanced knowledge in bridge management and road maintenance. (2024 baseline: not applicable). (OP 1.1.1 and 6.1.1) Achievement: 0 Progress/Status: Same as above. The procurement of the bridge asset management system components has not yet started. Data Source: Not ApplicableOutput: Capacity of the "Road Department" Fund improved. Indicator: 2c. At least one human resource management practice adopted to support the hiring, retention, and promotion of female staff in technical positions. (OP 2.3.2). Achievement: N Progress/Status: Same as above. Data Source: Not Applicable Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2033 Target value: 1 Actual value: NOutput: Capacity of the "Road Department" Fund improved. Indicator: 2d. By 2027, a paid internship program developed for female technical students or recent graduates to support women's representation in road infrastructure design, delivery, and operations. (baseline: not applicable). (OP 1.1.1 and 2.1.1.) Achievement: N Progress/Status: Same as above. Data Source: Not Applicable Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2027 Target value: 1 Actual value: NOutput: Climate and disaster-resilient road connectivity improved. Indicator: 1a. New 27.1 km 2-lane road constructed with (i) climbing lanes, (ii) 16 bridges (total length of about 3 km), and (iii) 3 tunnels (total length of 1.7 km). (2024 baseline: not applicable). (OP 1.3.1) Achievement: N Progress/Status: Recruitment of consultants and procurement of works ongoing. Data Source: Not Applicable Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2033 Target value: N Actual value: NOutput: Climate and disaster-resilient road connectivity improved. Indicator: 1b. Climate-resilient design and construction methods, green road principles, and best practices in operation and maintenance applied. (2024 baseline: not applicable). (OP 3.1.5) Achievement: N Progress/Status: Recruitment of consultants and procurement of works ongoing. Data Source: Not Applicable Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2033 Target value: N Actual value: NOutput: Climate and disaster-resilient road connectivity improved. Indicator: 1c. Climate-resilient road constructed, leading to reduced trade losses and delays (2024 baseline: trade losses of $.06-$.23/hr and delays of 10 days/year) (OP 3.2.5). Achievement: N Progress/Status: Recruitment of consultants and procurement of works ongoing. Data Source: Not Applicable Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2033 Target value: N Actual value: NOutput: Climate and disaster-resilient road connectivity improved. Indicator: 1d. Rest area concept developed and pilot rest area constructed, incorporating gender-responsive and inclusive design features to serve women, children, and older persons. (2024 baseline: not applicable). (OP 1.3.1 and 2.4.1) Achievement: N Progress/Status: Not yet started. Data Source: Not Applicable Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2033 Target value: N Actual value: NOutput: Women's entrepreneurial capacity and access to financial services in the Syunik region increased. Indicator: 3a. At least 250 women start-up entrepreneurs demonstrated knowledge and skills in financial literacy, entrepreneurship skills, and e-commerce. (2024 baseline: 0). (OP 1.1.1 and 2.1.3.) Achievement: 0 Progress/Status: The consulting contract on women's entrepreneurship and micro, small, and medium enterprise development was signed on 2 June 2026 and the services commenced on 15 June 2026. Data Source: TBDOutput: Women's entrepreneurial capacity and access to financial services in the Syunik region increased. Indicator: 3b. At least 60 micro-, small- and medium-sized enterprises owned by women demonstrate improved skills in business planning, and market strategies and approaches. (OP 1.1.1 and 2.1.3) Achievement: N Progress/Status: Same as above. Data Source: TBD Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2033 Target value: N Actual value: NOutput: Women's entrepreneurial capacity and access to financial services in the Syunik region increased. Indicator: 3c. At least one business advisory and coaching approach designed to facilitate access to financial services. (OP 2.3.2) Achievement: 0 Progress/Status: Same as above. Data Source: TBDRegional mobility improved and accessibility increased.Average travel time between Sisian and Kajaran reduced by 90 minutes (to 48 minutes) resulting in lower GHG emissions. (2024 baseline: 138 min; 44,309TCO2/year). (OP 3.1.3, OP 7.2.2) Achievement: N Progress/Status: Procurement of works and consulting services ongoing; target achievement to be assessed at project completion. Data Source: Project Progress and Completion Reports Baseline value: 138 min;44309TCO2/yrThe project road achieves a 3-star or better road-safety rating for all motorized road user groups. (2024 baseline: not applicable). (OP 1.3.1) Achievement: N Progress/Status: Procurement of works and consulting services ongoing; target achievement to be assessed at project completion. Data Source: Post construction star rating assessment and Road Safety Audit Report Base year: 2023 Baseline value: n/a XM-DAC-46004-58380-001-LN7863Asian Development BankThis sustainability-linked bond (SLB) is expected to help advance the United Nations' Sustainable Development Goals (SDG), including goals 7 (affordable and clean energy), and 9 (industry, innovation and infrastructure).Asian Development BankTelecom Armenia OJSCAsian Development BankAsian Development BankPocheim, Wolfganghttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=58380-001 (Active)&officer= wpocheim@adb.org&division= Infrastructure Finance Division 1 (PSIF1)&projectcountry= ArmeniaArmenia40.29496 44.93837Effective gender mainstreaming (EGM)30000000Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSC0.00Asian Development BankTelecom Armenia OJSCPerformanceFiduciaryOutput/s as listed by the project staff.To be added when new result comes XM-DAC-46004-58122-001-GRNT1040Asian Development BankThe Transformative Housing Reforms for Improved Vitality and Empowerment Program will contribute toward the financing of and address the long-term, sustainable housing needs of approximately 109,000 ethnic Armenian refugees who fled to Armenia around September 2023. In support of the government's housing program articulated in Decree "N 710-L", the program will enhance opportunities for the refugees to receive long-term housing and improve social and economic conditions in Armenia, contributing to the broader social housing policy objectives of the government. It focuses on (i) developing an improved social housing governance policy framework, (ii) establishing resilient and inclusive housing finance systems, (iii) improving market regulations and financing mechanisms, and (iv) strengthening institutions and enhancing the knowledge of beneficiaries.Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankAinabe, Benitahttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=58122-001 (Approved)&officer= bainabe@adb.org&division= Finance Sector Office (SD3-FIN)&projectcountry= ArmeniaArmenia40.29496 44.93837Effective gender mainstreaming (EGM)16450000Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)PerformanceFiduciaryOutput/s as listed by the project staff.Output: Improved social housing governance policy framework developed Indicator: At least 1 successful gender-responsive outreach campaign to eligible refugee households completed. Data Source: MLSA-audited financial statements, semiannual reports, and independent monitoring reports. Actual value: Output: Improved social housing governance policy framework developed Indicator: Interministerial committee established with at least 35% female representation. Data Source: MLSA-audited financial statements, semiannual reports, and independent monitoring reports. Actual value: Output: Improved social housing governance policy framework developed Indicator: Comprehensive management information system to harmonize benefits established and operationalized by MLSA. Data Source: MLSA-audited financial statements, semiannual reports, and independent monitoring reports. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Improved social housing governance policy framework developed Indicator: Long-term housing strategy to address pre-existing and ongoing housing needs developed and adopted. Data Source: MLSA-audited financial statements, semiannual reports, and independent monitoring reports. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Institutions strengthened, and beneficiary knowledge enhanced. Indicator: All ethnic Armenian refugees can access existing social protection programs for non-refugees. Data Source: MLSA semiannual reports and independent monitoring reports. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Institutions strengthened, and beneficiary knowledge enhanced. Indicator: At least 1 knowledge-sharing session on improving women's access to finance provided by NMC or MLSA to participating banks under the programe Data Source: MLSA semiannual reports and independent monitoring reports. Actual value: Output: Market regulations and financing mechanisms improved. Indicator: Regulations governing NMC's leverage ratios revised. Data Source: CBA regulations and strategic documents. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Market regulations and financing mechanisms improved. Indicator: Mortgage-backed securitization or covered bond program(s) enabled. Data Source: CBA and NMC regulations and strategic documents. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Market regulations and financing mechanisms improved. Indicator: Regulation requiring developers to meet minimum financial covenants and commitments adopted. Data Source: CBA and NMC regulations and strategic documents. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Market regulations and financing mechanisms improved. Indicator: NMC's restructuring strategy to become market oriented and support long-term housing finance (e.g., through divestment from CBA) adopted. Data Source: CBA and NMC regulations and strategic documents; bond prospectuses. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Market regulations and financing mechanisms improved. Indicator: NMC capitalized. Data Source: CBA and NMC regulations and strategic documents; bond prospectuses. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Market regulations and financing mechanisms improved. Indicator: AMD15 billion of NMC bonds issued Data Source: CBA and NMC regulations and strategic documents; bond prospectuses. Baseline year: 2024 Baseline value: 7,000,000,000 Baseline year: 2024 Baseline value: 7,000,000,000 Target year: 2030 Target value: 15,000,000,000Output: Resilient and inclusive housing finance systems established. Indicator: Inclusive climate-resilient or seismic-resilient building standards established and enhanced. Data Source: MLSA and Urban Development Committee semiannual reports, and independent monitoring reports. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Resilient and inclusive housing finance systems established. Indicator: 350 households residing in energy-efficient, sustainable, climate-resilient, or seismic-resilient buildings. Data Source: MLSA semiannual reports, and independent monitoring reports. Actual value: Output: Resilient and inclusive housing finance systems established. Indicator: Household applications processed and approved, and housing certificates utilized, of which at least 20% comprise single women with children or households headed by women (2024 baseline: 0%). Data Source: MLSA semiannual reports, and independent monitoring reports. Actual value: Enhanced opportunities for ethnic Armenian refugees to receive long-term housing and improved social and economic conditions.7,000 mortgages originated under the program, at least 20% of which are for households headed by women. Data Source: MLSA audited financial statements, semiannual reports, and independent monitoring reports; program monitoring reports and completion report Actual value: Support programs for ethnic Armenian refugees harmonized by developing and implementing pilot rental programs. Data Source: MLSA audited financial statements, semiannual reports, and independent monitoring reports; program monitoring reports and completion report Base year: 2024 Baseline value: N10% of households from refugee population with homes provided under the N 710-L program have stable sources of income. Data Source: MLSA audited financial statements, semiannual reports, and independent monitoring reports; program monitoring reports and completion report Actual value: XM-DAC-46004-58122-001-LN4638Asian Development BankThe Transformative Housing Reforms for Improved Vitality and Empowerment Program will contribute toward the financing of and address the long-term, sustainable housing needs of approximately 109,000 ethnic Armenian refugees who fled to Armenia around September 2023. In support of the government's housing program articulated in Decree "N 710-L", the program will enhance opportunities for the refugees to receive long-term housing and improve social and economic conditions in Armenia, contributing to the broader social housing policy objectives of the government. It focuses on (i) developing an improved social housing governance policy framework, (ii) establishing resilient and inclusive housing finance systems, (iii) improving market regulations and financing mechanisms, and (iv) strengthening institutions and enhancing the knowledge of beneficiaries.Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankAinabe, Benitahttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=58122-001 (Approved)&officer= bainabe@adb.org&division= Finance Sector Office (SD3-FIN)&projectcountry= ArmeniaArmenia40.29496 44.93837Effective gender mainstreaming (EGM)250000000Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)0.00Asian Development BankMinistry of Finance (MOF)PerformanceFiduciaryOutput/s as listed by the project staff.Output: Improved social housing governance policy framework developed Indicator: At least 1 successful gender-responsive outreach campaign to eligible refugee households completed. Data Source: MLSA-audited financial statements, semiannual reports, and independent monitoring reports. Actual value: Output: Improved social housing governance policy framework developed Indicator: Interministerial committee established with at least 35% female representation. Data Source: MLSA-audited financial statements, semiannual reports, and independent monitoring reports. Actual value: Output: Improved social housing governance policy framework developed Indicator: Comprehensive management information system to harmonize benefits established and operationalized by MLSA. Data Source: MLSA-audited financial statements, semiannual reports, and independent monitoring reports. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Improved social housing governance policy framework developed Indicator: Long-term housing strategy to address pre-existing and ongoing housing needs developed and adopted. Data Source: MLSA-audited financial statements, semiannual reports, and independent monitoring reports. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Institutions strengthened, and beneficiary knowledge enhanced. Indicator: All ethnic Armenian refugees can access existing social protection programs for non-refugees. Data Source: MLSA semiannual reports and independent monitoring reports. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Institutions strengthened, and beneficiary knowledge enhanced. Indicator: At least 1 knowledge-sharing session on improving women's access to finance provided by NMC or MLSA to participating banks under the programe Data Source: MLSA semiannual reports and independent monitoring reports. Actual value: Output: Market regulations and financing mechanisms improved. Indicator: Regulations governing NMC's leverage ratios revised. Data Source: CBA regulations and strategic documents. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Market regulations and financing mechanisms improved. Indicator: Mortgage-backed securitization or covered bond program(s) enabled. Data Source: CBA and NMC regulations and strategic documents. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Market regulations and financing mechanisms improved. Indicator: Regulation requiring developers to meet minimum financial covenants and commitments adopted. Data Source: CBA and NMC regulations and strategic documents. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Market regulations and financing mechanisms improved. Indicator: NMC's restructuring strategy to become market oriented and support long-term housing finance (e.g., through divestment from CBA) adopted. Data Source: CBA and NMC regulations and strategic documents; bond prospectuses. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Market regulations and financing mechanisms improved. Indicator: NMC capitalized. Data Source: CBA and NMC regulations and strategic documents; bond prospectuses. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Market regulations and financing mechanisms improved. Indicator: AMD15 billion of NMC bonds issued Data Source: CBA and NMC regulations and strategic documents; bond prospectuses. Baseline year: 2024 Baseline value: 7,000,000,000 Baseline year: 2024 Baseline value: 7,000,000,000 Target year: 2030 Target value: 15,000,000,000Output: Resilient and inclusive housing finance systems established. Indicator: Inclusive climate-resilient or seismic-resilient building standards established and enhanced. Data Source: MLSA and Urban Development Committee semiannual reports, and independent monitoring reports. Baseline year: 2024 Baseline value: N Baseline year: 2024 Baseline value: N Target year: 2030 Target value: YOutput: Resilient and inclusive housing finance systems established. Indicator: 350 households residing in energy-efficient, sustainable, climate-resilient, or seismic-resilient buildings. Data Source: MLSA semiannual reports, and independent monitoring reports. Actual value: Output: Resilient and inclusive housing finance systems established. Indicator: Household applications processed and approved, and housing certificates utilized, of which at least 20% comprise single women with children or households headed by women (2024 baseline: 0%). Data Source: MLSA semiannual reports, and independent monitoring reports. Actual value: Enhanced opportunities for ethnic Armenian refugees to receive long-term housing and improved social and economic conditions.7,000 mortgages originated under the program, at least 20% of which are for households headed by women. Data Source: MLSA audited financial statements, semiannual reports, and independent monitoring reports; program monitoring reports and completion report Actual value: Support programs for ethnic Armenian refugees harmonized by developing and implementing pilot rental programs. Data Source: MLSA audited financial statements, semiannual reports, and independent monitoring reports; program monitoring reports and completion report Base year: 2024 Baseline value: N10% of households from refugee population with homes provided under the N 710-L program have stable sources of income. Data Source: MLSA audited financial statements, semiannual reports, and independent monitoring reports; program monitoring reports and completion report Actual value: XM-DAC-46004-59174-001-LN4653Asian Development BankThe project entails the Asian Development Bank (ADB) providing long-term financing to AEB to support its sustainable finance operations, as well as its lending operations to micro, small, and medium-sized enterprises (MSMEs), including MSMEs owned and/or led by women (WMSMEs) in Armenia. The project also entails a concessional loan of $4 million from Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA) to AEB to help expand its sustainable finance operations.Asian Development BankArmeconombank OJSCAsian Development BankAsian Development BankKurmanbekov, Ruslanhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=59174-001 (Approved)&officer= rkurmanbekov@adb.org&division= Private Sector Financial Institutions Division&projectcountry= ArmeniaArmenia40.29496 44.93837Effective gender mainstreaming (EGM)15007761Asian Development BankArmeconombank OJSCPerformanceFiduciaryOutput/s as listed by the project staff.15 Dec 2025 | News Release: https://www.adb.org/news/adb-armeconombank-sign-19-million-financing-boost-msme-lending-and-sustainable-investments15 Dec 2025 | News Release: https://www.adb.org/hy/news/adb-armeconombank-sign-19-million-financing-boost-msme-lending-and-sustainable-investments XM-DAC-46004-58475-001-LN4760Asian Development BankThe program helps the government strengthen fiscal management, improve the infrastructure of money markets and the government securities market, and promote financial and capital markets. Subprogram 3 is the final subprogram of the current programmatic approach approved by the Asian Development Bank (ADB) in 2022.Asian Development BankMinistry of Finance (MOF)Asian Development BankAsian Development BankFarinha Fernandes, Joao Pedrohttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=58475-001 (Approved)&officer= jfarinha@adb.org&division= Public Sector Management and Governance Sector Office (SD3-PSMG)&projectcountry= ArmeniaArmenia40.29496 44.93837Climate action (adaptation and mitigation)Private sector developmentDigital transformationResilience and empowerment150000000Asian Development BankMinistry of Finance (MOF)PolicyPerformanceFiduciaryPolicy Action/s as listed by the project staff. Action 1: To start linking medium-term fiscal planning and budget allocation decisions to national strategic and sectoral planning directions (and to explicit high-level economic and social objectives/targets), while also enhancing the budget process and analysis requirements to raise the overall design quality and effectiveness/impact of public expenditure, the following set of sub-actions were undertaken: (i) The MOF established a results framework (from current national strategies and action plans) to enable line ministries' compliance in the new budget submissions for FY2023 and onwards, and issues instructions accordingly; (ii) The MOF established requirements for alignment between program budgeting and current national strategic priorities (through the MOF issuance of mandatory new guidelines for MTEF preparation and the 2023 State Budget); (iii) A pilot for gender-sensitive budgeting was implemented in two key ministries,d and MOF evaluated and published its assessment with lessons and recommendations for action; (iv) MOF approved a budget program evaluation concept and pilot methodology (with full-fledged criteria for Relevance, Effectiveness, Efficiency, Impact and Sustainability) to raise allocative efficiency and enable evidence-based budget management flexibility, and launched three pilot evaluations to ongoing budget programs;e (v) To reduce regulatory arbitrage risks and tax compliance burdens on micro-sized enterprises while at the same time raising turnover tax revenue generation potential, the MOF circulated for interministerial review legislative proposals and regulations related to tax incentives and alternative tax systems (covering micro-entrepreneurship) to incentivize microbusinesses to move out of the presumptive regime while continuing to pay lower taxes; (vi) To start integrating, into medium-term fiscal planning, the new public investment management governance, the MOF established a budget allocation in the MTEF (from FY2023 onwards) for the funding of feasibility studies that pass the Investment Committee stage; and (vii) To improve coordination and sequencing, and sustain the momentum in public budgeting reforms, MOF (a) restructured the Budget Department to transition from an expenditure-based focus to a sector-based focus (also establishing a Methodology Unit); and (b) piloted the establishment of a high-level Budget Committee to monitor quarterly execution of the State Budget and to govern significant reappropriations on the basis of MOF proposals. A Prime Minister Decree was approved to formalize the high-level Budget Committee. Action 2: To enable linkages between annual and medium-term budget and expenditure planning to climate change adaptation commitments and priorities, the government approved, by government decree, a national climate adaptation plan (2021-2025) identifying key principles to guide integration of climate adaptation into all policy and programming, including a principle on climate-aligned financial decision-making and management, and distributing institutional responsibilities for implementation across sectors. Action 3: To raise the economic and social impact of overall public investments decisions and the fiscal sustainability of their implementation irrespective of the form of procurement, a high-level, fully-fledged public investment management (PIM) framework was established (through two PM decrees)f and operationalized by government (through MOE instructions),g to be governed by a quantitative and qualitative multicriteria framework for project prioritization that includes, inter alia: (i) disaster and CC risk adaptation and mitigation objectives embedded in the key identification and prioritization criteria, (ii) full integration with the PPP operational framework, and (iii) integration with medium-term fiscal planning and the State Budget process. Action 4: To establish, inter alia, a dedicated PPP procurement mechanism under secondary legislation for the PPP Law, and ensure that all new PPP projects must first be identified, evaluated, prioritized and selected through the procedures set in new PIM framework of the government, the Public Procurement Law and the PPP Law were amended by Parliament, and the PPP Procedures Decree (the main secondary legislation to the new PPP Law) was approved by government.h In addition, to establish a full-fledged risk vetting and monitoring framework for PPPs towards future full integration with the fiscal rule, and to complete the operational framework for PPPs, government approved: (i) A 'PPP Contingent Liabilities' Government Decree (with methodologies and tools for identification, assessment and calculation of risks and reporting in State Budget documentation, as well as requirements for benchmarking against PPP "fiscal affordability" ceilings); (ii) More detailed methodological guidelines and tools—in consistency with the new PPP CLs Govt Decree; and (iii) Two government decrees to establish PPP "fiscal affordability" ceiling mechanisms for both contingent liabilities and direct liabilities. Action 5: To improve financial transparency and start strengthening the centralized fiscal monitoring of SOEs: (i) the amendments to the laws on accounting (i.e., issues of Financial Accounting, regulation of Accounting and Audit activities) were enacted by Parliament ensure all SOEs above a specific size threshold (and other large companies) are obliged to have their financial reports audited; and (ii) the Fiscal risks management function at MOF (FRSD) established and operationalized the collection of financial information on all SOE a new SOE database, including financial SOEs, and ensures it remains current at 2022 (i.e., already includes 2021 data). Action 6: To promote fiscal transparency and continue sustaining the ongoing institutional strengthening efforts into a more comprehensive and integrated FRM function at MOF (now already including the covering of disaster and CC risks): (i) the MOF (through the FRMD) significantly upgrades the comprehensiveness of its disclosure of fiscal risks (by publishing more comprehensive Fiscal Risks Statements for the 2021 and 2022 budget laws), now presenting: (a) a calculation of headline contingent liability exposures to major SOEs and selected PPPs (including PPAs), (b) a discussion on key fiscal risks, and (c) an explicitly acknowledgment and quantification of fiscal risks deriving from disaster risk and CC (the MOF also produced the first two MTEF updates with a report on fiscal risks deriving from disaster risk and CC); (ii) the MOF established internal periodic comprehensive reporting of PPP Contingent Liabilities (including the operationalization of a PPP fiscal commitments database and risk assessment matrixes for each PPP) as a “living-document” analysis application of the newly approved methodologies (presenting a more detailed calculation of contingent liability exposures per risk category and selected PPPs [including PPAs] than what was included in the 2021 State Budget law documentation), to serve as the basis for any MTEF annual update or annual budget submission; and (iii) the MOF approved the updated Fiscal Risk Management Roadmap for 2022-2023, charting the objectives to, by end-2023 and inter alia, achieve: (a) full operationalization of the ‘Vetting' and ‘Mitigation Recommendations' functions, and (b) systematic coverage of all material sources of risk, including ‘Budgetary Lending', ‘State Guarantees', ‘Legacy PPPs and PPAs', ‘disasters caused by natural and man-made hazards (including biological and technological) and from CC', and ‘potential environmental liabilities of the State'. Action 7: To promote more effective, efficient and transparent procurement practices while also embedding key CC action objectives, a Procurement Development/Reform Concept was approved by PM Decree, to include (i) analyses of the feasibility of introducing green procurement, and (ii) proposals for the standardization of procurement packages in the recurrent budget. Action 8: To formulate green economy policy and align economic policy tools with climate mitigation and adaptation targets: (i) the MOE issued for the review of co-implementing ministries a proposed concept for ‘Green Economy Transition';i (ii) the MOE created an operational unit dedicated to the Green Economy Transition and operationalized it. Action 9: The Government's debt management implementation and medium-term strategic communication to the markets aligned further to continue reducing public debt exposures to exchange rate risk and develop the domestic government securities market, while institutional mechanisms were designed to gradually insulate the government securities issuance program from short-term macroeconomic risks. These were achieved through the following reform and institutional upgrade efforts: (i) Submission by Government to Parliament of proposed legal amendments to the Law of the Treasury System and the Law on Budget System to Parliament in order to ensure that the Stabilization Account strictly acts as a government debt refinancing risk management and a countercyclical stabilization support mechanism with good governance; and (ii) MTDS (2020-2022) was implemented within its benchmark targets for refinancing risk, interest rate risk and exchange rate risk (with minimal deviations), and the approved MTDS (i.e., for 2021-2023) (a) raised the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and (b) improved the exchange rate risk benchmark indicators (i.e., the share of domestic debt in total debt and the share of dram denominated debt in total debt to be minimum 25% instead of minimum 20% envisaged by the previous strategy. Action 1: To improve linkages between medium-term fiscal planning, budget allocation decisions and national strategic and sectoral planning directions (with explicit high-level targets), while also enhancing budget processes, effectiveness/impact of public expenditure, and domestic resource mobilization (DRM): (i) The government endorsed the concept of results-management reform and circulated for interministerial review a government decree, providing for a) solutions to operationalize an institutional set up (including, explicit requirements for climate change, digital, social and gender policy) for national strategic planning of medium-term resource allocation;j b) explicitly anchoring all program budgeting results-focus to a (forthcoming) unified ledger of high-level (priority) KPIs, with a requirement for a common template for national strategies that specifically operationalizes this new standard of results-focus in any new sector strategy. (ii) The government, through the 2024 State Budget package approved by Parliament, established explicit linkages between budget programs and the approved Government Program targets. (iii) The MOF, through interministerial circulation of draft law amendments, proposed changes to improve MTEF reliability for medium-term fiscal planning and accuracy against ultimate annual budget allocations, including medium- (line-ministry level) budget ceilings, solutions for carry-forwards in CAPEX, and MTEF updating cycle; (iv) The government, through MOF approved budget instructions, rolled-out legally binding gender-responsive budgeting requirements across all ministries while also: a) circulating, for interministerial guidance, proposals to make this reform more effective in subsequent fiscal years (including revisions to the manual on Gender-Responsive Budgeting to enhance its comprehensibility) in agreement with the Ministry of Social Affairs, b) enhancing the guideline for public consultations of state bodies on proposed budget programs (‘Open/Citizen's Budget' initiatives) to include gender aspects and raise CSOs awareness and capacity to scrutinize the compliance with gender-responsive budgeting requirements, & c) piloting participatory budgeting across four municipalities. (v) MOF completed a first SDG budget tagging exercise at a ‘direct link' level for 2024 and published it with the 2024 State Budget package (approved by Parliament in late 2023). In addition, a separate comprehensive exercise of budget tagging to include ‘indirect link' levels (e.g., SDG 13 on CC actions) was produced and formally disseminated to line-ministries in preparation for the next budget cycle, together with a complete SDG budget tagging framework (including SDG 13 on CC action) also in preparation of the next budget. (vi) Parliament approved the necessary amendments to the tax code to rationalize the coverage of the micro-entrepreneurship tax regime and reduce regulatory arbitrage and the scope of application of tax privileges. Subsequently, MOF applied the framework of analysis of foregone revenue to identify options for rationalizing VAT tax incentives (based on an analysis of revenue foregone, distributional impact and the availability of alternative policies). Also, the MOF: (1) Established and operationalized a systematic and standardized framework to analyze and assess the cost-benefit of VAT incentives and estimate and report foregone revenue; (2) Developedk a new Tax Treaty policy framework and Model Double Tax Agreement (DTA) to relieve double taxation and reduce tax evasion (and avoidance) in cross-border transactions and investment,l and applied it to negotiations with international treaty partners; (3) Implemented - on behalf of Government and to promote FDI while protecting the domestic tax base -- the minimum standard in the OECD/G20's BEPS inclusive framework, bym (a ) removing harmful tax measures in Free Economic Zone and Information Technology Action 2: To enable linkages between annual and medium-term budget planning to climate and gender policy targets and results: (i) Government circulated for interministerial review a Financing Strategy and Investment Plan proposal for Armenia's NDC to facilitate the broad engagement of relevant stakeholders towards the coordinated mobilization of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) Government a) circulated for interministerial review a new National Disaster Risk Management Law, and b) approved a new National Disaster Risk Management Strategy and Action Plan to eliminate contradictions with the Sendai framework for DRR (i.e., ensuring Armenia's planning coherence and optimization with both the Paris Accord and the Sendai Framework objectives); (iii) Government started implementation of components in budget programs for DRR and for CC adaptation and mitigation. Detailed action plans for CC adaptation in at least three sectors were approved (Water, Agriculture, Health), and two more were finalized (Tourism, Energy). (iv) The Ministry of Labor and Social Affairs submitted for Government approval a time-bound 2024-2028 Gender Policy Implementation Strategy Program to operationalize gender equality policies along six policy priorities: governance and decision-making levels; socio-economic and labor; education and science; health; gender-based violence; women/girls and domestic violence prevention, and climate). Action 3: The government: (i) approved and implemented: (a) a new PIM Government Decree to raise the legal standing of its mandatory requirements, b) a new set of updated PIM instructions (through MOE) to accommodate the expansion of scoring criteria into climate change and lessons learned; (ii) through MOF-issued budget circulars, instructed all line ministries (including development partner-financed investment) that (new) projects that exceed a minimum threshold need to go through the PIM process for appraisal and prioritization/scoring and Investment Committee approval before entering the MTEF. (iii) reached a policy decision and provided clarity on the way forward for PIM reform implementation (via e.g., DPM letter or Minister of Finance letter), including: a) acknowledgment of PIM implementation issues in the recent past; b) transition arrangements; c) the (updated) PIM Roadmap to serve as the indicative coordinating action plan for consolidating the PIM reform. Action 4: To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the MOF developed and circulated (inter-ministerially) a concept to standardize (in terms of reporting and accounting) the treatment to PPP-related fiscal liabilities (towards enabling a future linkage with the fiscal rule) by considering different methodological proposals. In addition, all new PPP Guidelines required to implement the PPP Procedures Decree and complete the PPP operational framework were established through MOE orders. Action 5: The MOF, on the basis of a Rapid Assessment of Enabling Environment/Context for Disaster Risk Financing (with a high-level identification of policy, regulatory and financing gaps), submitted a Concept for a (disaster) Financial Protection Plan Recommendation, for consultations with line-ministries and other stakeholders. Action 6: To improve financial transparency, strengthen centralized fiscal monitoring and oversight of operational performance in SOEs: (i) The Government — through MOF — initiated the upgrading of compliance monitoring functions for SOEs' publication of audited financial statements (e.g., the technical requirements for a new separate corporate web portal/ registry were approved); (ii) The MOF circulated for interministerial review a strategic concept proposal for a new SOE Ownership Policy to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; and (c) align performance appraisal to target efficiency gains. (iii) Upon the piloting of the SOE Integrity and Corruption Risk Analysis by the Corruption Prevention Commission, the Ministry of Justice (and the Corruption Prevention Commission) developed and circulated for interministerial review (and public consultations) a set of legal amendment proposals (to the Law on the Corruption Prevention Commission and to the Law on Local Self-Government) to expand the mandate of the Corruption Prevention Commission and include in it the assessment of corruption risks at SOEs and state and community non-commercial organizations (SNCOs)q and the provision of recommendations on anti-corruption measures to the competent authorities. Action 7: To reduce fiscal inefficiencies and increase impact in direct forms of investment promotion, government disclosed on the MOF website a comprehensive policy review of state-owned enterprises, equity funds and other financial SOEs, and, with specific regards to ANIF, approved a new Government Decree (subsequent to which: MOE approved a new charter for ANIF, duly lodged in the State Register) and other policy decisions to ensure: (i) A binding strategic mandate (and sector focus/investment policies) that eliminates crowding-out of the private sector, and provides a value-for-money rationale for its existence. (complemented by operating procedures that rationalize activities solely based of market failures). (ii) transparency with regards to ANIF's use of state-allocated resources, scope of operations and performance indicators (with introduction of performance reviews), (iii) fundamental aspects of corporate governance. (iv) operational policy/standard operating procedures that rationalize activities solely on the basis of addressing market failures, and (v) clear requirements for external financial audits (b) ANIF was transferred under the ownership oversight and policy coordination of MOE, while Govt considers outright divestment or dissolution actions through the State Property Committee. Action 8: (a) In order to establish a transparent governing framework for PPP renegotiations for pre-PPP Law PPPs (i.e., “legacy” PPPs) and amendments to any other long-term infrastructure contract, MOF submitted for interministerial review the legal amendment proposals to e.g. establish accountability and fiscal transparency. As an immediate stop-gap measure to address the problem, the DPM issued a directive asserting (a) the key role of MOF in any engagement with private players about renegotiations of “legacy” PPP (together with the policy-making body for each sector) and (b) the requirement for conducting proper fiscal implications analysis during any discussions that can lead to renegotiations. (b) Parliament approved legal amendments to give the Audit Chamber of the Republic of Armenia the legal authority to conduct audit activities on all “legacy" and new PPPs/PPAs and any other infrastructure service contracts. Action 9: In addition to sustaining the upgrades in public disclosure of fiscal risks of 2021-2022 into 2023-2024 (including climate risks), to establish the legal anchoring for MOF's FRM responsibilities and function and strengthen its systemic relevance: (i) MOF approved changes to the FRM charter for it to acquire the functional responsibilities for SOE financial monitoring; (ii) MOF activated the mitigation function on “specific" FRM by regularly briefing DPM office with mitigation action proposals on risk events pertaining to PPP/PPAs, credit guarantees, and SOEs (iii) MOF circulated for interministerial review draft legal amendment proposals to inter alia give the government the authority to: (a) create the Specific Fiscal Risks Management Council (this is a requirement for a Specific Fiscal Risks Mitigation Recommendations Reporting sub-function), (b) set (through the specific fiscal risk council) Staffing Certification Requirements for fiscal risk management, and (c) establish an inter-institutions mechanism to underpin the information flows of a fully functioning integrated “specific” FRM framework, (iv) MOF issued a ministerial order to govern budgetary lending and guarantee requests. Action 10: To promote more effective, efficient and transparent procurement practices while also embedding key CC mitigation objectives: (i) Government launched (via approval of MOF Decree) the tender for the e-Procurement module of the GFMIS; (ii) Government implemented key steps of the Procurement Reform Action plan, including: (a) approval of amendments (to Govt decree) to impart direct accountability in procurement bodies' use of non-competitive procurement (thereby, and effectively reducing recourse to non-competitive procurement); (b) facilitating NGOs' access to contractualized monitoring of national and subnational procurement activities; (c) conducting interministerial consultations on a sustainability criteria framework for one recurrent item of government spending, to demonstrate how the government can strategically procure specified items in a sustainable* and cost-effective manner; (d) introduction of index-based costing practices in public procurement for all contracts above 1 year term (thereby reducing procurement risks due to price fluctuations and increasing competitive tension) (iii) MOF completed the feasibility assessment on sustainable (“green”) procurement and initiates public consultations on forthcoming options, (iv) MOF issued regulatory guidance to procuring entities on risk mitigation to: (a) eliminate systemic reliance on (high) performance and contract-related securities; (b) promote proper assessment of technical experience upfront; (c) mainstream quality requirements into procurement outcomes; and (d) increase the use of competitive dialogue procedures; (v) MOF launched a Methodology for Assessing Procurement Systems (MAPS) Assessment of its national procurement with development partners. Action 11: To formulate green economy policy and align economic policy tools with climate policy: (1) MOE submitted the national strategy on 'Green and Sustainable Economic Development' (including ‘Circular Economy' development proposals and implementation arrangements) for government approval. (2) The concept of green taxonomy was approved by the Ministerial Order of MOE (3) A concept for a law on an ‘Extended Producer Responsibility' system was circulated for interministerial review. The MOE also formally operationalized a working group to define preconditions for 'circular economy' and sustain dialogue. (4) Government approved a Long-Term Low Emissions Development Strategy till 2050 (5) MoEnv circulated for interministerial review a new Law on Climate, and approved a Ministerial Order on Climate Financing Information (applicable only to Ministries, Yerevan Municipality and communities) to govern the submission of information on climate financing (received by Armenia) in the context of the Paris Agreement. Action 12: The MOF: (i) implemented the MTDS, 2022-2024 and MTDS 2023-2025 within they benchmark targets for refinancing, interest rate, and exchange rate risk with minimal deviations; and through the approved MTDS for 2024-2026:, MOF raised further the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and improved the exchange rate risk benchmark indicators (i.e., the shares of public domestic debt and dram denominated debt in total debt to be above 40%); (ii) approved the Debt Data Validation Procedures Manual and incorporated it into the Procedures Manuals of the Public Debt Management Department. MOF also completed the upgrade of its debt management database to a new DMFAS-6 system to enhance the autonomy, management, and analytical capabilities of debt management office with new modules on debt securities, reorganization, non-guaranteed external debt, and debt analysis modules.s (iii) government submitted legal amendment proposals to Parliament for upgrading the Public Debt Law, to address identified shortcomings (e.g. expanding the scope of what is reported as public sector debt, including subnational debt instruments and SOE debt instruments; and (iv) in addition to approval by Parliament of legal amendments to the Law of the Treasury System and the Law on Budget System, it supported the final approval by Government of implementing legislation to regulate the process of replenishment and utilization of the new Stabilization Account. Action 1: To complete linkages between medium-term fiscal planning and budget allocation decisions, and the national strategic/sectoral planning directions (with explicit high-level targets) that should guide the former, while also enhancing the budget process, effectiveness/impact of public expenditure and DRM: (i) the government approved legislation to establish a whole institutional architecture for national strategic planning of medium-term resource allocation that is more results-oriented, feasible and evidence-based (including, e.g., explicit requirements for climate and gender policy considerations across all new strategic pillars)t (endnote f); (ii) the government amended the decrees that govern the budget process, cycle and calendar, as well as the MTEF rules, to improve MTEF reliability for medium-term planning, inter alia including (a) transitioning to a Baseline process as the new first step for budget planning (i.e., MTBF), (ii) solutions to allow for carry-forwards in CAPEX, (iii) MTEF cycle restructuring and 3-year ceilings, and (iv) expansion to a 5-year planning horizon in the macro-fiscal framework (i.e., MTFF); (iii) Through the Govt Decree on Strategic Planning (PA3.1[i]), the template was also established for the unified ledger of (high-level, priority) KPIs to subsequently link up to all program budgeting results-focus (from outcome to output indicators of specific measures/actions), once the pre-determined set six specific national strategies are approved; (iv) the MOF formalized an agreement with MLSA on an institutional coordination process within the new budget calendar to strengthen line-ministries' compliance with gender-responsive budgeting across all ministries, and significantly expanded participatory budgeting coverage (towards 21 municipalities) and budget resources (towards 5% of the total subvention program for local government capex); (v) The MoEnv publicly disclosed the results of the pilot climate tagging of the 2025 budget. In addition, the government included the legal basis for MOF to operationalize and fully rollout the CC mitigation and adaptation taggingu through budget circulars (as an annual routine) and establish an interministerial collaboration with MoEnv to review CC tagging proposals from line-ministries, in the draft Law on Climate that was submitted to Parliament (see Policy Action 3.11(2);v (vi) the MOF—to rationalize the system of tax incentives and implement international tax transparency standards, including base erosion and profit shifting (BEPS) measures and Automatic Exchange of Information (AEOI) of financial account information (using the common reporting standard [CRS] template) as well as improve overall tax administration: (1) Expanded the systematic and standardized periodical tax incentive monitoring and evaluation framework to corporate and personal income tax incentive measures (e.g. SEZ) by submitting annual reports on VAT, CIT and PIT tax expenditures in the RA Government's Budget message; (2) Continued to implement the new Tax Treaty policy framework and Model Double Tax Agreement (DTA) through: (i) government approval of at least two (Japan and Hong Kong, China) tax treaties or protocols for ratification aligned to the Model DTA, in order to relieve double taxation and reduce tax evasion and avoidance in cross-border transactions and investment, and (ii) developing and publishing a MLI Guidance Note on the Interpretation and Application of DTAs in Armenia to assist taxpayers and officials in interpreting and applying the MLI;w (3) Continued to implement the reform plan to meet minimum standard in the OECD/G20's BEPS inclusive framework by (a) completing a peer-reviewed assessment by OECD of existing preferential tax regimes and amending the RA Tax Code to remove all preferential tax regimes in accordance with BEPS Action 5 standard, (b) improving legislative and administrative procedures to implement BEPS standard Action 2: The government: (i) explicitly included a Financing Sources Strategy and a Costed Action Plan (covering both investment and operational items) in Armenia's proposed submission of Nationally Determined Contributions (NDC 3.0; for the period 2025-2030), as circulated for interministerial review ahead of the COP, to facilitate the broad engagement of relevant interministerial stakeholders towards the coordinated mobilization and the targeting of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) obtained Parliament approval of the National Disaster Risk Management Law with an explicit legal standing (role) for MOF in PFM issues (which includes Disaster Risk Finance), (Note: this enabled the subsequent amendments to the DRM Strategy Decree to accommodate, inter alia, MOF's leading role in developing a Disaster Risk Finance framework of action; see PA# 3.5 below). (iii) approved a timebound 2024-2028 Gender Policy Implementation Strategic Program to operationalize gender equality policies along six policy priorities/directions: [1] governance and decision-making levels; [2] socio-economic and labor; [3] education and science; [4] health; [5] gender-based violence; and [6] the climate-gender nexus (specifically: “Developing gender-sensitive and gender-responsive approaches to climate change, ensuring inclusive principles and raising awareness”). Action 3: Government launched the pre-qualification stage for the GFMIS. The (currently parallel) e-Procurement system being tendered includes, in its contract management module, functionalities of monitoring physical and financial execution per contract (and when aggregated, per project) that will allow identification of (i) cases of cost overruns and their causes, and (ii) cases of non-execution. Finally, the new PIM Govt Decree (approved, see Policy Action 3.1(vii)) now includes in its PCN a new and separate section on disaster risk mitigation and adaptation, amended guidelines on climate change adaptation, and a correction in the scoring framework to rate potential project implementation risks (thereby clarifying the concept of risk at hand). Action 4: a) To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the government promoted the standardization (in terms of reporting and accounting) of the treatment to different fiscal liabilities, by submitting to Parliament legal proposals to explicitly link up the stock of PPP contingent liabilities and budget guarantees to a new fiscal sustainability threshold in Armenia's fiscal rule, in a way that helps reduce bias towards off-budget transactions; and; b) The government brought to financial closure the first PPP project under the new legislation and institutional architecture, after compliance with sequencing requirements of the PIM and PPP legislations, thereby demonstrating the merits of this new normative architecture to ensure fiscal responsibility and planning relevance. c) Government: (i) amended regulatory frameworks to ensure that the speed of RE generation penetration into the national grid remains financially sustainable, (including the ruling that all new licensed generation operators from 2024 onwards already will only get to sell at prices in the balancing market, and the fiscal decision to discontinue specific budget incentives);jj (ii) circulated for interministerial review proposals to amend to the power sector laws and regulations to (a) promote the introduction of the balancing market, (b) integrate transmission entities, (c) introduce new forms of contractualization of independent power producers, and (d) bring transparency and regulatory mandate to curtailment orders and other grid protection and stabilization measures;kk (iii) via Parliament-approved legal amendments to the procurement law, brought regulated companies and their supplier-subsidiaries as well as interconnected supplier companies to the procurement regime that requires competitive tendering (of supplies), and via PSRC decree instructed all regulated companies to use pre-approved electronic procurement platforms for any procurement; (iv) through PSRC regulation, removed conflict of interest for procurements of regulated companies. Action 5: Government amended the Disaster Risk Management Strategy Decree to incorporate an explicitly leading role for MOF in e.g., Disaster Risk Finance. (Note: this complements PA3.2 above, as well as the new proposed requirement that MOF submits regular Financial Protection Plan Recommendations to the newly established Specific Fiscal Risk Council meetings, including explicit follow-ups on previous recommendations, as in PA3.9 below). Action 6: To improve financial transparency, strengthen centralized fiscal oversight of, and establish corporate governance and operational performance in SOEs, the: (i) Government—through MOF—completed the upgrading of compliance monitoring functions for SOEs' publication of audited financials (i.e., full rollout of the new separate corporate web registry) and issues instructions to line-ministries for 1 SOE and 1 SNCO per ministry to upload the required info. (ii) Government approved a SOE Ownership Policy (by Government Decree) to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; (c) align performance appraisal to target efficiency gains. (iii) Government approved amendments to the decree that governs the placement of SOEs and other infrastructure service entities under trust management, to eliminate direct selection and ensure competitive and transparent tender processes only. (iv) Government, also through the new SOE Ownership Policy Decree, sets (a) that the SPMC has the authority to set corporate governance requirements to any SOE, (b) that a list of priority SOEs must come under compliance with the specific corporate governance practices (i.e., independent board members, internal audit and control, reporting on corporate governance), and (c) through a specific institutional location, the compliance monitoring functions for corporate governance requirements․ (v) Government submitted to Parliament proposed amendments to the law on Corruption Prevention (and Law on Local Self-Government) to enable a new mandate for the Corruption Prevention Commission for assessing corruption risk at SOEs, SNCOs. etc., and for providing recommendations as anti-corruption measures. Action 7: Ahead of, and in anticipation of the approval of the new SOE Ownership Policy (Government Decree) and its forthcoming guiding principles and objectives: (i) Government issued instruction to privatize DICA/UCO (state-owned financial institution). (ii) the State Property Committee proceeded with the liquidation of ANIF while the latter initiated with divestment from assets. (iii) Government continued to address current financial transparency problems with SOEs by moving SOEs financial accounts to the Treasury (reaching 6 SOEs in total). Action 8: Government submitted to Parliament the necessary legal amendments (to e.g., the Law on Budget Process and Budget Systems Law) to establish a transparent governing framework for PPP renegotiations (for pre-PPP Law PPPs, i.e., “legacy” PPPs) and amendments to other long-term infrastructure service contracts. This includes making that, by law, contract amendments are only legal if duly registered with the Armenian Treasury (itself carrying a number of legal pre-conditions for fiscal appraisal and analysis). Action 9: Government amended the PM Decree on the Budget Execution Committee to expand its purpose and add the functions of a Fiscal Risks Management Council to its remit. In addition, through a new MOF decree, the government will also operationalize the formal specific fiscal risk mitigation function of FRM (setting that a Fiscal Risk Mitigation Report will be periodically prepared and presented to the FRM Council, where risk mitigation actions are specifically recommended and followed-up on in subsequent reports). Finally: a) Government, to support MOF's centralized oversight of risks from subnational procurement activities, approved a Government Decree dictating all subnational entities to transition to the national procurement electronic platform. b) Government, through the MOF Decree on the FR Council, formalized and operationalized an inter-institutions mechanism ensuring that all relevant State Bodies and relevant MOF Depts contribute with the necessary information to a fully functioning Integrated FRM Framework. c) MOF, to improve transparency over subnational borrowings by reporting this form of state liabilities as Public Debt, included the latter in the current legal amendment proposals to the PD law (now in Parliament).mm (see policy action 3.12) d) Government publicly disclosed the result of IMF's assessment to the Subnational Borrowing framework on its website, which includes a specific assessment of risks and merit of whether controls on subnational borrowing should be relaxed at this stage. e) Periodic Fiscal Risk disclosures (e.g., the fiscal risk statement published in July 2025) were upgraded to include results of the Stress Testing and Forecasting Tool for SOEs for main macro risks (GDP, currency, interest rate), and also to, on the basis of a new Debt Guarantee and Loan Assessment Tool (DGLAT), presented assessments of risks from loan or debt guarantees from the perspective of the creditworthiness of the obligor. Action 10: To promote more effective, efficient and transparent procurement practices, while also embedding key CC mitigation and environment policy objectives: [1] Government's tender process for the e-Procurement module (of the GFMIS) completed final evaluation of submitted proposals with at least three international competitors; [2] Government implemented key steps of the Procurement Reform Action plan (e.g., increase the use of two-step competitive tenders) to bring down the use of noncompetitive processes to below 10% (in total monetary volume of public procurement). [3] Government amended decree to lower the minimum required level for performance guarantees, to increase competitive tension; and MOF submitted to Government legal amendments to: (i) add forms of tendering (e.g., framework agreements, and public offers) and improve accountability in single-source selection (e.g., by having procuring agencies report to Parliament if ceilings are breached), (ii) remove conflicts of interest, and (iii) eliminate disparities between judicial treatment of PPP projects and of procurement of items of high public interest, eliminating a current bias towards PPPs. [4] Government decree amendments to introduce factoring entered into force. [5] MOF launched a demonstration—through an actual tender—that pilots green procurement and sustainability criteria framework in a key item of government spending.nn [6] Parliament approved legal amendments to: (i) Continue promoting time-efficient competitive tension, by allowing the procurement entities to increase the period (from the default 10 days) for presentation of performance guarantees; (ii) Eliminate gaps and inconsistencies in definitions and procurement principles. Action 11: To establish green economy policy and align economic policy tools with climate policy targets: (1) Prime Minister approved the national strategy on 'Green, Sustainable and Circular Economy Development', and the corresponding Action Plan (PM Decree). (2) Government submitted a new proposed law on Climate to Parliament to enable, inter alia, for (i) MoEnv orders to govern Climate Financing Information as a normative act, (i.e., meaning it will be effective to all institutions in the country), especially the submission of information on climate financing received for the implementation of the Paris Agreement, (ii) carbon pricing instruments, and (iii) the institutionalization of climate budget tagging, requiring identification and classification of climate-related expenditures in the state and, optionally, local budgets (Note: this is the legal basis for the operationalization of an institutional solution between Ministry of Environment and the Ministry of Finance to scrutinize the CC tagging; see PA 3.1(v) above).oo (3) A draft law on ‘Extended Producer Responsibility' (and corresponding amendments to other laws and technical procedures for imported goods) was circulated for interministerial review. (4) The green taxonomy was approved by a government decree. (5) To reduce health and environmental risks, Parliament approved a set of legal amendments (to the law on hazardous waste) to obtain legal standing to establish environmentally safety management functions. In addition, the Ministry of Environment circulated (for interministerial review) the draft decree to establish environmentally safe management rules for polychlorinated biphenyl (PCB) waste, expired pesticides, and lithium-ion battery waste. Action 12: Government submitted to Parliament a new proposed public debt law to e.g., expand the scope of what is reported as public sector debt (including subnational debt) and guarantees as contingent liabilities. In addition, legal amendment proposals were also included for upgrading the Budget Systems Law to report PPP-related liabilities (applying IPSAs32) as a separate category. Action 1: To start linking medium-term fiscal planning and budget allocation decisions to national strategic and sectoral planning directions (and to explicit high-level economic and social objectives/targets), while also enhancing the budget process and analysis requirements to raise the overall design quality and effectiveness/impact of public expenditure, the following set of sub-actions were undertaken: (i) The MOF established a results framework (from current national strategies and action plans) to enable line ministries' compliance in the new budget submissions for FY2023 and onwards, and issues instructions accordingly; (ii) The MOF established requirements for alignment between program budgeting and current national strategic priorities (through the MOF issuance of mandatory new guidelines for MTEF preparation and the 2023 State Budget); (iii) A pilot for gender-sensitive budgeting was implemented in two key ministries,d and MOF evaluated and published its assessment with lessons and recommendations for action; (iv) MOF approved a budget program evaluation concept and pilot methodology (with full-fledged criteria for Relevance, Effectiveness, Efficiency, Impact and Sustainability) to raise allocative efficiency and enable evidence-based budget management flexibility, and launched three pilot evaluations to ongoing budget programs;e (v) To reduce regulatory arbitrage risks and tax compliance burdens on micro-sized enterprises while at the same time raising turnover tax revenue generation potential, the MOF circulated for interministerial review legislative proposals and regulations related to tax incentives and alternative tax systems (covering micro-entrepreneurship) to incentivize microbusinesses to move out of the presumptive regime while continuing to pay lower taxes; (vi) To start integrating, into medium-term fiscal planning, the new public investment management governance, the MOF established a budget allocation in the MTEF (from FY2023 onwards) for the funding of feasibility studies that pass the Investment Committee stage; and (vii) To improve coordination and sequencing, and sustain the momentum in public budgeting reforms, MOF (a) restructured the Budget Department to transition from an expenditure-based focus to a sector-based focus (also establishing a Methodology Unit); and (b) piloted the establishment of a high-level Budget Committee to monitor quarterly execution of the State Budget and to govern significant reappropriations on the basis of MOF proposals. A Prime Minister Decree was approved to formalize the high-level Budget Committee. Action 2: To enable linkages between annual and medium-term budget and expenditure planning to climate change adaptation commitments and priorities, the government approved, by government decree, a national climate adaptation plan (2021-2025) identifying key principles to guide integration of climate adaptation into all policy and programming, including a principle on climate-aligned financial decision-making and management, and distributing institutional responsibilities for implementation across sectors. Action 3: To raise the economic and social impact of overall public investments decisions and the fiscal sustainability of their implementation irrespective of the form of procurement, a high-level, fully-fledged public investment management (PIM) framework was established (through two PM decrees)f and operationalized by government (through MOE instructions),g to be governed by a quantitative and qualitative multicriteria framework for project prioritization that includes, inter alia: (i) disaster and CC risk adaptation and mitigation objectives embedded in the key identification and prioritization criteria, (ii) full integration with the PPP operational framework, and (iii) integration with medium-term fiscal planning and the State Budget process. Action 4: To establish, inter alia, a dedicated PPP procurement mechanism under secondary legislation for the PPP Law, and ensure that all new PPP projects must first be identified, evaluated, prioritized and selected through the procedures set in new PIM framework of the government, the Public Procurement Law and the PPP Law were amended by Parliament, and the PPP Procedures Decree (the main secondary legislation to the new PPP Law) was approved by government.h In addition, to establish a full-fledged risk vetting and monitoring framework for PPPs towards future full integration with the fiscal rule, and to complete the operational framework for PPPs, government approved: (i) A 'PPP Contingent Liabilities' Government Decree (with methodologies and tools for identification, assessment and calculation of risks and reporting in State Budget documentation, as well as requirements for benchmarking against PPP "fiscal affordability" ceilings); (ii) More detailed methodological guidelines and tools—in consistency with the new PPP CLs Govt Decree; and (iii) Two government decrees to establish PPP "fiscal affordability" ceiling mechanisms for both contingent liabilities and direct liabilities. Action 5: To improve financial transparency and start strengthening the centralized fiscal monitoring of SOEs: (i) the amendments to the laws on accounting (i.e., issues of Financial Accounting, regulation of Accounting and Audit activities) were enacted by Parliament ensure all SOEs above a specific size threshold (and other large companies) are obliged to have their financial reports audited; and (ii) the Fiscal risks management function at MOF (FRSD) established and operationalized the collection of financial information on all SOE a new SOE database, including financial SOEs, and ensures it remains current at 2022 (i.e., already includes 2021 data). Action 6: To promote fiscal transparency and continue sustaining the ongoing institutional strengthening efforts into a more comprehensive and integrated FRM function at MOF (now already including the covering of disaster and CC risks): (i) the MOF (through the FRMD) significantly upgrades the comprehensiveness of its disclosure of fiscal risks (by publishing more comprehensive Fiscal Risks Statements for the 2021 and 2022 budget laws), now presenting: (a) a calculation of headline contingent liability exposures to major SOEs and selected PPPs (including PPAs), (b) a discussion on key fiscal risks, and (c) an explicitly acknowledgment and quantification of fiscal risks deriving from disaster risk and CC (the MOF also produced the first two MTEF updates with a report on fiscal risks deriving from disaster risk and CC); (ii) the MOF established internal periodic comprehensive reporting of PPP Contingent Liabilities (including the operationalization of a PPP fiscal commitments database and risk assessment matrixes for each PPP) as a “living-document” analysis application of the newly approved methodologies (presenting a more detailed calculation of contingent liability exposures per risk category and selected PPPs [including PPAs] than what was included in the 2021 State Budget law documentation), to serve as the basis for any MTEF annual update or annual budget submission; and (iii) the MOF approved the updated Fiscal Risk Management Roadmap for 2022-2023, charting the objectives to, by end-2023 and inter alia, achieve: (a) full operationalization of the ‘Vetting' and ‘Mitigation Recommendations' functions, and (b) systematic coverage of all material sources of risk, including ‘Budgetary Lending', ‘State Guarantees', ‘Legacy PPPs and PPAs', ‘disasters caused by natural and man-made hazards (including biological and technological) and from CC', and ‘potential environmental liabilities of the State'. Action 7: To promote more effective, efficient and transparent procurement practices while also embedding key CC action objectives, a Procurement Development/Reform Concept was approved by PM Decree, to include (i) analyses of the feasibility of introducing green procurement, and (ii) proposals for the standardization of procurement packages in the recurrent budget. Action 8: To formulate green economy policy and align economic policy tools with climate mitigation and adaptation targets: (i) the MOE issued for the review of co-implementing ministries a proposed concept for ‘Green Economy Transition';i (ii) the MOE created an operational unit dedicated to the Green Economy Transition and operationalized it. Action 9: The Government's debt management implementation and medium-term strategic communication to the markets aligned further to continue reducing public debt exposures to exchange rate risk and develop the domestic government securities market, while institutional mechanisms were designed to gradually insulate the government securities issuance program from short-term macroeconomic risks. These were achieved through the following reform and institutional upgrade efforts: (i) Submission by Government to Parliament of proposed legal amendments to the Law of the Treasury System and the Law on Budget System to Parliament in order to ensure that the Stabilization Account strictly acts as a government debt refinancing risk management and a countercyclical stabilization support mechanism with good governance; and (ii) MTDS (2020-2022) was implemented within its benchmark targets for refinancing risk, interest rate risk and exchange rate risk (with minimal deviations), and the approved MTDS (i.e., for 2021-2023) (a) raised the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and (b) improved the exchange rate risk benchmark indicators (i.e., the share of domestic debt in total debt and the share of dram denominated debt in total debt to be minimum 25% instead of minimum 20% envisaged by the previous strategy. Action 1: To improve linkages between medium-term fiscal planning, budget allocation decisions and national strategic and sectoral planning directions (with explicit high-level targets), while also enhancing budget processes, effectiveness/impact of public expenditure, and domestic resource mobilization (DRM): (i) The government endorsed the concept of results-management reform and circulated for interministerial review a government decree, providing for a) solutions to operationalize an institutional set up (including, explicit requirements for climate change, digital, social and gender policy) for national strategic planning of medium-term resource allocation;j b) explicitly anchoring all program budgeting results-focus to a (forthcoming) unified ledger of high-level (priority) KPIs, with a requirement for a common template for national strategies that specifically operationalizes this new standard of results-focus in any new sector strategy. (ii) The government, through the 2024 State Budget package approved by Parliament, established explicit linkages between budget programs and the approved Government Program targets. (iii) The MOF, through interministerial circulation of draft law amendments, proposed changes to improve MTEF reliability for medium-term fiscal planning and accuracy against ultimate annual budget allocations, including medium- (line-ministry level) budget ceilings, solutions for carry-forwards in CAPEX, and MTEF updating cycle; (iv) The government, through MOF approved budget instructions, rolled-out legally binding gender-responsive budgeting requirements across all ministries while also: a) circulating, for interministerial guidance, proposals to make this reform more effective in subsequent fiscal years (including revisions to the manual on Gender-Responsive Budgeting to enhance its comprehensibility) in agreement with the Ministry of Social Affairs, b) enhancing the guideline for public consultations of state bodies on proposed budget programs (‘Open/Citizen's Budget' initiatives) to include gender aspects and raise CSOs awareness and capacity to scrutinize the compliance with gender-responsive budgeting requirements, & c) piloting participatory budgeting across four municipalities. (v) MOF completed a first SDG budget tagging exercise at a ‘direct link' level for 2024 and published it with the 2024 State Budget package (approved by Parliament in late 2023). In addition, a separate comprehensive exercise of budget tagging to include ‘indirect link' levels (e.g., SDG 13 on CC actions) was produced and formally disseminated to line-ministries in preparation for the next budget cycle, together with a complete SDG budget tagging framework (including SDG 13 on CC action) also in preparation of the next budget. (vi) Parliament approved the necessary amendments to the tax code to rationalize the coverage of the micro-entrepreneurship tax regime and reduce regulatory arbitrage and the scope of application of tax privileges. Subsequently, MOF applied the framework of analysis of foregone revenue to identify options for rationalizing VAT tax incentives (based on an analysis of revenue foregone, distributional impact and the availability of alternative policies). Also, the MOF: (1) Established and operationalized a systematic and standardized framework to analyze and assess the cost-benefit of VAT incentives and estimate and report foregone revenue; (2) Developedk a new Tax Treaty policy framework and Model Double Tax Agreement (DTA) to relieve double taxation and reduce tax evasion (and avoidance) in cross-border transactions and investment,l and applied it to negotiations with international treaty partners; (3) Implemented - on behalf of Government and to promote FDI while protecting the domestic tax base -- the minimum standard in the OECD/G20's BEPS inclusive framework, bym (a ) removing harmful tax measures in Free Economic Zone and Information Technology Action 2: To enable linkages between annual and medium-term budget planning to climate and gender policy targets and results: (i) Government circulated for interministerial review a Financing Strategy and Investment Plan proposal for Armenia's NDC to facilitate the broad engagement of relevant stakeholders towards the coordinated mobilization of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) Government a) circulated for interministerial review a new National Disaster Risk Management Law, and b) approved a new National Disaster Risk Management Strategy and Action Plan to eliminate contradictions with the Sendai framework for DRR (i.e., ensuring Armenia's planning coherence and optimization with both the Paris Accord and the Sendai Framework objectives); (iii) Government started implementation of components in budget programs for DRR and for CC adaptation and mitigation. Detailed action plans for CC adaptation in at least three sectors were approved (Water, Agriculture, Health), and two more were finalized (Tourism, Energy). (iv) The Ministry of Labor and Social Affairs submitted for Government approval a time-bound 2024-2028 Gender Policy Implementation Strategy Program to operationalize gender equality policies along six policy priorities: governance and decision-making levels; socio-economic and labor; education and science; health; gender-based violence; women/girls and domestic violence prevention, and climate). Action 3: The government: (i) approved and implemented: (a) a new PIM Government Decree to raise the legal standing of its mandatory requirements, b) a new set of updated PIM instructions (through MOE) to accommodate the expansion of scoring criteria into climate change and lessons learned; (ii) through MOF-issued budget circulars, instructed all line ministries (including development partner-financed investment) that (new) projects that exceed a minimum threshold need to go through the PIM process for appraisal and prioritization/scoring and Investment Committee approval before entering the MTEF. (iii) reached a policy decision and provided clarity on the way forward for PIM reform implementation (via e.g., DPM letter or Minister of Finance letter), including: a) acknowledgment of PIM implementation issues in the recent past; b) transition arrangements; c) the (updated) PIM Roadmap to serve as the indicative coordinating action plan for consolidating the PIM reform. Action 4: To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the MOF developed and circulated (inter-ministerially) a concept to standardize (in terms of reporting and accounting) the treatment to PPP-related fiscal liabilities (towards enabling a future linkage with the fiscal rule) by considering different methodological proposals. In addition, all new PPP Guidelines required to implement the PPP Procedures Decree and complete the PPP operational framework were established through MOE orders. Action 5: The MOF, on the basis of a Rapid Assessment of Enabling Environment/Context for Disaster Risk Financing (with a high-level identification of policy, regulatory and financing gaps), submitted a Concept for a (disaster) Financial Protection Plan Recommendation, for consultations with line-ministries and other stakeholders. Action 6: To improve financial transparency, strengthen centralized fiscal monitoring and oversight of operational performance in SOEs: (i) The Government — through MOF — initiated the upgrading of compliance monitoring functions for SOEs' publication of audited financial statements (e.g., the technical requirements for a new separate corporate web portal/ registry were approved); (ii) The MOF circulated for interministerial review a strategic concept proposal for a new SOE Ownership Policy to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; and (c) align performance appraisal to target efficiency gains. (iii) Upon the piloting of the SOE Integrity and Corruption Risk Analysis by the Corruption Prevention Commission, the Ministry of Justice (and the Corruption Prevention Commission) developed and circulated for interministerial review (and public consultations) a set of legal amendment proposals (to the Law on the Corruption Prevention Commission and to the Law on Local Self-Government) to expand the mandate of the Corruption Prevention Commission and include in it the assessment of corruption risks at SOEs and state and community non-commercial organizations (SNCOs)q and the provision of recommendations on anti-corruption measures to the competent authorities. Action 7: To reduce fiscal inefficiencies and increase impact in direct forms of investment promotion, government disclosed on the MOF website a comprehensive policy review of state-owned enterprises, equity funds and other financial SOEs, and, with specific regards to ANIF, approved a new Government Decree (subsequent to which: MOE approved a new charter for ANIF, duly lodged in the State Register) and other policy decisions to ensure: (i) A binding strategic mandate (and sector focus/investment policies) that eliminates crowding-out of the private sector, and provides a value-for-money rationale for its existence. (complemented by operating procedures that rationalize activities solely based of market failures). (ii) transparency with regards to ANIF's use of state-allocated resources, scope of operations and performance indicators (with introduction of performance reviews), (iii) fundamental aspects of corporate governance. (iv) operational policy/standard operating procedures that rationalize activities solely on the basis of addressing market failures, and (v) clear requirements for external financial audits (b) ANIF was transferred under the ownership oversight and policy coordination of MOE, while Govt considers outright divestment or dissolution actions through the State Property Committee. Action 8: (a) In order to establish a transparent governing framework for PPP renegotiations for pre-PPP Law PPPs (i.e., “legacy” PPPs) and amendments to any other long-term infrastructure contract, MOF submitted for interministerial review the legal amendment proposals to e.g. establish accountability and fiscal transparency. As an immediate stop-gap measure to address the problem, the DPM issued a directive asserting (a) the key role of MOF in any engagement with private players about renegotiations of “legacy” PPP (together with the policy-making body for each sector) and (b) the requirement for conducting proper fiscal implications analysis during any discussions that can lead to renegotiations. (b) Parliament approved legal amendments to give the Audit Chamber of the Republic of Armenia the legal authority to conduct audit activities on all “legacy" and new PPPs/PPAs and any other infrastructure service contracts. Action 9: In addition to sustaining the upgrades in public disclosure of fiscal risks of 2021-2022 into 2023-2024 (including climate risks), to establish the legal anchoring for MOF's FRM responsibilities and function and strengthen its systemic relevance: (i) MOF approved changes to the FRM charter for it to acquire the functional responsibilities for SOE financial monitoring; (ii) MOF activated the mitigation function on “specific" FRM by regularly briefing DPM office with mitigation action proposals on risk events pertaining to PPP/PPAs, credit guarantees, and SOEs (iii) MOF circulated for interministerial review draft legal amendment proposals to inter alia give the government the authority to: (a) create the Specific Fiscal Risks Management Council (this is a requirement for a Specific Fiscal Risks Mitigation Recommendations Reporting sub-function), (b) set (through the specific fiscal risk council) Staffing Certification Requirements for fiscal risk management, and (c) establish an inter-institutions mechanism to underpin the information flows of a fully functioning integrated “specific” FRM framework, (iv) MOF issued a ministerial order to govern budgetary lending and guarantee requests. Action 10: To promote more effective, efficient and transparent procurement practices while also embedding key CC mitigation objectives: (i) Government launched (via approval of MOF Decree) the tender for the e-Procurement module of the GFMIS; (ii) Government implemented key steps of the Procurement Reform Action plan, including: (a) approval of amendments (to Govt decree) to impart direct accountability in procurement bodies' use of non-competitive procurement (thereby, and effectively reducing recourse to non-competitive procurement); (b) facilitating NGOs' access to contractualized monitoring of national and subnational procurement activities; (c) conducting interministerial consultations on a sustainability criteria framework for one recurrent item of government spending, to demonstrate how the government can strategically procure specified items in a sustainable* and cost-effective manner; (d) introduction of index-based costing practices in public procurement for all contracts above 1 year term (thereby reducing procurement risks due to price fluctuations and increasing competitive tension) (iii) MOF completed the feasibility assessment on sustainable (“green”) procurement and initiates public consultations on forthcoming options, (iv) MOF issued regulatory guidance to procuring entities on risk mitigation to: (a) eliminate systemic reliance on (high) performance and contract-related securities; (b) promote proper assessment of technical experience upfront; (c) mainstream quality requirements into procurement outcomes; and (d) increase the use of competitive dialogue procedures; (v) MOF launched a Methodology for Assessing Procurement Systems (MAPS) Assessment of its national procurement with development partners. Action 11: To formulate green economy policy and align economic policy tools with climate policy: (1) MOE submitted the national strategy on 'Green and Sustainable Economic Development' (including ‘Circular Economy' development proposals and implementation arrangements) for government approval. (2) The concept of green taxonomy was approved by the Ministerial Order of MOE (3) A concept for a law on an ‘Extended Producer Responsibility' system was circulated for interministerial review. The MOE also formally operationalized a working group to define preconditions for 'circular economy' and sustain dialogue. (4) Government approved a Long-Term Low Emissions Development Strategy till 2050 (5) MoEnv circulated for interministerial review a new Law on Climate, and approved a Ministerial Order on Climate Financing Information (applicable only to Ministries, Yerevan Municipality and communities) to govern the submission of information on climate financing (received by Armenia) in the context of the Paris Agreement. Action 12: The MOF: (i) implemented the MTDS, 2022-2024 and MTDS 2023-2025 within they benchmark targets for refinancing, interest rate, and exchange rate risk with minimal deviations; and through the approved MTDS for 2024-2026:, MOF raised further the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and improved the exchange rate risk benchmark indicators (i.e., the shares of public domestic debt and dram denominated debt in total debt to be above 40%); (ii) approved the Debt Data Validation Procedures Manual and incorporated it into the Procedures Manuals of the Public Debt Management Department. MOF also completed the upgrade of its debt management database to a new DMFAS-6 system to enhance the autonomy, management, and analytical capabilities of debt management office with new modules on debt securities, reorganization, non-guaranteed external debt, and debt analysis modules.s (iii) government submitted legal amendment proposals to Parliament for upgrading the Public Debt Law, to address identified shortcomings (e.g. expanding the scope of what is reported as public sector debt, including subnational debt instruments and SOE debt instruments; and (iv) in addition to approval by Parliament of legal amendments to the Law of the Treasury System and the Law on Budget System, it supported the final approval by Government of implementing legislation to regulate the process of replenishment and utilization of the new Stabilization Account. Action 1: To complete linkages between medium-term fiscal planning and budget allocation decisions, and the national strategic/sectoral planning directions (with explicit high-level targets) that should guide the former, while also enhancing the budget process, effectiveness/impact of public expenditure and DRM: (i) the government approved legislation to establish a whole institutional architecture for national strategic planning of medium-term resource allocation that is more results-oriented, feasible and evidence-based (including, e.g., explicit requirements for climate and gender policy considerations across all new strategic pillars)t (endnote f); (ii) the government amended the decrees that govern the budget process, cycle and calendar, as well as the MTEF rules, to improve MTEF reliability for medium-term planning, inter alia including (a) transitioning to a Baseline process as the new first step for budget planning (i.e., MTBF), (ii) solutions to allow for carry-forwards in CAPEX, (iii) MTEF cycle restructuring and 3-year ceilings, and (iv) expansion to a 5-year planning horizon in the macro-fiscal framework (i.e., MTFF); (iii) Through the Govt Decree on Strategic Planning (PA3.1[i]), the template was also established for the unified ledger of (high-level, priority) KPIs to subsequently link up to all program budgeting results-focus (from outcome to output indicators of specific measures/actions), once the pre-determined set six specific national strategies are approved; (iv) the MOF formalized an agreement with MLSA on an institutional coordination process within the new budget calendar to strengthen line-ministries' compliance with gender-responsive budgeting across all ministries, and significantly expanded participatory budgeting coverage (towards 21 municipalities) and budget resources (towards 5% of the total subvention program for local government capex); (v) The MoEnv publicly disclosed the results of the pilot climate tagging of the 2025 budget. In addition, the government included the legal basis for MOF to operationalize and fully rollout the CC mitigation and adaptation taggingu through budget circulars (as an annual routine) and establish an interministerial collaboration with MoEnv to review CC tagging proposals from line-ministries, in the draft Law on Climate that was submitted to Parliament (see Policy Action 3.11(2);v (vi) the MOF—to rationalize the system of tax incentives and implement international tax transparency standards, including base erosion and profit shifting (BEPS) measures and Automatic Exchange of Information (AEOI) of financial account information (using the common reporting standard [CRS] template) as well as improve overall tax administration: (1) Expanded the systematic and standardized periodical tax incentive monitoring and evaluation framework to corporate and personal income tax incentive measures (e.g. SEZ) by submitting annual reports on VAT, CIT and PIT tax expenditures in the RA Government's Budget message; (2) Continued to implement the new Tax Treaty policy framework and Model Double Tax Agreement (DTA) through: (i) government approval of at least two (Japan and Hong Kong, China) tax treaties or protocols for ratification aligned to the Model DTA, in order to relieve double taxation and reduce tax evasion and avoidance in cross-border transactions and investment, and (ii) developing and publishing a MLI Guidance Note on the Interpretation and Application of DTAs in Armenia to assist taxpayers and officials in interpreting and applying the MLI;w (3) Continued to implement the reform plan to meet minimum standard in the OECD/G20's BEPS inclusive framework by (a) completing a peer-reviewed assessment by OECD of existing preferential tax regimes and amending the RA Tax Code to remove all preferential tax regimes in accordance with BEPS Action 5 standard, (b) improving legislative and administrative procedures to implement BEPS standard Action 2: The government: (i) explicitly included a Financing Sources Strategy and a Costed Action Plan (covering both investment and operational items) in Armenia's proposed submission of Nationally Determined Contributions (NDC 3.0; for the period 2025-2030), as circulated for interministerial review ahead of the COP, to facilitate the broad engagement of relevant interministerial stakeholders towards the coordinated mobilization and the targeting of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) obtained Parliament approval of the National Disaster Risk Management Law with an explicit legal standing (role) for MOF in PFM issues (which includes Disaster Risk Finance), (Note: this enabled the subsequent amendments to the DRM Strategy Decree to accommodate, inter alia, MOF's leading role in developing a Disaster Risk Finance framework of action; see PA# 3.5 below). (iii) approved a timebound 2024-2028 Gender Policy Implementation Strategic Program to operationalize gender equality policies along six policy priorities/directions: [1] governance and decision-making levels; [2] socio-economic and labor; [3] education and science; [4] health; [5] gender-based violence; and [6] the climate-gender nexus (specifically: “Developing gender-sensitive and gender-responsive approaches to climate change, ensuring inclusive principles and raising awareness”). Action 3: Government launched the pre-qualification stage for the GFMIS. The (currently parallel) e-Procurement system being tendered includes, in its contract management module, functionalities of monitoring physical and financial execution per contract (and when aggregated, per project) that will allow identification of (i) cases of cost overruns and their causes, and (ii) cases of non-execution. Finally, the new PIM Govt Decree (approved, see Policy Action 3.1(vii)) now includes in its PCN a new and separate section on disaster risk mitigation and adaptation, amended guidelines on climate change adaptation, and a correction in the scoring framework to rate potential project implementation risks (thereby clarifying the concept of risk at hand). Action 4: a) To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the government promoted the standardization (in terms of reporting and accounting) of the treatment to different fiscal liabilities, by submitting to Parliament legal proposals to explicitly link up the stock of PPP contingent liabilities and budget guarantees to a new fiscal sustainability threshold in Armenia's fiscal rule, in a way that helps reduce bias towards off-budget transactions; and; b) The government brought to financial closure the first PPP project under the new legislation and institutional architecture, after compliance with sequencing requirements of the PIM and PPP legislations, thereby demonstrating the merits of this new normative architecture to ensure fiscal responsibility and planning relevance. c) Government: (i) amended regulatory frameworks to ensure that the speed of RE generation penetration into the national grid remains financially sustainable, (including the ruling that all new licensed generation operators from 2024 onwards already will only get to sell at prices in the balancing market, and the fiscal decision to discontinue specific budget incentives);jj (ii) circulated for interministerial review proposals to amend to the power sector laws and regulations to (a) promote the introduction of the balancing market, (b) integrate transmission entities, (c) introduce new forms of contractualization of independent power producers, and (d) bring transparency and regulatory mandate to curtailment orders and other grid protection and stabilization measures;kk (iii) via Parliament-approved legal amendments to the procurement law, brought regulated companies and their supplier-subsidiaries as well as interconnected supplier companies to the procurement regime that requires competitive tendering (of supplies), and via PSRC decree instructed all regulated companies to use pre-approved electronic procurement platforms for any procurement; (iv) through PSRC regulation, removed conflict of interest for procurements of regulated companies. Action 5: Government amended the Disaster Risk Management Strategy Decree to incorporate an explicitly leading role for MOF in e.g., Disaster Risk Finance. (Note: this complements PA3.2 above, as well as the new proposed requirement that MOF submits regular Financial Protection Plan Recommendations to the newly established Specific Fiscal Risk Council meetings, including explicit follow-ups on previous recommendations, as in PA3.9 below). Action 6: To improve financial transparency, strengthen centralized fiscal oversight of, and establish corporate governance and operational performance in SOEs, the: (i) Government—through MOF—completed the upgrading of compliance monitoring functions for SOEs' publication of audited financials (i.e., full rollout of the new separate corporate web registry) and issues instructions to line-ministries for 1 SOE and 1 SNCO per ministry to upload the required info. (ii) Government approved a SOE Ownership Policy (by Government Decree) to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; (c) align performance appraisal to target efficiency gains. (iii) Government approved amendments to the decree that governs the placement of SOEs and other infrastructure service entities under trust management, to eliminate direct selection and ensure competitive and transparent tender processes only. (iv) Government, also through the new SOE Ownership Policy Decree, sets (a) that the SPMC has the authority to set corporate governance requirements to any SOE, (b) that a list of priority SOEs must come under compliance with the specific corporate governance practices (i.e., independent board members, internal audit and control, reporting on corporate governance), and (c) through a specific institutional location, the compliance monitoring functions for corporate governance requirements․ (v) Government submitted to Parliament proposed amendments to the law on Corruption Prevention (and Law on Local Self-Government) to enable a new mandate for the Corruption Prevention Commission for assessing corruption risk at SOEs, SNCOs. etc., and for providing recommendations as anti-corruption measures. Action 7: Ahead of, and in anticipation of the approval of the new SOE Ownership Policy (Government Decree) and its forthcoming guiding principles and objectives: (i) Government issued instruction to privatize DICA/UCO (state-owned financial institution). (ii) the State Property Committee proceeded with the liquidation of ANIF while the latter initiated with divestment from assets. (iii) Government continued to address current financial transparency problems with SOEs by moving SOEs financial accounts to the Treasury (reaching 6 SOEs in total). Action 8: Government submitted to Parliament the necessary legal amendments (to e.g., the Law on Budget Process and Budget Systems Law) to establish a transparent governing framework for PPP renegotiations (for pre-PPP Law PPPs, i.e., “legacy” PPPs) and amendments to other long-term infrastructure service contracts. This includes making that, by law, contract amendments are only legal if duly registered with the Armenian Treasury (itself carrying a number of legal pre-conditions for fiscal appraisal and analysis). Action 9: Government amended the PM Decree on the Budget Execution Committee to expand its purpose and add the functions of a Fiscal Risks Management Council to its remit. In addition, through a new MOF decree, the government will also operationalize the formal specific fiscal risk mitigation function of FRM (setting that a Fiscal Risk Mitigation Report will be periodically prepared and presented to the FRM Council, where risk mitigation actions are specifically recommended and followed-up on in subsequent reports). Finally: a) Government, to support MOF's centralized oversight of risks from subnational procurement activities, approved a Government Decree dictating all subnational entities to transition to the national procurement electronic platform. b) Government, through the MOF Decree on the FR Council, formalized and operationalized an inter-institutions mechanism ensuring that all relevant State Bodies and relevant MOF Depts contribute with the necessary information to a fully functioning Integrated FRM Framework. c) MOF, to improve transparency over subnational borrowings by reporting this form of state liabilities as Public Debt, included the latter in the current legal amendment proposals to the PD law (now in Parliament).mm (see policy action 3.12) d) Government publicly disclosed the result of IMF's assessment to the Subnational Borrowing framework on its website, which includes a specific assessment of risks and merit of whether controls on subnational borrowing should be relaxed at this stage. e) Periodic Fiscal Risk disclosures (e.g., the fiscal risk statement published in July 2025) were upgraded to include results of the Stress Testing and Forecasting Tool for SOEs for main macro risks (GDP, currency, interest rate), and also to, on the basis of a new Debt Guarantee and Loan Assessment Tool (DGLAT), presented assessments of risks from loan or debt guarantees from the perspective of the creditworthiness of the obligor. Action 10: To promote more effective, efficient and transparent procurement practices, while also embedding key CC mitigation and environment policy objectives: [1] Government's tender process for the e-Procurement module (of the GFMIS) completed final evaluation of submitted proposals with at least three international competitors; [2] Government implemented key steps of the Procurement Reform Action plan (e.g., increase the use of two-step competitive tenders) to bring down the use of noncompetitive processes to below 10% (in total monetary volume of public procurement). [3] Government amended decree to lower the minimum required level for performance guarantees, to increase competitive tension; and MOF submitted to Government legal amendments to: (i) add forms of tendering (e.g., framework agreements, and public offers) and improve accountability in single-source selection (e.g., by having procuring agencies report to Parliament if ceilings are breached), (ii) remove conflicts of interest, and (iii) eliminate disparities between judicial treatment of PPP projects and of procurement of items of high public interest, eliminating a current bias towards PPPs. [4] Government decree amendments to introduce factoring entered into force. [5] MOF launched a demonstration—through an actual tender—that pilots green procurement and sustainability criteria framework in a key item of government spending.nn [6] Parliament approved legal amendments to: (i) Continue promoting time-efficient competitive tension, by allowing the procurement entities to increase the period (from the default 10 days) for presentation of performance guarantees; (ii) Eliminate gaps and inconsistencies in definitions and procurement principles. Action 11: To establish green economy policy and align economic policy tools with climate policy targets: (1) Prime Minister approved the national strategy on 'Green, Sustainable and Circular Economy Development', and the corresponding Action Plan (PM Decree). (2) Government submitted a new proposed law on Climate to Parliament to enable, inter alia, for (i) MoEnv orders to govern Climate Financing Information as a normative act, (i.e., meaning it will be effective to all institutions in the country), especially the submission of information on climate financing received for the implementation of the Paris Agreement, (ii) carbon pricing instruments, and (iii) the institutionalization of climate budget tagging, requiring identification and classification of climate-related expenditures in the state and, optionally, local budgets (Note: this is the legal basis for the operationalization of an institutional solution between Ministry of Environment and the Ministry of Finance to scrutinize the CC tagging; see PA 3.1(v) above).oo (3) A draft law on ‘Extended Producer Responsibility' (and corresponding amendments to other laws and technical procedures for imported goods) was circulated for interministerial review. (4) The green taxonomy was approved by a government decree. (5) To reduce health and environmental risks, Parliament approved a set of legal amendments (to the law on hazardous waste) to obtain legal standing to establish environmentally safety management functions. In addition, the Ministry of Environment circulated (for interministerial review) the draft decree to establish environmentally safe management rules for polychlorinated biphenyl (PCB) waste, expired pesticides, and lithium-ion battery waste. Action 12: Government submitted to Parliament a new proposed public debt law to e.g., expand the scope of what is reported as public sector debt (including subnational debt) and guarantees as contingent liabilities. In addition, legal amendment proposals were also included for upgrading the Budget Systems Law to report PPP-related liabilities (applying IPSAs32) as a separate category. Action 1: To start linking medium-term fiscal planning and budget allocation decisions to national strategic and sectoral planning directions (and to explicit high-level economic and social objectives/targets), while also enhancing the budget process and analysis requirements to raise the overall design quality and effectiveness/impact of public expenditure, the following set of sub-actions were undertaken: (i) The MOF established a results framework (from current national strategies and action plans) to enable line ministries' compliance in the new budget submissions for FY2023 and onwards, and issues instructions accordingly; (ii) The MOF established requirements for alignment between program budgeting and current national strategic priorities (through the MOF issuance of mandatory new guidelines for MTEF preparation and the 2023 State Budget); (iii) A pilot for gender-sensitive budgeting was implemented in two key ministries,d and MOF evaluated and published its assessment with lessons and recommendations for action; (iv) MOF approved a budget program evaluation concept and pilot methodology (with full-fledged criteria for Relevance, Effectiveness, Efficiency, Impact and Sustainability) to raise allocative efficiency and enable evidence-based budget management flexibility, and launched three pilot evaluations to ongoing budget programs;e (v) To reduce regulatory arbitrage risks and tax compliance burdens on micro-sized enterprises while at the same time raising turnover tax revenue generation potential, the MOF circulated for interministerial review legislative proposals and regulations related to tax incentives and alternative tax systems (covering micro-entrepreneurship) to incentivize microbusinesses to move out of the presumptive regime while continuing to pay lower taxes; (vi) To start integrating, into medium-term fiscal planning, the new public investment management governance, the MOF established a budget allocation in the MTEF (from FY2023 onwards) for the funding of feasibility studies that pass the Investment Committee stage; and (vii) To improve coordination and sequencing, and sustain the momentum in public budgeting reforms, MOF (a) restructured the Budget Department to transition from an expenditure-based focus to a sector-based focus (also establishing a Methodology Unit); and (b) piloted the establishment of a high-level Budget Committee to monitor quarterly execution of the State Budget and to govern significant reappropriations on the basis of MOF proposals. A Prime Minister Decree was approved to formalize the high-level Budget Committee. Action 2: To enable linkages between annual and medium-term budget and expenditure planning to climate change adaptation commitments and priorities, the government approved, by government decree, a national climate adaptation plan (2021-2025) identifying key principles to guide integration of climate adaptation into all policy and programming, including a principle on climate-aligned financial decision-making and management, and distributing institutional responsibilities for implementation across sectors. Action 3: To raise the economic and social impact of overall public investments decisions and the fiscal sustainability of their implementation irrespective of the form of procurement, a high-level, fully-fledged public investment management (PIM) framework was established (through two PM decrees)f and operationalized by government (through MOE instructions),g to be governed by a quantitative and qualitative multicriteria framework for project prioritization that includes, inter alia: (i) disaster and CC risk adaptation and mitigation objectives embedded in the key identification and prioritization criteria, (ii) full integration with the PPP operational framework, and (iii) integration with medium-term fiscal planning and the State Budget process. Action 4: To establish, inter alia, a dedicated PPP procurement mechanism under secondary legislation for the PPP Law, and ensure that all new PPP projects must first be identified, evaluated, prioritized and selected through the procedures set in new PIM framework of the government, the Public Procurement Law and the PPP Law were amended by Parliament, and the PPP Procedures Decree (the main secondary legislation to the new PPP Law) was approved by government.h In addition, to establish a full-fledged risk vetting and monitoring framework for PPPs towards future full integration with the fiscal rule, and to complete the operational framework for PPPs, government approved: (i) A 'PPP Contingent Liabilities' Government Decree (with methodologies and tools for identification, assessment and calculation of risks and reporting in State Budget documentation, as well as requirements for benchmarking against PPP "fiscal affordability" ceilings); (ii) More detailed methodological guidelines and tools—in consistency with the new PPP CLs Govt Decree; and (iii) Two government decrees to establish PPP "fiscal affordability" ceiling mechanisms for both contingent liabilities and direct liabilities. Action 5: To improve financial transparency and start strengthening the centralized fiscal monitoring of SOEs: (i) the amendments to the laws on accounting (i.e., issues of Financial Accounting, regulation of Accounting and Audit activities) were enacted by Parliament ensure all SOEs above a specific size threshold (and other large companies) are obliged to have their financial reports audited; and (ii) the Fiscal risks management function at MOF (FRSD) established and operationalized the collection of financial information on all SOE a new SOE database, including financial SOEs, and ensures it remains current at 2022 (i.e., already includes 2021 data). Action 6: To promote fiscal transparency and continue sustaining the ongoing institutional strengthening efforts into a more comprehensive and integrated FRM function at MOF (now already including the covering of disaster and CC risks): (i) the MOF (through the FRMD) significantly upgrades the comprehensiveness of its disclosure of fiscal risks (by publishing more comprehensive Fiscal Risks Statements for the 2021 and 2022 budget laws), now presenting: (a) a calculation of headline contingent liability exposures to major SOEs and selected PPPs (including PPAs), (b) a discussion on key fiscal risks, and (c) an explicitly acknowledgment and quantification of fiscal risks deriving from disaster risk and CC (the MOF also produced the first two MTEF updates with a report on fiscal risks deriving from disaster risk and CC); (ii) the MOF established internal periodic comprehensive reporting of PPP Contingent Liabilities (including the operationalization of a PPP fiscal commitments database and risk assessment matrixes for each PPP) as a “living-document” analysis application of the newly approved methodologies (presenting a more detailed calculation of contingent liability exposures per risk category and selected PPPs [including PPAs] than what was included in the 2021 State Budget law documentation), to serve as the basis for any MTEF annual update or annual budget submission; and (iii) the MOF approved the updated Fiscal Risk Management Roadmap for 2022-2023, charting the objectives to, by end-2023 and inter alia, achieve: (a) full operationalization of the ‘Vetting' and ‘Mitigation Recommendations' functions, and (b) systematic coverage of all material sources of risk, including ‘Budgetary Lending', ‘State Guarantees', ‘Legacy PPPs and PPAs', ‘disasters caused by natural and man-made hazards (including biological and technological) and from CC', and ‘potential environmental liabilities of the State'. Action 7: To promote more effective, efficient and transparent procurement practices while also embedding key CC action objectives, a Procurement Development/Reform Concept was approved by PM Decree, to include (i) analyses of the feasibility of introducing green procurement, and (ii) proposals for the standardization of procurement packages in the recurrent budget. Action 8: To formulate green economy policy and align economic policy tools with climate mitigation and adaptation targets: (i) the MOE issued for the review of co-implementing ministries a proposed concept for ‘Green Economy Transition';i (ii) the MOE created an operational unit dedicated to the Green Economy Transition and operationalized it. Action 9: The Government's debt management implementation and medium-term strategic communication to the markets aligned further to continue reducing public debt exposures to exchange rate risk and develop the domestic government securities market, while institutional mechanisms were designed to gradually insulate the government securities issuance program from short-term macroeconomic risks. These were achieved through the following reform and institutional upgrade efforts: (i) Submission by Government to Parliament of proposed legal amendments to the Law of the Treasury System and the Law on Budget System to Parliament in order to ensure that the Stabilization Account strictly acts as a government debt refinancing risk management and a countercyclical stabilization support mechanism with good governance; and (ii) MTDS (2020-2022) was implemented within its benchmark targets for refinancing risk, interest rate risk and exchange rate risk (with minimal deviations), and the approved MTDS (i.e., for 2021-2023) (a) raised the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and (b) improved the exchange rate risk benchmark indicators (i.e., the share of domestic debt in total debt and the share of dram denominated debt in total debt to be minimum 25% instead of minimum 20% envisaged by the previous strategy. Action 1: To improve linkages between medium-term fiscal planning, budget allocation decisions and national strategic and sectoral planning directions (with explicit high-level targets), while also enhancing budget processes, effectiveness/impact of public expenditure, and domestic resource mobilization (DRM): (i) The government endorsed the concept of results-management reform and circulated for interministerial review a government decree, providing for a) solutions to operationalize an institutional set up (including, explicit requirements for climate change, digital, social and gender policy) for national strategic planning of medium-term resource allocation;j b) explicitly anchoring all program budgeting results-focus to a (forthcoming) unified ledger of high-level (priority) KPIs, with a requirement for a common template for national strategies that specifically operationalizes this new standard of results-focus in any new sector strategy. (ii) The government, through the 2024 State Budget package approved by Parliament, established explicit linkages between budget programs and the approved Government Program targets. (iii) The MOF, through interministerial circulation of draft law amendments, proposed changes to improve MTEF reliability for medium-term fiscal planning and accuracy against ultimate annual budget allocations, including medium- (line-ministry level) budget ceilings, solutions for carry-forwards in CAPEX, and MTEF updating cycle; (iv) The government, through MOF approved budget instructions, rolled-out legally binding gender-responsive budgeting requirements across all ministries while also: a) circulating, for interministerial guidance, proposals to make this reform more effective in subsequent fiscal years (including revisions to the manual on Gender-Responsive Budgeting to enhance its comprehensibility) in agreement with the Ministry of Social Affairs, b) enhancing the guideline for public consultations of state bodies on proposed budget programs (‘Open/Citizen's Budget' initiatives) to include gender aspects and raise CSOs awareness and capacity to scrutinize the compliance with gender-responsive budgeting requirements, & c) piloting participatory budgeting across four municipalities. (v) MOF completed a first SDG budget tagging exercise at a ‘direct link' level for 2024 and published it with the 2024 State Budget package (approved by Parliament in late 2023). In addition, a separate comprehensive exercise of budget tagging to include ‘indirect link' levels (e.g., SDG 13 on CC actions) was produced and formally disseminated to line-ministries in preparation for the next budget cycle, together with a complete SDG budget tagging framework (including SDG 13 on CC action) also in preparation of the next budget. (vi) Parliament approved the necessary amendments to the tax code to rationalize the coverage of the micro-entrepreneurship tax regime and reduce regulatory arbitrage and the scope of application of tax privileges. Subsequently, MOF applied the framework of analysis of foregone revenue to identify options for rationalizing VAT tax incentives (based on an analysis of revenue foregone, distributional impact and the availability of alternative policies). Also, the MOF: (1) Established and operationalized a systematic and standardized framework to analyze and assess the cost-benefit of VAT incentives and estimate and report foregone revenue; (2) Developedk a new Tax Treaty policy framework and Model Double Tax Agreement (DTA) to relieve double taxation and reduce tax evasion (and avoidance) in cross-border transactions and investment,l and applied it to negotiations with international treaty partners; (3) Implemented - on behalf of Government and to promote FDI while protecting the domestic tax base -- the minimum standard in the OECD/G20's BEPS inclusive framework, bym (a ) removing harmful tax measures in Free Economic Zone and Information Technology Action 2: To enable linkages between annual and medium-term budget planning to climate and gender policy targets and results: (i) Government circulated for interministerial review a Financing Strategy and Investment Plan proposal for Armenia's NDC to facilitate the broad engagement of relevant stakeholders towards the coordinated mobilization of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) Government a) circulated for interministerial review a new National Disaster Risk Management Law, and b) approved a new National Disaster Risk Management Strategy and Action Plan to eliminate contradictions with the Sendai framework for DRR (i.e., ensuring Armenia's planning coherence and optimization with both the Paris Accord and the Sendai Framework objectives); (iii) Government started implementation of components in budget programs for DRR and for CC adaptation and mitigation. Detailed action plans for CC adaptation in at least three sectors were approved (Water, Agriculture, Health), and two more were finalized (Tourism, Energy). (iv) The Ministry of Labor and Social Affairs submitted for Government approval a time-bound 2024-2028 Gender Policy Implementation Strategy Program to operationalize gender equality policies along six policy priorities: governance and decision-making levels; socio-economic and labor; education and science; health; gender-based violence; women/girls and domestic violence prevention, and climate). Action 3: The government: (i) approved and implemented: (a) a new PIM Government Decree to raise the legal standing of its mandatory requirements, b) a new set of updated PIM instructions (through MOE) to accommodate the expansion of scoring criteria into climate change and lessons learned; (ii) through MOF-issued budget circulars, instructed all line ministries (including development partner-financed investment) that (new) projects that exceed a minimum threshold need to go through the PIM process for appraisal and prioritization/scoring and Investment Committee approval before entering the MTEF. (iii) reached a policy decision and provided clarity on the way forward for PIM reform implementation (via e.g., DPM letter or Minister of Finance letter), including: a) acknowledgment of PIM implementation issues in the recent past; b) transition arrangements; c) the (updated) PIM Roadmap to serve as the indicative coordinating action plan for consolidating the PIM reform. Action 4: To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the MOF developed and circulated (inter-ministerially) a concept to standardize (in terms of reporting and accounting) the treatment to PPP-related fiscal liabilities (towards enabling a future linkage with the fiscal rule) by considering different methodological proposals. In addition, all new PPP Guidelines required to implement the PPP Procedures Decree and complete the PPP operational framework were established through MOE orders. Action 5: The MOF, on the basis of a Rapid Assessment of Enabling Environment/Context for Disaster Risk Financing (with a high-level identification of policy, regulatory and financing gaps), submitted a Concept for a (disaster) Financial Protection Plan Recommendation, for consultations with line-ministries and other stakeholders. Action 6: To improve financial transparency, strengthen centralized fiscal monitoring and oversight of operational performance in SOEs: (i) The Government — through MOF — initiated the upgrading of compliance monitoring functions for SOEs' publication of audited financial statements (e.g., the technical requirements for a new separate corporate web portal/ registry were approved); (ii) The MOF circulated for interministerial review a strategic concept proposal for a new SOE Ownership Policy to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; and (c) align performance appraisal to target efficiency gains. (iii) Upon the piloting of the SOE Integrity and Corruption Risk Analysis by the Corruption Prevention Commission, the Ministry of Justice (and the Corruption Prevention Commission) developed and circulated for interministerial review (and public consultations) a set of legal amendment proposals (to the Law on the Corruption Prevention Commission and to the Law on Local Self-Government) to expand the mandate of the Corruption Prevention Commission and include in it the assessment of corruption risks at SOEs and state and community non-commercial organizations (SNCOs)q and the provision of recommendations on anti-corruption measures to the competent authorities. Action 7: To reduce fiscal inefficiencies and increase impact in direct forms of investment promotion, government disclosed on the MOF website a comprehensive policy review of state-owned enterprises, equity funds and other financial SOEs, and, with specific regards to ANIF, approved a new Government Decree (subsequent to which: MOE approved a new charter for ANIF, duly lodged in the State Register) and other policy decisions to ensure: (i) A binding strategic mandate (and sector focus/investment policies) that eliminates crowding-out of the private sector, and provides a value-for-money rationale for its existence. (complemented by operating procedures that rationalize activities solely based of market failures). (ii) transparency with regards to ANIF's use of state-allocated resources, scope of operations and performance indicators (with introduction of performance reviews), (iii) fundamental aspects of corporate governance. (iv) operational policy/standard operating procedures that rationalize activities solely on the basis of addressing market failures, and (v) clear requirements for external financial audits (b) ANIF was transferred under the ownership oversight and policy coordination of MOE, while Govt considers outright divestment or dissolution actions through the State Property Committee. Action 8: (a) In order to establish a transparent governing framework for PPP renegotiations for pre-PPP Law PPPs (i.e., “legacy” PPPs) and amendments to any other long-term infrastructure contract, MOF submitted for interministerial review the legal amendment proposals to e.g. establish accountability and fiscal transparency. As an immediate stop-gap measure to address the problem, the DPM issued a directive asserting (a) the key role of MOF in any engagement with private players about renegotiations of “legacy” PPP (together with the policy-making body for each sector) and (b) the requirement for conducting proper fiscal implications analysis during any discussions that can lead to renegotiations. (b) Parliament approved legal amendments to give the Audit Chamber of the Republic of Armenia the legal authority to conduct audit activities on all “legacy" and new PPPs/PPAs and any other infrastructure service contracts. Action 9: In addition to sustaining the upgrades in public disclosure of fiscal risks of 2021-2022 into 2023-2024 (including climate risks), to establish the legal anchoring for MOF's FRM responsibilities and function and strengthen its systemic relevance: (i) MOF approved changes to the FRM charter for it to acquire the functional responsibilities for SOE financial monitoring; (ii) MOF activated the mitigation function on “specific" FRM by regularly briefing DPM office with mitigation action proposals on risk events pertaining to PPP/PPAs, credit guarantees, and SOEs (iii) MOF circulated for interministerial review draft legal amendment proposals to inter alia give the government the authority to: (a) create the Specific Fiscal Risks Management Council (this is a requirement for a Specific Fiscal Risks Mitigation Recommendations Reporting sub-function), (b) set (through the specific fiscal risk council) Staffing Certification Requirements for fiscal risk management, and (c) establish an inter-institutions mechanism to underpin the information flows of a fully functioning integrated “specific” FRM framework, (iv) MOF issued a ministerial order to govern budgetary lending and guarantee requests. Action 10: To promote more effective, efficient and transparent procurement practices while also embedding key CC mitigation objectives: (i) Government launched (via approval of MOF Decree) the tender for the e-Procurement module of the GFMIS; (ii) Government implemented key steps of the Procurement Reform Action plan, including: (a) approval of amendments (to Govt decree) to impart direct accountability in procurement bodies' use of non-competitive procurement (thereby, and effectively reducing recourse to non-competitive procurement); (b) facilitating NGOs' access to contractualized monitoring of national and subnational procurement activities; (c) conducting interministerial consultations on a sustainability criteria framework for one recurrent item of government spending, to demonstrate how the government can strategically procure specified items in a sustainable* and cost-effective manner; (d) introduction of index-based costing practices in public procurement for all contracts above 1 year term (thereby reducing procurement risks due to price fluctuations and increasing competitive tension) (iii) MOF completed the feasibility assessment on sustainable (“green”) procurement and initiates public consultations on forthcoming options, (iv) MOF issued regulatory guidance to procuring entities on risk mitigation to: (a) eliminate systemic reliance on (high) performance and contract-related securities; (b) promote proper assessment of technical experience upfront; (c) mainstream quality requirements into procurement outcomes; and (d) increase the use of competitive dialogue procedures; (v) MOF launched a Methodology for Assessing Procurement Systems (MAPS) Assessment of its national procurement with development partners. Action 11: To formulate green economy policy and align economic policy tools with climate policy: (1) MOE submitted the national strategy on 'Green and Sustainable Economic Development' (including ‘Circular Economy' development proposals and implementation arrangements) for government approval. (2) The concept of green taxonomy was approved by the Ministerial Order of MOE (3) A concept for a law on an ‘Extended Producer Responsibility' system was circulated for interministerial review. The MOE also formally operationalized a working group to define preconditions for 'circular economy' and sustain dialogue. (4) Government approved a Long-Term Low Emissions Development Strategy till 2050 (5) MoEnv circulated for interministerial review a new Law on Climate, and approved a Ministerial Order on Climate Financing Information (applicable only to Ministries, Yerevan Municipality and communities) to govern the submission of information on climate financing (received by Armenia) in the context of the Paris Agreement. Action 12: The MOF: (i) implemented the MTDS, 2022-2024 and MTDS 2023-2025 within they benchmark targets for refinancing, interest rate, and exchange rate risk with minimal deviations; and through the approved MTDS for 2024-2026:, MOF raised further the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and improved the exchange rate risk benchmark indicators (i.e., the shares of public domestic debt and dram denominated debt in total debt to be above 40%); (ii) approved the Debt Data Validation Procedures Manual and incorporated it into the Procedures Manuals of the Public Debt Management Department. MOF also completed the upgrade of its debt management database to a new DMFAS-6 system to enhance the autonomy, management, and analytical capabilities of debt management office with new modules on debt securities, reorganization, non-guaranteed external debt, and debt analysis modules.s (iii) government submitted legal amendment proposals to Parliament for upgrading the Public Debt Law, to address identified shortcomings (e.g. expanding the scope of what is reported as public sector debt, including subnational debt instruments and SOE debt instruments; and (iv) in addition to approval by Parliament of legal amendments to the Law of the Treasury System and the Law on Budget System, it supported the final approval by Government of implementing legislation to regulate the process of replenishment and utilization of the new Stabilization Account. Action 1: To complete linkages between medium-term fiscal planning and budget allocation decisions, and the national strategic/sectoral planning directions (with explicit high-level targets) that should guide the former, while also enhancing the budget process, effectiveness/impact of public expenditure and DRM: (i) the government approved legislation to establish a whole institutional architecture for national strategic planning of medium-term resource allocation that is more results-oriented, feasible and evidence-based (including, e.g., explicit requirements for climate and gender policy considerations across all new strategic pillars)t (endnote f); (ii) the government amended the decrees that govern the budget process, cycle and calendar, as well as the MTEF rules, to improve MTEF reliability for medium-term planning, inter alia including (a) transitioning to a Baseline process as the new first step for budget planning (i.e., MTBF), (ii) solutions to allow for carry-forwards in CAPEX, (iii) MTEF cycle restructuring and 3-year ceilings, and (iv) expansion to a 5-year planning horizon in the macro-fiscal framework (i.e., MTFF); (iii) Through the Govt Decree on Strategic Planning (PA3.1[i]), the template was also established for the unified ledger of (high-level, priority) KPIs to subsequently link up to all program budgeting results-focus (from outcome to output indicators of specific measures/actions), once the pre-determined set six specific national strategies are approved; (iv) the MOF formalized an agreement with MLSA on an institutional coordination process within the new budget calendar to strengthen line-ministries' compliance with gender-responsive budgeting across all ministries, and significantly expanded participatory budgeting coverage (towards 21 municipalities) and budget resources (towards 5% of the total subvention program for local government capex); (v) The MoEnv publicly disclosed the results of the pilot climate tagging of the 2025 budget. In addition, the government included the legal basis for MOF to operationalize and fully rollout the CC mitigation and adaptation taggingu through budget circulars (as an annual routine) and establish an interministerial collaboration with MoEnv to review CC tagging proposals from line-ministries, in the draft Law on Climate that was submitted to Parliament (see Policy Action 3.11(2);v (vi) the MOF—to rationalize the system of tax incentives and implement international tax transparency standards, including base erosion and profit shifting (BEPS) measures and Automatic Exchange of Information (AEOI) of financial account information (using the common reporting standard [CRS] template) as well as improve overall tax administration: (1) Expanded the systematic and standardized periodical tax incentive monitoring and evaluation framework to corporate and personal income tax incentive measures (e.g. SEZ) by submitting annual reports on VAT, CIT and PIT tax expenditures in the RA Government's Budget message; (2) Continued to implement the new Tax Treaty policy framework and Model Double Tax Agreement (DTA) through: (i) government approval of at least two (Japan and Hong Kong, China) tax treaties or protocols for ratification aligned to the Model DTA, in order to relieve double taxation and reduce tax evasion and avoidance in cross-border transactions and investment, and (ii) developing and publishing a MLI Guidance Note on the Interpretation and Application of DTAs in Armenia to assist taxpayers and officials in interpreting and applying the MLI;w (3) Continued to implement the reform plan to meet minimum standard in the OECD/G20's BEPS inclusive framework by (a) completing a peer-reviewed assessment by OECD of existing preferential tax regimes and amending the RA Tax Code to remove all preferential tax regimes in accordance with BEPS Action 5 standard, (b) improving legislative and administrative procedures to implement BEPS standard Action 2: The government: (i) explicitly included a Financing Sources Strategy and a Costed Action Plan (covering both investment and operational items) in Armenia's proposed submission of Nationally Determined Contributions (NDC 3.0; for the period 2025-2030), as circulated for interministerial review ahead of the COP, to facilitate the broad engagement of relevant interministerial stakeholders towards the coordinated mobilization and the targeting of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) obtained Parliament approval of the National Disaster Risk Management Law with an explicit legal standing (role) for MOF in PFM issues (which includes Disaster Risk Finance), (Note: this enabled the subsequent amendments to the DRM Strategy Decree to accommodate, inter alia, MOF's leading role in developing a Disaster Risk Finance framework of action; see PA# 3.5 below). (iii) approved a timebound 2024-2028 Gender Policy Implementation Strategic Program to operationalize gender equality policies along six policy priorities/directions: [1] governance and decision-making levels; [2] socio-economic and labor; [3] education and science; [4] health; [5] gender-based violence; and [6] the climate-gender nexus (specifically: “Developing gender-sensitive and gender-responsive approaches to climate change, ensuring inclusive principles and raising awareness”). Action 3: Government launched the pre-qualification stage for the GFMIS. The (currently parallel) e-Procurement system being tendered includes, in its contract management module, functionalities of monitoring physical and financial execution per contract (and when aggregated, per project) that will allow identification of (i) cases of cost overruns and their causes, and (ii) cases of non-execution. Finally, the new PIM Govt Decree (approved, see Policy Action 3.1(vii)) now includes in its PCN a new and separate section on disaster risk mitigation and adaptation, amended guidelines on climate change adaptation, and a correction in the scoring framework to rate potential project implementation risks (thereby clarifying the concept of risk at hand). Action 4: a) To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the government promoted the standardization (in terms of reporting and accounting) of the treatment to different fiscal liabilities, by submitting to Parliament legal proposals to explicitly link up the stock of PPP contingent liabilities and budget guarantees to a new fiscal sustainability threshold in Armenia's fiscal rule, in a way that helps reduce bias towards off-budget transactions; and; b) The government brought to financial closure the first PPP project under the new legislation and institutional architecture, after compliance with sequencing requirements of the PIM and PPP legislations, thereby demonstrating the merits of this new normative architecture to ensure fiscal responsibility and planning relevance. c) Government: (i) amended regulatory frameworks to ensure that the speed of RE generation penetration into the national grid remains financially sustainable, (including the ruling that all new licensed generation operators from 2024 onwards already will only get to sell at prices in the balancing market, and the fiscal decision to discontinue specific budget incentives);jj (ii) circulated for interministerial review proposals to amend to the power sector laws and regulations to (a) promote the introduction of the balancing market, (b) integrate transmission entities, (c) introduce new forms of contractualization of independent power producers, and (d) bring transparency and regulatory mandate to curtailment orders and other grid protection and stabilization measures;kk (iii) via Parliament-approved legal amendments to the procurement law, brought regulated companies and their supplier-subsidiaries as well as interconnected supplier companies to the procurement regime that requires competitive tendering (of supplies), and via PSRC decree instructed all regulated companies to use pre-approved electronic procurement platforms for any procurement; (iv) through PSRC regulation, removed conflict of interest for procurements of regulated companies. Action 5: Government amended the Disaster Risk Management Strategy Decree to incorporate an explicitly leading role for MOF in e.g., Disaster Risk Finance. (Note: this complements PA3.2 above, as well as the new proposed requirement that MOF submits regular Financial Protection Plan Recommendations to the newly established Specific Fiscal Risk Council meetings, including explicit follow-ups on previous recommendations, as in PA3.9 below). Action 6: To improve financial transparency, strengthen centralized fiscal oversight of, and establish corporate governance and operational performance in SOEs, the: (i) Government—through MOF—completed the upgrading of compliance monitoring functions for SOEs' publication of audited financials (i.e., full rollout of the new separate corporate web registry) and issues instructions to line-ministries for 1 SOE and 1 SNCO per ministry to upload the required info. (ii) Government approved a SOE Ownership Policy (by Government Decree) to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; (c) align performance appraisal to target efficiency gains. (iii) Government approved amendments to the decree that governs the placement of SOEs and other infrastructure service entities under trust management, to eliminate direct selection and ensure competitive and transparent tender processes only. (iv) Government, also through the new SOE Ownership Policy Decree, sets (a) that the SPMC has the authority to set corporate governance requirements to any SOE, (b) that a list of priority SOEs must come under compliance with the specific corporate governance practices (i.e., independent board members, internal audit and control, reporting on corporate governance), and (c) through a specific institutional location, the compliance monitoring functions for corporate governance requirements․ (v) Government submitted to Parliament proposed amendments to the law on Corruption Prevention (and Law on Local Self-Government) to enable a new mandate for the Corruption Prevention Commission for assessing corruption risk at SOEs, SNCOs. etc., and for providing recommendations as anti-corruption measures. Action 7: Ahead of, and in anticipation of the approval of the new SOE Ownership Policy (Government Decree) and its forthcoming guiding principles and objectives: (i) Government issued instruction to privatize DICA/UCO (state-owned financial institution). (ii) the State Property Committee proceeded with the liquidation of ANIF while the latter initiated with divestment from assets. (iii) Government continued to address current financial transparency problems with SOEs by moving SOEs financial accounts to the Treasury (reaching 6 SOEs in total). Action 8: Government submitted to Parliament the necessary legal amendments (to e.g., the Law on Budget Process and Budget Systems Law) to establish a transparent governing framework for PPP renegotiations (for pre-PPP Law PPPs, i.e., “legacy” PPPs) and amendments to other long-term infrastructure service contracts. This includes making that, by law, contract amendments are only legal if duly registered with the Armenian Treasury (itself carrying a number of legal pre-conditions for fiscal appraisal and analysis). Action 9: Government amended the PM Decree on the Budget Execution Committee to expand its purpose and add the functions of a Fiscal Risks Management Council to its remit. In addition, through a new MOF decree, the government will also operationalize the formal specific fiscal risk mitigation function of FRM (setting that a Fiscal Risk Mitigation Report will be periodically prepared and presented to the FRM Council, where risk mitigation actions are specifically recommended and followed-up on in subsequent reports). Finally: a) Government, to support MOF's centralized oversight of risks from subnational procurement activities, approved a Government Decree dictating all subnational entities to transition to the national procurement electronic platform. b) Government, through the MOF Decree on the FR Council, formalized and operationalized an inter-institutions mechanism ensuring that all relevant State Bodies and relevant MOF Depts contribute with the necessary information to a fully functioning Integrated FRM Framework. c) MOF, to improve transparency over subnational borrowings by reporting this form of state liabilities as Public Debt, included the latter in the current legal amendment proposals to the PD law (now in Parliament).mm (see policy action 3.12) d) Government publicly disclosed the result of IMF's assessment to the Subnational Borrowing framework on its website, which includes a specific assessment of risks and merit of whether controls on subnational borrowing should be relaxed at this stage. e) Periodic Fiscal Risk disclosures (e.g., the fiscal risk statement published in July 2025) were upgraded to include results of the Stress Testing and Forecasting Tool for SOEs for main macro risks (GDP, currency, interest rate), and also to, on the basis of a new Debt Guarantee and Loan Assessment Tool (DGLAT), presented assessments of risks from loan or debt guarantees from the perspective of the creditworthiness of the obligor. Action 10: To promote more effective, efficient and transparent procurement practices, while also embedding key CC mitigation and environment policy objectives: [1] Government's tender process for the e-Procurement module (of the GFMIS) completed final evaluation of submitted proposals with at least three international competitors; [2] Government implemented key steps of the Procurement Reform Action plan (e.g., increase the use of two-step competitive tenders) to bring down the use of noncompetitive processes to below 10% (in total monetary volume of public procurement). [3] Government amended decree to lower the minimum required level for performance guarantees, to increase competitive tension; and MOF submitted to Government legal amendments to: (i) add forms of tendering (e.g., framework agreements, and public offers) and improve accountability in single-source selection (e.g., by having procuring agencies report to Parliament if ceilings are breached), (ii) remove conflicts of interest, and (iii) eliminate disparities between judicial treatment of PPP projects and of procurement of items of high public interest, eliminating a current bias towards PPPs. [4] Government decree amendments to introduce factoring entered into force. [5] MOF launched a demonstration—through an actual tender—that pilots green procurement and sustainability criteria framework in a key item of government spending.nn [6] Parliament approved legal amendments to: (i) Continue promoting time-efficient competitive tension, by allowing the procurement entities to increase the period (from the default 10 days) for presentation of performance guarantees; (ii) Eliminate gaps and inconsistencies in definitions and procurement principles. Action 11: To establish green economy policy and align economic policy tools with climate policy targets: (1) Prime Minister approved the national strategy on 'Green, Sustainable and Circular Economy Development', and the corresponding Action Plan (PM Decree). (2) Government submitted a new proposed law on Climate to Parliament to enable, inter alia, for (i) MoEnv orders to govern Climate Financing Information as a normative act, (i.e., meaning it will be effective to all institutions in the country), especially the submission of information on climate financing received for the implementation of the Paris Agreement, (ii) carbon pricing instruments, and (iii) the institutionalization of climate budget tagging, requiring identification and classification of climate-related expenditures in the state and, optionally, local budgets (Note: this is the legal basis for the operationalization of an institutional solution between Ministry of Environment and the Ministry of Finance to scrutinize the CC tagging; see PA 3.1(v) above).oo (3) A draft law on ‘Extended Producer Responsibility' (and corresponding amendments to other laws and technical procedures for imported goods) was circulated for interministerial review. (4) The green taxonomy was approved by a government decree. (5) To reduce health and environmental risks, Parliament approved a set of legal amendments (to the law on hazardous waste) to obtain legal standing to establish environmentally safety management functions. In addition, the Ministry of Environment circulated (for interministerial review) the draft decree to establish environmentally safe management rules for polychlorinated biphenyl (PCB) waste, expired pesticides, and lithium-ion battery waste. Action 12: Government submitted to Parliament a new proposed public debt law to e.g., expand the scope of what is reported as public sector debt (including subnational debt) and guarantees as contingent liabilities. In addition, legal amendment proposals were also included for upgrading the Budget Systems Law to report PPP-related liabilities (applying IPSAs32) as a separate category. Action 1: To start linking medium-term fiscal planning and budget allocation decisions to national strategic and sectoral planning directions (and to explicit high-level economic and social objectives/targets), while also enhancing the budget process and analysis requirements to raise the overall design quality and effectiveness/impact of public expenditure, the following set of sub-actions were undertaken: (i) The MOF established a results framework (from current national strategies and action plans) to enable line ministries' compliance in the new budget submissions for FY2023 and onwards, and issues instructions accordingly; (ii) The MOF established requirements for alignment between program budgeting and current national strategic priorities (through the MOF issuance of mandatory new guidelines for MTEF preparation and the 2023 State Budget); (iii) A pilot for gender-sensitive budgeting was implemented in two key ministries,d and MOF evaluated and published its assessment with lessons and recommendations for action; (iv) MOF approved a budget program evaluation concept and pilot methodology (with full-fledged criteria for Relevance, Effectiveness, Efficiency, Impact and Sustainability) to raise allocative efficiency and enable evidence-based budget management flexibility, and launched three pilot evaluations to ongoing budget programs;e (v) To reduce regulatory arbitrage risks and tax compliance burdens on micro-sized enterprises while at the same time raising turnover tax revenue generation potential, the MOF circulated for interministerial review legislative proposals and regulations related to tax incentives and alternative tax systems (covering micro-entrepreneurship) to incentivize microbusinesses to move out of the presumptive regime while continuing to pay lower taxes; (vi) To start integrating, into medium-term fiscal planning, the new public investment management governance, the MOF established a budget allocation in the MTEF (from FY2023 onwards) for the funding of feasibility studies that pass the Investment Committee stage; and (vii) To improve coordination and sequencing, and sustain the momentum in public budgeting reforms, MOF (a) restructured the Budget Department to transition from an expenditure-based focus to a sector-based focus (also establishing a Methodology Unit); and (b) piloted the establishment of a high-level Budget Committee to monitor quarterly execution of the State Budget and to govern significant reappropriations on the basis of MOF proposals. A Prime Minister Decree was approved to formalize the high-level Budget Committee. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis pointsPolicy 1: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability NA Action 2: To enable linkages between annual and medium-term budget and expenditure planning to climate change adaptation commitments and priorities, the government approved, by government decree, a national climate adaptation plan (2021-2025) identifying key principles to guide integration of climate adaptation into all policy and programming, including a principle on climate-aligned financial decision-making and management, and distributing institutional responsibilities for implementation across sectors. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 3: To raise the economic and social impact of overall public investments decisions and the fiscal sustainability of their implementation irrespective of the form of procurement, a high-level, fully-fledged public investment management (PIM) framework was established (through two PM decrees)f and operationalized by government (through MOE instructions),g to be governed by a quantitative and qualitative multicriteria framework for project prioritization that includes, inter alia: (i) disaster and CC risk adaptation and mitigation objectives embedded in the key identification and prioritization criteria, (ii) full integration with the PPP operational framework, and (iii) integration with medium-term fiscal planning and the State Budget process. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 4: To establish, inter alia, a dedicated PPP procurement mechanism under secondary legislation for the PPP Law, and ensure that all new PPP projects must first be identified, evaluated, prioritized and selected through the procedures set in new PIM framework of the government, the Public Procurement Law and the PPP Law were amended by Parliament, and the PPP Procedures Decree (the main secondary legislation to the new PPP Law) was approved by government.h In addition, to establish a full-fledged risk vetting and monitoring framework for PPPs towards future full integration with the fiscal rule, and to complete the operational framework for PPPs, government approved: (i) A 'PPP Contingent Liabilities' Government Decree (with methodologies and tools for identification, assessment and calculation of risks and reporting in State Budget documentation, as well as requirements for benchmarking against PPP "fiscal affordability" ceilings); (ii) More detailed methodological guidelines and tools—in consistency with the new PPP CLs Govt Decree; and (iii) Two government decrees to establish PPP "fiscal affordability" ceiling mechanisms for both contingent liabilities and direct liabilities. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 5: To improve financial transparency and start strengthening the centralized fiscal monitoring of SOEs: (i) the amendments to the laws on accounting (i.e., issues of Financial Accounting, regulation of Accounting and Audit activities) were enacted by Parliament ensure all SOEs above a specific size threshold (and other large companies) are obliged to have their financial reports audited; and (ii) the Fiscal risks management function at MOF (FRSD) established and operationalized the collection of financial information on all SOE a new SOE database, including financial SOEs, and ensures it remains current at 2022 (i.e., already includes 2021 data). Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 6: To promote fiscal transparency and continue sustaining the ongoing institutional strengthening efforts into a more comprehensive and integrated FRM function at MOF (now already including the covering of disaster and CC risks): (i) the MOF (through the FRMD) significantly upgrades the comprehensiveness of its disclosure of fiscal risks (by publishing more comprehensive Fiscal Risks Statements for the 2021 and 2022 budget laws), now presenting: (a) a calculation of headline contingent liability exposures to major SOEs and selected PPPs (including PPAs), (b) a discussion on key fiscal risks, and (c) an explicitly acknowledgment and quantification of fiscal risks deriving from disaster risk and CC (the MOF also produced the first two MTEF updates with a report on fiscal risks deriving from disaster risk and CC); (ii) the MOF established internal periodic comprehensive reporting of PPP Contingent Liabilities (including the operationalization of a PPP fiscal commitments database and risk assessment matrixes for each PPP) as a “living-document” analysis application of the newly approved methodologies (presenting a more detailed calculation of contingent liability exposures per risk category and selected PPPs [including PPAs] than what was included in the 2021 State Budget law documentation), to serve as the basis for any MTEF annual update or annual budget submission; and (iii) the MOF approved the updated Fiscal Risk Management Roadmap for 2022-2023, charting the objectives to, by end-2023 and inter alia, achieve: (a) full operationalization of the ‘Vetting' and ‘Mitigation Recommendations' functions, and (b) systematic coverage of all material sources of risk, including ‘Budgetary Lending', ‘State Guarantees', ‘Legacy PPPs and PPAs', ‘disasters caused by natural and man-made hazards (including biological and technological) and from CC', and ‘potential environmental liabilities of the State'. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 7: To promote more effective, efficient and transparent procurement practices while also embedding key CC action objectives, a Procurement Development/Reform Concept was approved by PM Decree, to include (i) analyses of the feasibility of introducing green procurement, and (ii) proposals for the standardization of procurement packages in the recurrent budget. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 8: To formulate green economy policy and align economic policy tools with climate mitigation and adaptation targets: (i) the MOE issued for the review of co-implementing ministries a proposed concept for ‘Green Economy Transition';i (ii) the MOE created an operational unit dedicated to the Green Economy Transition and operationalized it. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 9: The Government's debt management implementation and medium-term strategic communication to the markets aligned further to continue reducing public debt exposures to exchange rate risk and develop the domestic government securities market, while institutional mechanisms were designed to gradually insulate the government securities issuance program from short-term macroeconomic risks. These were achieved through the following reform and institutional upgrade efforts: (i) Submission by Government to Parliament of proposed legal amendments to the Law of the Treasury System and the Law on Budget System to Parliament in order to ensure that the Stabilization Account strictly acts as a government debt refinancing risk management and a countercyclical stabilization support mechanism with good governance; and (ii) MTDS (2020-2022) was implemented within its benchmark targets for refinancing risk, interest rate risk and exchange rate risk (with minimal deviations), and the approved MTDS (i.e., for 2021-2023) (a) raised the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and (b) improved the exchange rate risk benchmark indicators (i.e., the share of domestic debt in total debt and the share of dram denominated debt in total debt to be minimum 25% instead of minimum 20% envisaged by the previous strategy. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 1: To improve linkages between medium-term fiscal planning, budget allocation decisions and national strategic and sectoral planning directions (with explicit high-level targets), while also enhancing budget processes, effectiveness/impact of public expenditure, and domestic resource mobilization (DRM): (i) The government endorsed the concept of results-management reform and circulated for interministerial review a government decree, providing for a) solutions to operationalize an institutional set up (including, explicit requirements for climate change, digital, social and gender policy) for national strategic planning of medium-term resource allocation;j b) explicitly anchoring all program budgeting results-focus to a (forthcoming) unified ledger of high-level (priority) KPIs, with a requirement for a common template for national strategies that specifically operationalizes this new standard of results-focus in any new sector strategy. (ii) The government, through the 2024 State Budget package approved by Parliament, established explicit linkages between budget programs and the approved Government Program targets. (iii) The MOF, through interministerial circulation of draft law amendments, proposed changes to improve MTEF reliability for medium-term fiscal planning and accuracy against ultimate annual budget allocations, including medium- (line-ministry level) budget ceilings, solutions for carry-forwards in CAPEX, and MTEF updating cycle; (iv) The government, through MOF approved budget instructions, rolled-out legally binding gender-responsive budgeting requirements across all ministries while also: a) circulating, for interministerial guidance, proposals to make this reform more effective in subsequent fiscal years (including revisions to the manual on Gender-Responsive Budgeting to enhance its comprehensibility) in agreement with the Ministry of Social Affairs, b) enhancing the guideline for public consultations of state bodies on proposed budget programs (‘Open/Citizen's Budget' initiatives) to include gender aspects and raise CSOs awareness and capacity to scrutinize the compliance with gender-responsive budgeting requirements, & c) piloting participatory budgeting across four municipalities. (v) MOF completed a first SDG budget tagging exercise at a ‘direct link' level for 2024 and published it with the 2024 State Budget package (approved by Parliament in late 2023). In addition, a separate comprehensive exercise of budget tagging to include ‘indirect link' levels (e.g., SDG 13 on CC actions) was produced and formally disseminated to line-ministries in preparation for the next budget cycle, together with a complete SDG budget tagging framework (including SDG 13 on CC action) also in preparation of the next budget. (vi) Parliament approved the necessary amendments to the tax code to rationalize the coverage of the micro-entrepreneurship tax regime and reduce regulatory arbitrage and the scope of application of tax privileges. Subsequently, MOF applied the framework of analysis of foregone revenue to identify options for rationalizing VAT tax incentives (based on an analysis of revenue foregone, distributional impact and the availability of alternative policies). Also, the MOF: (1) Established and operationalized a systematic and standardized framework to analyze and assess the cost-benefit of VAT incentives and estimate and report foregone revenue; (2) Developedk a new Tax Treaty policy framework and Model Double Tax Agreement (DTA) to relieve double taxation and reduce tax evasion (and avoidance) in cross-border transactions and investment,l and applied it to negotiations with international treaty partners; (3) Implemented - on behalf of Government and to promote FDI while protecting the domestic tax base -- the minimum standard in the OECD/G20's BEPS inclusive framework, bym (a ) removing harmful tax measures in Free Economic Zone and Information Technology Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis pointsPolicy 1: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability NA Action 2: To enable linkages between annual and medium-term budget planning to climate and gender policy targets and results: (i) Government circulated for interministerial review a Financing Strategy and Investment Plan proposal for Armenia's NDC to facilitate the broad engagement of relevant stakeholders towards the coordinated mobilization of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) Government a) circulated for interministerial review a new National Disaster Risk Management Law, and b) approved a new National Disaster Risk Management Strategy and Action Plan to eliminate contradictions with the Sendai framework for DRR (i.e., ensuring Armenia's planning coherence and optimization with both the Paris Accord and the Sendai Framework objectives); (iii) Government started implementation of components in budget programs for DRR and for CC adaptation and mitigation. Detailed action plans for CC adaptation in at least three sectors were approved (Water, Agriculture, Health), and two more were finalized (Tourism, Energy). (iv) The Ministry of Labor and Social Affairs submitted for Government approval a time-bound 2024-2028 Gender Policy Implementation Strategy Program to operationalize gender equality policies along six policy priorities: governance and decision-making levels; socio-economic and labor; education and science; health; gender-based violence; women/girls and domestic violence prevention, and climate). Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 3: The government: (i) approved and implemented: (a) a new PIM Government Decree to raise the legal standing of its mandatory requirements, b) a new set of updated PIM instructions (through MOE) to accommodate the expansion of scoring criteria into climate change and lessons learned; (ii) through MOF-issued budget circulars, instructed all line ministries (including development partner-financed investment) that (new) projects that exceed a minimum threshold need to go through the PIM process for appraisal and prioritization/scoring and Investment Committee approval before entering the MTEF. (iii) reached a policy decision and provided clarity on the way forward for PIM reform implementation (via e.g., DPM letter or Minister of Finance letter), including: a) acknowledgment of PIM implementation issues in the recent past; b) transition arrangements; c) the (updated) PIM Roadmap to serve as the indicative coordinating action plan for consolidating the PIM reform. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 4: To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the MOF developed and circulated (inter-ministerially) a concept to standardize (in terms of reporting and accounting) the treatment to PPP-related fiscal liabilities (towards enabling a future linkage with the fiscal rule) by considering different methodological proposals. In addition, all new PPP Guidelines required to implement the PPP Procedures Decree and complete the PPP operational framework were established through MOE orders. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 5: The MOF, on the basis of a Rapid Assessment of Enabling Environment/Context for Disaster Risk Financing (with a high-level identification of policy, regulatory and financing gaps), submitted a Concept for a (disaster) Financial Protection Plan Recommendation, for consultations with line-ministries and other stakeholders. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 6: To improve financial transparency, strengthen centralized fiscal monitoring and oversight of operational performance in SOEs: (i) The Government — through MOF — initiated the upgrading of compliance monitoring functions for SOEs' publication of audited financial statements (e.g., the technical requirements for a new separate corporate web portal/ registry were approved); (ii) The MOF circulated for interministerial review a strategic concept proposal for a new SOE Ownership Policy to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; and (c) align performance appraisal to target efficiency gains. (iii) Upon the piloting of the SOE Integrity and Corruption Risk Analysis by the Corruption Prevention Commission, the Ministry of Justice (and the Corruption Prevention Commission) developed and circulated for interministerial review (and public consultations) a set of legal amendment proposals (to the Law on the Corruption Prevention Commission and to the Law on Local Self-Government) to expand the mandate of the Corruption Prevention Commission and include in it the assessment of corruption risks at SOEs and state and community non-commercial organizations (SNCOs)q and the provision of recommendations on anti-corruption measures to the competent authorities. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 7: To reduce fiscal inefficiencies and increase impact in direct forms of investment promotion, government disclosed on the MOF website a comprehensive policy review of state-owned enterprises, equity funds and other financial SOEs, and, with specific regards to ANIF, approved a new Government Decree (subsequent to which: MOE approved a new charter for ANIF, duly lodged in the State Register) and other policy decisions to ensure: (i) A binding strategic mandate (and sector focus/investment policies) that eliminates crowding-out of the private sector, and provides a value-for-money rationale for its existence. (complemented by operating procedures that rationalize activities solely based of market failures). (ii) transparency with regards to ANIF's use of state-allocated resources, scope of operations and performance indicators (with introduction of performance reviews), (iii) fundamental aspects of corporate governance. (iv) operational policy/standard operating procedures that rationalize activities solely on the basis of addressing market failures, and (v) clear requirements for external financial audits (b) ANIF was transferred under the ownership oversight and policy coordination of MOE, while Govt considers outright divestment or dissolution actions through the State Property Committee. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 8: (a) In order to establish a transparent governing framework for PPP renegotiations for pre-PPP Law PPPs (i.e., “legacy” PPPs) and amendments to any other long-term infrastructure contract, MOF submitted for interministerial review the legal amendment proposals to e.g. establish accountability and fiscal transparency. As an immediate stop-gap measure to address the problem, the DPM issued a directive asserting (a) the key role of MOF in any engagement with private players about renegotiations of “legacy” PPP (together with the policy-making body for each sector) and (b) the requirement for conducting proper fiscal implications analysis during any discussions that can lead to renegotiations. (b) Parliament approved legal amendments to give the Audit Chamber of the Republic of Armenia the legal authority to conduct audit activities on all “legacy" and new PPPs/PPAs and any other infrastructure service contracts. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 9: In addition to sustaining the upgrades in public disclosure of fiscal risks of 2021-2022 into 2023-2024 (including climate risks), to establish the legal anchoring for MOF's FRM responsibilities and function and strengthen its systemic relevance: (i) MOF approved changes to the FRM charter for it to acquire the functional responsibilities for SOE financial monitoring; (ii) MOF activated the mitigation function on “specific" FRM by regularly briefing DPM office with mitigation action proposals on risk events pertaining to PPP/PPAs, credit guarantees, and SOEs (iii) MOF circulated for interministerial review draft legal amendment proposals to inter alia give the government the authority to: (a) create the Specific Fiscal Risks Management Council (this is a requirement for a Specific Fiscal Risks Mitigation Recommendations Reporting sub-function), (b) set (through the specific fiscal risk council) Staffing Certification Requirements for fiscal risk management, and (c) establish an inter-institutions mechanism to underpin the information flows of a fully functioning integrated “specific” FRM framework, (iv) MOF issued a ministerial order to govern budgetary lending and guarantee requests. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 10: To promote more effective, efficient and transparent procurement practices while also embedding key CC mitigation objectives: (i) Government launched (via approval of MOF Decree) the tender for the e-Procurement module of the GFMIS; (ii) Government implemented key steps of the Procurement Reform Action plan, including: (a) approval of amendments (to Govt decree) to impart direct accountability in procurement bodies' use of non-competitive procurement (thereby, and effectively reducing recourse to non-competitive procurement); (b) facilitating NGOs' access to contractualized monitoring of national and subnational procurement activities; (c) conducting interministerial consultations on a sustainability criteria framework for one recurrent item of government spending, to demonstrate how the government can strategically procure specified items in a sustainable* and cost-effective manner; (d) introduction of index-based costing practices in public procurement for all contracts above 1 year term (thereby reducing procurement risks due to price fluctuations and increasing competitive tension) (iii) MOF completed the feasibility assessment on sustainable (“green”) procurement and initiates public consultations on forthcoming options, (iv) MOF issued regulatory guidance to procuring entities on risk mitigation to: (a) eliminate systemic reliance on (high) performance and contract-related securities; (b) promote proper assessment of technical experience upfront; (c) mainstream quality requirements into procurement outcomes; and (d) increase the use of competitive dialogue procedures; (v) MOF launched a Methodology for Assessing Procurement Systems (MAPS) Assessment of its national procurement with development partners. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 11: To formulate green economy policy and align economic policy tools with climate policy: (1) MOE submitted the national strategy on 'Green and Sustainable Economic Development' (including ‘Circular Economy' development proposals and implementation arrangements) for government approval. (2) The concept of green taxonomy was approved by the Ministerial Order of MOE (3) A concept for a law on an ‘Extended Producer Responsibility' system was circulated for interministerial review. The MOE also formally operationalized a working group to define preconditions for 'circular economy' and sustain dialogue. (4) Government approved a Long-Term Low Emissions Development Strategy till 2050 (5) MoEnv circulated for interministerial review a new Law on Climate, and approved a Ministerial Order on Climate Financing Information (applicable only to Ministries, Yerevan Municipality and communities) to govern the submission of information on climate financing (received by Armenia) in the context of the Paris Agreement. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 12: The MOF: (i) implemented the MTDS, 2022-2024 and MTDS 2023-2025 within they benchmark targets for refinancing, interest rate, and exchange rate risk with minimal deviations; and through the approved MTDS for 2024-2026:, MOF raised further the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and improved the exchange rate risk benchmark indicators (i.e., the shares of public domestic debt and dram denominated debt in total debt to be above 40%); (ii) approved the Debt Data Validation Procedures Manual and incorporated it into the Procedures Manuals of the Public Debt Management Department. MOF also completed the upgrade of its debt management database to a new DMFAS-6 system to enhance the autonomy, management, and analytical capabilities of debt management office with new modules on debt securities, reorganization, non-guaranteed external debt, and debt analysis modules.s (iii) government submitted legal amendment proposals to Parliament for upgrading the Public Debt Law, to address identified shortcomings (e.g. expanding the scope of what is reported as public sector debt, including subnational debt instruments and SOE debt instruments; and (iv) in addition to approval by Parliament of legal amendments to the Law of the Treasury System and the Law on Budget System, it supported the final approval by Government of implementing legislation to regulate the process of replenishment and utilization of the new Stabilization Account. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 1: To complete linkages between medium-term fiscal planning and budget allocation decisions, and the national strategic/sectoral planning directions (with explicit high-level targets) that should guide the former, while also enhancing the budget process, effectiveness/impact of public expenditure and DRM: (i) the government approved legislation to establish a whole institutional architecture for national strategic planning of medium-term resource allocation that is more results-oriented, feasible and evidence-based (including, e.g., explicit requirements for climate and gender policy considerations across all new strategic pillars)t (endnote f); (ii) the government amended the decrees that govern the budget process, cycle and calendar, as well as the MTEF rules, to improve MTEF reliability for medium-term planning, inter alia including (a) transitioning to a Baseline process as the new first step for budget planning (i.e., MTBF), (ii) solutions to allow for carry-forwards in CAPEX, (iii) MTEF cycle restructuring and 3-year ceilings, and (iv) expansion to a 5-year planning horizon in the macro-fiscal framework (i.e., MTFF); (iii) Through the Govt Decree on Strategic Planning (PA3.1[i]), the template was also established for the unified ledger of (high-level, priority) KPIs to subsequently link up to all program budgeting results-focus (from outcome to output indicators of specific measures/actions), once the pre-determined set six specific national strategies are approved; (iv) the MOF formalized an agreement with MLSA on an institutional coordination process within the new budget calendar to strengthen line-ministries' compliance with gender-responsive budgeting across all ministries, and significantly expanded participatory budgeting coverage (towards 21 municipalities) and budget resources (towards 5% of the total subvention program for local government capex); (v) The MoEnv publicly disclosed the results of the pilot climate tagging of the 2025 budget. In addition, the government included the legal basis for MOF to operationalize and fully rollout the CC mitigation and adaptation taggingu through budget circulars (as an annual routine) and establish an interministerial collaboration with MoEnv to review CC tagging proposals from line-ministries, in the draft Law on Climate that was submitted to Parliament (see Policy Action 3.11(2);v (vi) the MOF—to rationalize the system of tax incentives and implement international tax transparency standards, including base erosion and profit shifting (BEPS) measures and Automatic Exchange of Information (AEOI) of financial account information (using the common reporting standard [CRS] template) as well as improve overall tax administration: (1) Expanded the systematic and standardized periodical tax incentive monitoring and evaluation framework to corporate and personal income tax incentive measures (e.g. SEZ) by submitting annual reports on VAT, CIT and PIT tax expenditures in the RA Government's Budget message; (2) Continued to implement the new Tax Treaty policy framework and Model Double Tax Agreement (DTA) through: (i) government approval of at least two (Japan and Hong Kong, China) tax treaties or protocols for ratification aligned to the Model DTA, in order to relieve double taxation and reduce tax evasion and avoidance in cross-border transactions and investment, and (ii) developing and publishing a MLI Guidance Note on the Interpretation and Application of DTAs in Armenia to assist taxpayers and officials in interpreting and applying the MLI;w (3) Continued to implement the reform plan to meet minimum standard in the OECD/G20's BEPS inclusive framework by (a) completing a peer-reviewed assessment by OECD of existing preferential tax regimes and amending the RA Tax Code to remove all preferential tax regimes in accordance with BEPS Action 5 standard, (b) improving legislative and administrative procedures to implement BEPS standard Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis pointsPolicy 1: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability NA Action 2: The government: (i) explicitly included a Financing Sources Strategy and a Costed Action Plan (covering both investment and operational items) in Armenia's proposed submission of Nationally Determined Contributions (NDC 3.0; for the period 2025-2030), as circulated for interministerial review ahead of the COP, to facilitate the broad engagement of relevant interministerial stakeholders towards the coordinated mobilization and the targeting of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) obtained Parliament approval of the National Disaster Risk Management Law with an explicit legal standing (role) for MOF in PFM issues (which includes Disaster Risk Finance), (Note: this enabled the subsequent amendments to the DRM Strategy Decree to accommodate, inter alia, MOF's leading role in developing a Disaster Risk Finance framework of action; see PA# 3.5 below). (iii) approved a timebound 2024-2028 Gender Policy Implementation Strategic Program to operationalize gender equality policies along six policy priorities/directions: [1] governance and decision-making levels; [2] socio-economic and labor; [3] education and science; [4] health; [5] gender-based violence; and [6] the climate-gender nexus (specifically: “Developing gender-sensitive and gender-responsive approaches to climate change, ensuring inclusive principles and raising awareness”). Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 3: Government launched the pre-qualification stage for the GFMIS. The (currently parallel) e-Procurement system being tendered includes, in its contract management module, functionalities of monitoring physical and financial execution per contract (and when aggregated, per project) that will allow identification of (i) cases of cost overruns and their causes, and (ii) cases of non-execution. Finally, the new PIM Govt Decree (approved, see Policy Action 3.1(vii)) now includes in its PCN a new and separate section on disaster risk mitigation and adaptation, amended guidelines on climate change adaptation, and a correction in the scoring framework to rate potential project implementation risks (thereby clarifying the concept of risk at hand). Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 4: a) To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the government promoted the standardization (in terms of reporting and accounting) of the treatment to different fiscal liabilities, by submitting to Parliament legal proposals to explicitly link up the stock of PPP contingent liabilities and budget guarantees to a new fiscal sustainability threshold in Armenia's fiscal rule, in a way that helps reduce bias towards off-budget transactions; and; b) The government brought to financial closure the first PPP project under the new legislation and institutional architecture, after compliance with sequencing requirements of the PIM and PPP legislations, thereby demonstrating the merits of this new normative architecture to ensure fiscal responsibility and planning relevance. c) Government: (i) amended regulatory frameworks to ensure that the speed of RE generation penetration into the national grid remains financially sustainable, (including the ruling that all new licensed generation operators from 2024 onwards already will only get to sell at prices in the balancing market, and the fiscal decision to discontinue specific budget incentives);jj (ii) circulated for interministerial review proposals to amend to the power sector laws and regulations to (a) promote the introduction of the balancing market, (b) integrate transmission entities, (c) introduce new forms of contractualization of independent power producers, and (d) bring transparency and regulatory mandate to curtailment orders and other grid protection and stabilization measures;kk (iii) via Parliament-approved legal amendments to the procurement law, brought regulated companies and their supplier-subsidiaries as well as interconnected supplier companies to the procurement regime that requires competitive tendering (of supplies), and via PSRC decree instructed all regulated companies to use pre-approved electronic procurement platforms for any procurement; (iv) through PSRC regulation, removed conflict of interest for procurements of regulated companies. Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 5: Government amended the Disaster Risk Management Strategy Decree to incorporate an explicitly leading role for MOF in e.g., Disaster Risk Finance. (Note: this complements PA3.2 above, as well as the new proposed requirement that MOF submits regular Financial Protection Plan Recommendations to the newly established Specific Fiscal Risk Council meetings, including explicit follow-ups on previous recommendations, as in PA3.9 below). Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 6: To improve financial transparency, strengthen centralized fiscal oversight of, and establish corporate governance and operational performance in SOEs, the: (i) Government—through MOF—completed the upgrading of compliance monitoring functions for SOEs' publication of audited financials (i.e., full rollout of the new separate corporate web registry) and issues instructions to line-ministries for 1 SOE and 1 SNCO per ministry to upload the required info. (ii) Government approved a SOE Ownership Policy (by Government Decree) to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; (c) align performance appraisal to target efficiency gains. (iii) Government approved amendments to the decree that governs the placement of SOEs and other infrastructure service entities under trust management, to eliminate direct selection and ensure competitive and transparent tender processes only. (iv) Government, also through the new SOE Ownership Policy Decree, sets (a) that the SPMC has the authority to set corporate governance requirements to any SOE, (b) that a list of priority SOEs must come under compliance with the specific corporate governance practices (i.e., independent board members, internal audit and control, reporting on corporate governance), and (c) through a specific institutional location, the compliance monitoring functions for corporate governance requirements․ (v) Government submitted to Parliament proposed amendments to the law on Corruption Prevention (and Law on Local Self-Government) to enable a new mandate for the Corruption Prevention Commission for assessing corruption risk at SOEs, SNCOs. etc., and for providing recommendations as anti-corruption measures. Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 7: Ahead of, and in anticipation of the approval of the new SOE Ownership Policy (Government Decree) and its forthcoming guiding principles and objectives: (i) Government issued instruction to privatize DICA/UCO (state-owned financial institution). (ii) the State Property Committee proceeded with the liquidation of ANIF while the latter initiated with divestment from assets. (iii) Government continued to address current financial transparency problems with SOEs by moving SOEs financial accounts to the Treasury (reaching 6 SOEs in total). Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 8: Government submitted to Parliament the necessary legal amendments (to e.g., the Law on Budget Process and Budget Systems Law) to establish a transparent governing framework for PPP renegotiations (for pre-PPP Law PPPs, i.e., “legacy” PPPs) and amendments to other long-term infrastructure service contracts. This includes making that, by law, contract amendments are only legal if duly registered with the Armenian Treasury (itself carrying a number of legal pre-conditions for fiscal appraisal and analysis). Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 9: Government amended the PM Decree on the Budget Execution Committee to expand its purpose and add the functions of a Fiscal Risks Management Council to its remit. In addition, through a new MOF decree, the government will also operationalize the formal specific fiscal risk mitigation function of FRM (setting that a Fiscal Risk Mitigation Report will be periodically prepared and presented to the FRM Council, where risk mitigation actions are specifically recommended and followed-up on in subsequent reports). Finally: a) Government, to support MOF's centralized oversight of risks from subnational procurement activities, approved a Government Decree dictating all subnational entities to transition to the national procurement electronic platform. b) Government, through the MOF Decree on the FR Council, formalized and operationalized an inter-institutions mechanism ensuring that all relevant State Bodies and relevant MOF Depts contribute with the necessary information to a fully functioning Integrated FRM Framework. c) MOF, to improve transparency over subnational borrowings by reporting this form of state liabilities as Public Debt, included the latter in the current legal amendment proposals to the PD law (now in Parliament).mm (see policy action 3.12) d) Government publicly disclosed the result of IMF's assessment to the Subnational Borrowing framework on its website, which includes a specific assessment of risks and merit of whether controls on subnational borrowing should be relaxed at this stage. e) Periodic Fiscal Risk disclosures (e.g., the fiscal risk statement published in July 2025) were upgraded to include results of the Stress Testing and Forecasting Tool for SOEs for main macro risks (GDP, currency, interest rate), and also to, on the basis of a new Debt Guarantee and Loan Assessment Tool (DGLAT), presented assessments of risks from loan or debt guarantees from the perspective of the creditworthiness of the obligor. Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 10: To promote more effective, efficient and transparent procurement practices, while also embedding key CC mitigation and environment policy objectives: [1] Government's tender process for the e-Procurement module (of the GFMIS) completed final evaluation of submitted proposals with at least three international competitors; [2] Government implemented key steps of the Procurement Reform Action plan (e.g., increase the use of two-step competitive tenders) to bring down the use of noncompetitive processes to below 10% (in total monetary volume of public procurement). [3] Government amended decree to lower the minimum required level for performance guarantees, to increase competitive tension; and MOF submitted to Government legal amendments to: (i) add forms of tendering (e.g., framework agreements, and public offers) and improve accountability in single-source selection (e.g., by having procuring agencies report to Parliament if ceilings are breached), (ii) remove conflicts of interest, and (iii) eliminate disparities between judicial treatment of PPP projects and of procurement of items of high public interest, eliminating a current bias towards PPPs. [4] Government decree amendments to introduce factoring entered into force. [5] MOF launched a demonstration—through an actual tender—that pilots green procurement and sustainability criteria framework in a key item of government spending.nn [6] Parliament approved legal amendments to: (i) Continue promoting time-efficient competitive tension, by allowing the procurement entities to increase the period (from the default 10 days) for presentation of performance guarantees; (ii) Eliminate gaps and inconsistencies in definitions and procurement principles. Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 11: To establish green economy policy and align economic policy tools with climate policy targets: (1) Prime Minister approved the national strategy on 'Green, Sustainable and Circular Economy Development', and the corresponding Action Plan (PM Decree). (2) Government submitted a new proposed law on Climate to Parliament to enable, inter alia, for (i) MoEnv orders to govern Climate Financing Information as a normative act, (i.e., meaning it will be effective to all institutions in the country), especially the submission of information on climate financing received for the implementation of the Paris Agreement, (ii) carbon pricing instruments, and (iii) the institutionalization of climate budget tagging, requiring identification and classification of climate-related expenditures in the state and, optionally, local budgets (Note: this is the legal basis for the operationalization of an institutional solution between Ministry of Environment and the Ministry of Finance to scrutinize the CC tagging; see PA 3.1(v) above).oo (3) A draft law on ‘Extended Producer Responsibility' (and corresponding amendments to other laws and technical procedures for imported goods) was circulated for interministerial review. (4) The green taxonomy was approved by a government decree. (5) To reduce health and environmental risks, Parliament approved a set of legal amendments (to the law on hazardous waste) to obtain legal standing to establish environmentally safety management functions. In addition, the Ministry of Environment circulated (for interministerial review) the draft decree to establish environmentally safe management rules for polychlorinated biphenyl (PCB) waste, expired pesticides, and lithium-ion battery waste. Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 12: Government submitted to Parliament a new proposed public debt law to e.g., expand the scope of what is reported as public sector debt (including subnational debt) and guarantees as contingent liabilities. In addition, legal amendment proposals were also included for upgrading the Budget Systems Law to report PPP-related liabilities (applying IPSAs32) as a separate category. Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 1: To keep reform momentum and strengthen coordination and joint action towards financial and capital markets development, the: (i) Government approved and commenced implementation of a Capital Markets Development Program (jointly prepared by CBA, MOE and MOF); (ii) MOE established a Capital Markets Development Division to take on the coordination role for overall implementation; and (iii) MOF implemented the following money markets development and systemic liquidity management-enabling practices: (a) New issuance program of 6-months securities as benchmark was initiated and ramped-up (as the main issued security) to increase its benchmark reference for other segments of the capital market and increase liquidity in repo (interbank) markets; (b) While continuing buybacks (and other forms of active debt management), initiated exchanges (of the off-the-run government treasury securities) aimed at accelerating the smoothing of the government debt redemption profile, at decreasing clustered refinancing risks, and at improving liquidity management; (c) Technical specifications were finalized by MOF and AMX to enable the implementation of bond switch auctions; and (d) PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA by adopting a new cash forecasting responsibility and framework/template for FX cash-flow data to more effectively support CBA's systemic liquidity management efforts. Action 2: To establish truly secured interbank markets in Armenia and significantly improve liquidity in money markets, the following sub-actions were implemented: (i) Amendments to the civil code were approved by Parliament to resolve, inter alia, re-characterization risks in repo transactions (and other issues that are key for the ICMA -certified GMRA Legal Opinion); (ii) CBA approved the necessary amendments to its regulations to ensure GMRA applicability in Armenia to all counterparties; and (iii) CBA obtained ICMA-certified GMRA Legal Opinion (duly published in ICMA's website to establish financial markets recognition of GMRA applicability in Armenia to all counterparties). Action 1: The government ensured that the implementation of the Capital Markets Development Strategy time-bound action plan remained broadly on track, and specifically implemented the following sub-actions: (i) the MOE publicly disclosed the status of the Capital Markets Development Strategyqq (ii) to enable the effective reorganization of the outstanding public debt redemption/maturity profile of Armenia (to consolidate outstanding lines into key benchmarks), the CBA and MOF developed the necessary regulations to ensure that—after system testing is complete—bond switch auction options could become fully operational on the AMX platform; and (iii) the PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA, by also obtaining the necessary tax revenue forecasts and integrating these information flows and routines to more effectively support CBA's systemic liquidity management efforts. Action 2: To promote the systemic relevance of money markets to the Armenian financial system, the CBA: a) together with AMX, established and fully operationalized the new money markets (repo) trading platform. b) circulated for interdepartmental consultations the draft concept on ISDA SFT Schedule Provisions (as an alternative reform route to the GMRA), on the basis of consultations with the financial industry on the Concept Paper for a GMRA (Armenian version) and the Gap Analysis on the possibility to use GMRA by CBA and banks in repo transactions. Action 1: The government continued the implementation of the Capital Markets Development Strategy, and specifically implemented the following sub-actions: i. through MOE, publicly disclosed the status of implementation of the Capital Markets Development Strategy. ii. to enhance liquidity of on-the-run bonds and smooth the debt redemption profile further (to decrease refinancing risk spikes), the MOF ensured that bond switch auction options became fully operational on the AMX platform,tt and initiated necessary issuance practices and forms of active debt management (e.g., buybacks/switches); iii. AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities; and iv. MOE initiated stakeholder consultations to define a new Capital Markets Development Roadmap. Action 2: To promote the systemic relevance of money markets to the Armenian financial system, in terms of confidence and reliability, the CBA implemented measures to enable interbank interest rate benchmarking (O/N) by further standardization of repo transactions along ISDA Securities Financing Transactions Schedule Provisions. Furthermore: (i) The rules on trading of government bonds (the collateral of choice in repo markets) were amended to reduce the acceptable size of lots, open access to foreign investment companies within customized requirements for trading lot size, introduce a timed-update mechanism for participants' balances with the depository, strengthen post-trading processing and settlement by shifting the governing of the latter to the depository;uu (ii) AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities. Action 1: To keep reform momentum and strengthen coordination and joint action towards financial and capital markets development, the: (i) Government approved and commenced implementation of a Capital Markets Development Program (jointly prepared by CBA, MOE and MOF); (ii) MOE established a Capital Markets Development Division to take on the coordination role for overall implementation; and (iii) MOF implemented the following money markets development and systemic liquidity management-enabling practices: (a) New issuance program of 6-months securities as benchmark was initiated and ramped-up (as the main issued security) to increase its benchmark reference for other segments of the capital market and increase liquidity in repo (interbank) markets; (b) While continuing buybacks (and other forms of active debt management), initiated exchanges (of the off-the-run government treasury securities) aimed at accelerating the smoothing of the government debt redemption profile, at decreasing clustered refinancing risks, and at improving liquidity management; (c) Technical specifications were finalized by MOF and AMX to enable the implementation of bond switch auctions; and (d) PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA by adopting a new cash forecasting responsibility and framework/template for FX cash-flow data to more effectively support CBA's systemic liquidity management efforts. Action 2: To establish truly secured interbank markets in Armenia and significantly improve liquidity in money markets, the following sub-actions were implemented: (i) Amendments to the civil code were approved by Parliament to resolve, inter alia, re-characterization risks in repo transactions (and other issues that are key for the ICMA -certified GMRA Legal Opinion); (ii) CBA approved the necessary amendments to its regulations to ensure GMRA applicability in Armenia to all counterparties; and (iii) CBA obtained ICMA-certified GMRA Legal Opinion (duly published in ICMA's website to establish financial markets recognition of GMRA applicability in Armenia to all counterparties). Action 1: The government ensured that the implementation of the Capital Markets Development Strategy time-bound action plan remained broadly on track, and specifically implemented the following sub-actions: (i) the MOE publicly disclosed the status of the Capital Markets Development Strategyqq (ii) to enable the effective reorganization of the outstanding public debt redemption/maturity profile of Armenia (to consolidate outstanding lines into key benchmarks), the CBA and MOF developed the necessary regulations to ensure that—after system testing is complete—bond switch auction options could become fully operational on the AMX platform; and (iii) the PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA, by also obtaining the necessary tax revenue forecasts and integrating these information flows and routines to more effectively support CBA's systemic liquidity management efforts. Action 2: To promote the systemic relevance of money markets to the Armenian financial system, the CBA: a) together with AMX, established and fully operationalized the new money markets (repo) trading platform. b) circulated for interdepartmental consultations the draft concept on ISDA SFT Schedule Provisions (as an alternative reform route to the GMRA), on the basis of consultations with the financial industry on the Concept Paper for a GMRA (Armenian version) and the Gap Analysis on the possibility to use GMRA by CBA and banks in repo transactions. Action 1: The government continued the implementation of the Capital Markets Development Strategy, and specifically implemented the following sub-actions: i. through MOE, publicly disclosed the status of implementation of the Capital Markets Development Strategy. ii. to enhance liquidity of on-the-run bonds and smooth the debt redemption profile further (to decrease refinancing risk spikes), the MOF ensured that bond switch auction options became fully operational on the AMX platform,tt and initiated necessary issuance practices and forms of active debt management (e.g., buybacks/switches); iii. AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities; and iv. MOE initiated stakeholder consultations to define a new Capital Markets Development Roadmap. Action 2: To promote the systemic relevance of money markets to the Armenian financial system, in terms of confidence and reliability, the CBA implemented measures to enable interbank interest rate benchmarking (O/N) by further standardization of repo transactions along ISDA Securities Financing Transactions Schedule Provisions. Furthermore: (i) The rules on trading of government bonds (the collateral of choice in repo markets) were amended to reduce the acceptable size of lots, open access to foreign investment companies within customized requirements for trading lot size, introduce a timed-update mechanism for participants' balances with the depository, strengthen post-trading processing and settlement by shifting the governing of the latter to the depository;uu (ii) AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities. Action 1: To keep reform momentum and strengthen coordination and joint action towards financial and capital markets development, the: (i) Government approved and commenced implementation of a Capital Markets Development Program (jointly prepared by CBA, MOE and MOF); (ii) MOE established a Capital Markets Development Division to take on the coordination role for overall implementation; and (iii) MOF implemented the following money markets development and systemic liquidity management-enabling practices: (a) New issuance program of 6-months securities as benchmark was initiated and ramped-up (as the main issued security) to increase its benchmark reference for other segments of the capital market and increase liquidity in repo (interbank) markets; (b) While continuing buybacks (and other forms of active debt management), initiated exchanges (of the off-the-run government treasury securities) aimed at accelerating the smoothing of the government debt redemption profile, at decreasing clustered refinancing risks, and at improving liquidity management; (c) Technical specifications were finalized by MOF and AMX to enable the implementation of bond switch auctions; and (d) PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA by adopting a new cash forecasting responsibility and framework/template for FX cash-flow data to more effectively support CBA's systemic liquidity management efforts. Action 2: To establish truly secured interbank markets in Armenia and significantly improve liquidity in money markets, the following sub-actions were implemented: (i) Amendments to the civil code were approved by Parliament to resolve, inter alia, re-characterization risks in repo transactions (and other issues that are key for the ICMA -certified GMRA Legal Opinion); (ii) CBA approved the necessary amendments to its regulations to ensure GMRA applicability in Armenia to all counterparties; and (iii) CBA obtained ICMA-certified GMRA Legal Opinion (duly published in ICMA's website to establish financial markets recognition of GMRA applicability in Armenia to all counterparties). Action 1: The government ensured that the implementation of the Capital Markets Development Strategy time-bound action plan remained broadly on track, and specifically implemented the following sub-actions: (i) the MOE publicly disclosed the status of the Capital Markets Development Strategyqq (ii) to enable the effective reorganization of the outstanding public debt redemption/maturity profile of Armenia (to consolidate outstanding lines into key benchmarks), the CBA and MOF developed the necessary regulations to ensure that—after system testing is complete—bond switch auction options could become fully operational on the AMX platform; and (iii) the PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA, by also obtaining the necessary tax revenue forecasts and integrating these information flows and routines to more effectively support CBA's systemic liquidity management efforts. Action 2: To promote the systemic relevance of money markets to the Armenian financial system, the CBA: a) together with AMX, established and fully operationalized the new money markets (repo) trading platform. b) circulated for interdepartmental consultations the draft concept on ISDA SFT Schedule Provisions (as an alternative reform route to the GMRA), on the basis of consultations with the financial industry on the Concept Paper for a GMRA (Armenian version) and the Gap Analysis on the possibility to use GMRA by CBA and banks in repo transactions. Action 1: The government continued the implementation of the Capital Markets Development Strategy, and specifically implemented the following sub-actions: i. through MOE, publicly disclosed the status of implementation of the Capital Markets Development Strategy. ii. to enhance liquidity of on-the-run bonds and smooth the debt redemption profile further (to decrease refinancing risk spikes), the MOF ensured that bond switch auction options became fully operational on the AMX platform,tt and initiated necessary issuance practices and forms of active debt management (e.g., buybacks/switches); iii. AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities; and iv. MOE initiated stakeholder consultations to define a new Capital Markets Development Roadmap. Action 2: To promote the systemic relevance of money markets to the Armenian financial system, in terms of confidence and reliability, the CBA implemented measures to enable interbank interest rate benchmarking (O/N) by further standardization of repo transactions along ISDA Securities Financing Transactions Schedule Provisions. Furthermore: (i) The rules on trading of government bonds (the collateral of choice in repo markets) were amended to reduce the acceptable size of lots, open access to foreign investment companies within customized requirements for trading lot size, introduce a timed-update mechanism for participants' balances with the depository, strengthen post-trading processing and settlement by shifting the governing of the latter to the depository;uu (ii) AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities. Action 1: To keep reform momentum and strengthen coordination and joint action towards financial and capital markets development, the: (i) Government approved and commenced implementation of a Capital Markets Development Program (jointly prepared by CBA, MOE and MOF); (ii) MOE established a Capital Markets Development Division to take on the coordination role for overall implementation; and (iii) MOF implemented the following money markets development and systemic liquidity management-enabling practices: (a) New issuance program of 6-months securities as benchmark was initiated and ramped-up (as the main issued security) to increase its benchmark reference for other segments of the capital market and increase liquidity in repo (interbank) markets; (b) While continuing buybacks (and other forms of active debt management), initiated exchanges (of the off-the-run government treasury securities) aimed at accelerating the smoothing of the government debt redemption profile, at decreasing clustered refinancing risks, and at improving liquidity management; (c) Technical specifications were finalized by MOF and AMX to enable the implementation of bond switch auctions; and (d) PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA by adopting a new cash forecasting responsibility and framework/template for FX cash-flow data to more effectively support CBA's systemic liquidity management efforts. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis pointsPolicy 2: Improving government securities market and money markets infrastructure NA Action 2: To establish truly secured interbank markets in Armenia and significantly improve liquidity in money markets, the following sub-actions were implemented: (i) Amendments to the civil code were approved by Parliament to resolve, inter alia, re-characterization risks in repo transactions (and other issues that are key for the ICMA -certified GMRA Legal Opinion); (ii) CBA approved the necessary amendments to its regulations to ensure GMRA applicability in Armenia to all counterparties; and (iii) CBA obtained ICMA-certified GMRA Legal Opinion (duly published in ICMA's website to establish financial markets recognition of GMRA applicability in Armenia to all counterparties). Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 1: The government ensured that the implementation of the Capital Markets Development Strategy time-bound action plan remained broadly on track, and specifically implemented the following sub-actions: (i) the MOE publicly disclosed the status of the Capital Markets Development Strategyqq (ii) to enable the effective reorganization of the outstanding public debt redemption/maturity profile of Armenia (to consolidate outstanding lines into key benchmarks), the CBA and MOF developed the necessary regulations to ensure that—after system testing is complete—bond switch auction options could become fully operational on the AMX platform; and (iii) the PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA, by also obtaining the necessary tax revenue forecasts and integrating these information flows and routines to more effectively support CBA's systemic liquidity management efforts. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis pointsPolicy 2: Improving government securities market and money markets infrastructure NA Action 2: To promote the systemic relevance of money markets to the Armenian financial system, the CBA: a) together with AMX, established and fully operationalized the new money markets (repo) trading platform. b) circulated for interdepartmental consultations the draft concept on ISDA SFT Schedule Provisions (as an alternative reform route to the GMRA), on the basis of consultations with the financial industry on the Concept Paper for a GMRA (Armenian version) and the Gap Analysis on the possibility to use GMRA by CBA and banks in repo transactions. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 1: The government continued the implementation of the Capital Markets Development Strategy, and specifically implemented the following sub-actions: i. through MOE, publicly disclosed the status of implementation of the Capital Markets Development Strategy. ii. to enhance liquidity of on-the-run bonds and smooth the debt redemption profile further (to decrease refinancing risk spikes), the MOF ensured that bond switch auction options became fully operational on the AMX platform,tt and initiated necessary issuance practices and forms of active debt management (e.g., buybacks/switches); iii. AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities; and iv. MOE initiated stakeholder consultations to define a new Capital Markets Development Roadmap. Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis pointsPolicy 2: Improving government securities market and money markets infrastructure NA Action 2: To promote the systemic relevance of money markets to the Armenian financial system, in terms of confidence and reliability, the CBA implemented measures to enable interbank interest rate benchmarking (O/N) by further standardization of repo transactions along ISDA Securities Financing Transactions Schedule Provisions. Furthermore: (i) The rules on trading of government bonds (the collateral of choice in repo markets) were amended to reduce the acceptable size of lots, open access to foreign investment companies within customized requirements for trading lot size, introduce a timed-update mechanism for participants' balances with the depository, strengthen post-trading processing and settlement by shifting the governing of the latter to the depository;uu (ii) AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities. Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 1: To promote new financial instruments and investors, the following sub-actions were implemented: (i) Parliament approved legal amendments to the law on 'Currency regulation and Currency Control' to encourage corporate debt issuances and enable flexibility in the currency denomination of repo contracts' settlement; (ii) CBA amended its regulations to introduce clearer rules for market-making in corporate bonds in line with international best practices; (iii) CBA implemented a new regulatory framework to (a) address regulatory gaps and eliminate uncertainties with derivative instruments, and (b) promote participation of foreign institutional investors in the local debt markets; and (iv) Parliament approved amendments to the Law on the Joint-Stock Companies (JSC) to enable the issuance of common shares of various classes, etc. Action 2: To pre-empt financial stability risks and ensure market integrity and sustainability in the potential proliferation of green finance instruments, the CBA formally launched and operationalized a working group to study options for the development of green finance and assess if climate chance risks to banking stability justify a specific adjustment to the current regulatory approach. Action 3: To fundamentally enhance corporate transparency conditions in Armenia and establish proper governance and effectiveness in the professions that underpin it, the following set of reform activities was implemented: (i) Parliament approved amendment proposals to the Laws on Accounting and Audit, and a new proposed Law on Regulation and Public Oversight of Audit and Accounting to delegate key regulatory functions to a POB and the prospective CAAA. This includes legislative proposals such as mandatory audits. This new legal architecture enters into force; (ii) The POB was created and operationalized, led by MOF and with members from MOE, CBA and State Revenue Committee. Private sector stakeholders participate with consultative vote rights. Secondary legislation was approved to define the procedure for registration of auditors, expert accountants, and audit organizations. The electronic register was established; and (iii) The POB, chaired by the MOF, approved and endorsed the use of a simplified manual of financial reporting by micro-sized enterprises in Armenia. Action 4: To continue establishing a more effective insolvency regime and stronger protection of creditor's rights: (i) amendments to the Bankruptcy Law were approved by Parliament to provide additional and effective mechanisms for maximum satisfaction of creditors' claims. In particular, the law provides the procedure for declaration of the debtor's property, the inventory of debtor's property. Procedures for the realization of the object of a secured right have also been clarified and made more cost efficient (e.g., the amount of the administrator's remuneration has been reduced) and (ii) an e-bankruptcy system (e.g., for selecting candidates of bankruptcy administrators) has also been procured by the Ministry of Justice. Action 1: To promote new financial instruments and investors, the following has been implemented: (i) To promote international integration of Armenia's capital markets, the MOF and AMX established solutions in the scope of the Retail Debt Program to enable non-residents' direct access to the government securities market in Armenia; (ii) To enable the transition of Armenian “investment funds” (including venture and private equity funds) from non-public to public, and to safely and credibly develop this market segment, Government submitted for interministerial review a set of legislative amendments to (a) give CBA the authority to set new rules for non-public funds through secondary legislation, including on performance requirements, (b) clarify rules applicable to non-public funds (e.g., procedure for fund creation, registration of rules, fund charter rules, provisions for liquidation procedures); and (iii) Government submitted to interministerial review a draft legislative package that would allow LLCs and JSC to become borrowers of convertible loans, and to regulate the process of conversion of debt to equity and tax treatment. (iv) Government circulated for interministerial review amendments to the Law on JSC to e.g., promote project finance, by clarifying the separation between ordinary and preferred shares, and aligning the rules governing negative equity balance with the insolvency law; (v) Parliament approved amendments to the Civil Code, to enable corporate governance policy setting (e.g., to give government the authority to set corporate governance requirements [namely MOE]). (vi) MOE circulated a new corporate governance code draft (proposing, inter alia, a minimum 30% of women in boards) for interministerial review, private sector and civil society consultations, and approved it. Action 2: To pre-empt financial stability risks and ensure market integrity and sustainability in the proliferation of green finance instruments (and ESG claims) in Armenia, the CBA: (i) Adopted—through a formal resolution of the CBA Board—a Roadmap for Sustainable Finance with time-bound targets; (ii) Undertook consultations with the financial industry on (a) ESG reporting templates and draft reporting framework, (b) Draft report and recommendations on integration of social factors into financial system policy and regulatory frameworks (which included concrete gender diversity requirement proposals) (c) Integration of ESG risk management and assessment tools (e.g. risk radar), and (iii) Publicly disclosed in its Annual Financial stability report an analysis of climate risks to the credit portfolio of banks, and initiated consultations with the financial industry's financial risk managers on the way forward. Action 3: The Monitoring guidelines for quality assurance of audit companies, auditors and expert accountants, were established. In addition, the MOF approved the simplified manual for accounting and financial reporting for micro-sized entities, and, to promote its widespread adoption, the Public Oversight Board: officially endorsed the professional community and public dissemination of simplified Chart of Accounts and corresponding guidelines for its application (based on the manual). Action 4: To continue strengthening the insolvency regime and the protection of creditor's rights: (i) Parliament approved a normative legal act providing for amendments to the Law on Bankruptcy to enable the introduction of electronic justice tools (pre-conditions for the launch and fully operationalization of the e-bankruptcy system). (ii) The MOJ circulated, for interministerial review and public consultations, a New Insolvency Code Concept. Action 1: a To promote new financial instruments and investors, as well as the international integration of Armenia's capital markets (see policy action 2.15(i) in Subprogram 2): i. The Parliament approved a set of legislative amendments to give CBA the authority to set new rules for non-public funds through secondary legislation and in that way enable the transition of Armenian funds (including venture and private equity funds) from non-public to public (and develop it as a regulated market). In addition, the CBA approved the new rules for net asset value calculation (for taxation purposes), and the regulations governing the licensing of fund management (e.g., setting requirements for presentation of business plan, AML TF policy, transparency with regards to substantial shareholders, etc.). ii. The Parliament approved a package of legislative amendment to allow for LLCs and JSC to become borrowers of convertible loans, and regulate the process of conversion of the debt to equity and relevant tax issues.vv iii. The Armenia Stock Exchange and Central Depository (AMX) introduced the Remote Membership model aimed at ensuring foreign investors' access to Armenia's capital market (allowing foreign brokers to participate in government bonds and foreign exchange trading without the need to establish a resident legal entity in Armenia).ww iv. The Parliament approved the country's first comprehensive law regulating crypto-assets, establishing legal certainty in Armenia's digital asset space, extending the rigor of securities regulation into the crypto sphere, and covering broader legal aspects, like access to information by state authorities, cashless transaction requirements, taxation of crypto-asset operations, AML/CTF obligations, as well as provisions on foreclosure, enforcement, and insolvency involving crypto-assets.xx b To enhance adoption of better corporate governance practices, MOE promoted awareness campaigns, circulated a concept for (interministerial review) to expand the scope of application of the CG Codeyy (which includes requirements for board gender diversity), and publish guidelines and reporting templates (including on Board gender diversity) in support of the compliance verification mechanisms. Finally, the AMX issued new listing requirements (registered by CBA) that mandate compliance with the new corporate governance code by all entities that list equity or debt instruments Action 2: To fully embed ESG and climate change risks in the prudential reporting frameworks of the Armenia financial system, as well as to pre-empt financial stability risks and ensure market integrity and sustainability in the potential proliferation of green finance instruments, the CBA: (i) Published ESG Risk Radar frameworks, and formally introduced—as advisory guidance first—an integrated framework of corporate reporting standards on ESG to its supervisees (including gender diversity reporting requirements in the 'S' dimension). (ii) Initiated formal consultations on Social Taxonomy proposals with MLSA. (iii) Upon approval by the Government of the Green Taxonomy Government Decree (which was a requirement; see Policy Action 3.11[4]), CBA completed stakeholder consultations with the financial industry (including surveys to validate findings, capture practical challenges and assess institutional capabilities),zz and published a report (and recommendations) on how to set new framework to certify banks' green finance internal tagging and classification frameworks to address risks of green washing. (iv) Formally implemented Climate Risk Stress-testing Reporting practices and issue regulatory guidance to its supervisees on climate risk disclosure (i.e., a CLIMATE RISK DISCLOSURE FRAMEWORK). Action 3: To continue improving corporate financial transparency in the private sector and financial transparency in international financial flows into Armenia, the: a) MOF promoted the relevance of Armenian accounting and financial reporting and audit standards (to match the most recent updates to IFRS and ISA) by establishing budgetaryaaa solutions to ensure such updates occur annually. b) POB developed and initiated public consultations on the draft of Country Action Plan for the introduction of Sustainability Reporting in Armenia.bbb c) the “Interagency Committee on Combating Money Laundering, Terrorism Financing and Financing of Proliferation of Weapons of Mass Destruction”, chaired by the CBA, approved and publicly disclosed 2021-2023 national risk assessment reports and a new strategy on AML/CFT/CPF for 2025-2028.ccc In addition, the CBA proposed and the Parliament approved a major amendment in AML Law to achieve full compliance with the FATF standards, including regulation of trusts and financial groups, strengthening the regulation towards non-financial entities;, and amended a series of CBA rules on criteria of high risk on TF and proliferation of weapons of mass destruction and to improve access to information on financial accounts. Action 4: To modernize the insolvency regime and strengthen the protection of creditor's rights: (i) MOJ initiated the implementation of the agreed roadmap to upgrade and integrate the e-bankruptcy system's different modules with (i) the 'Case Management Module', focusing on bankruptcy court workflows (including Appeal and Cassation Court workflows) by end-2025, and (ii) the Case Administration and Skill Transfer System (CAST) that is scheduled to go live by end-2025 (with no interoperability challenges that pose interruptions in service and operations). (ii) Upon completing a Regulatory Impact Assessment to the draft new proposed legislation, the Government endorsed and submitted a New Insolvency Code draft for Parliament approval. Action 1: To promote new financial instruments and investors, the following sub-actions were implemented: (i) Parliament approved legal amendments to the law on 'Currency regulation and Currency Control' to encourage corporate debt issuances and enable flexibility in the currency denomination of repo contracts' settlement; (ii) CBA amended its regulations to introduce clearer rules for market-making in corporate bonds in line with international best practices; (iii) CBA implemented a new regulatory framework to (a) address regulatory gaps and eliminate uncertainties with derivative instruments, and (b) promote participation of foreign institutional investors in the local debt markets; and (iv) Parliament approved amendments to the Law on the Joint-Stock Companies (JSC) to enable the issuance of common shares of various classes, etc. Action 2: To pre-empt financial stability risks and ensure market integrity and sustainability in the potential proliferation of green finance instruments, the CBA formally launched and operationalized a working group to study options for the development of green finance and assess if climate chance risks to banking stability justify a specific adjustment to the current regulatory approach. Action 3: To fundamentally enhance corporate transparency conditions in Armenia and establish proper governance and effectiveness in the professions that underpin it, the following set of reform activities was implemented: (i) Parliament approved amendment proposals to the Laws on Accounting and Audit, and a new proposed Law on Regulation and Public Oversight of Audit and Accounting to delegate key regulatory functions to a POB and the prospective CAAA. This includes legislative proposals such as mandatory audits. This new legal architecture enters into force; (ii) The POB was created and operationalized, led by MOF and with members from MOE, CBA and State Revenue Committee. Private sector stakeholders participate with consultative vote rights. Secondary legislation was approved to define the procedure for registration of auditors, expert accountants, and audit organizations. The electronic register was established; and (iii) The POB, chaired by the MOF, approved and endorsed the use of a simplified manual of financial reporting by micro-sized enterprises in Armenia. Action 4: To continue establishing a more effective insolvency regime and stronger protection of creditor's rights: (i) amendments to the Bankruptcy Law were approved by Parliament to provide additional and effective mechanisms for maximum satisfaction of creditors' claims. In particular, the law provides the procedure for declaration of the debtor's property, the inventory of debtor's property. Procedures for the realization of the object of a secured right have also been clarified and made more cost efficient (e.g., the amount of the administrator's remuneration has been reduced) and (ii) an e-bankruptcy system (e.g., for selecting candidates of bankruptcy administrators) has also been procured by the Ministry of Justice. Action 1: To promote new financial instruments and investors, the following has been implemented: (i) To promote international integration of Armenia's capital markets, the MOF and AMX established solutions in the scope of the Retail Debt Program to enable non-residents' direct access to the government securities market in Armenia; (ii) To enable the transition of Armenian “investment funds” (including venture and private equity funds) from non-public to public, and to safely and credibly develop this market segment, Government submitted for interministerial review a set of legislative amendments to (a) give CBA the authority to set new rules for non-public funds through secondary legislation, including on performance requirements, (b) clarify rules applicable to non-public funds (e.g., procedure for fund creation, registration of rules, fund charter rules, provisions for liquidation procedures); and (iii) Government submitted to interministerial review a draft legislative package that would allow LLCs and JSC to become borrowers of convertible loans, and to regulate the process of conversion of debt to equity and tax treatment. (iv) Government circulated for interministerial review amendments to the Law on JSC to e.g., promote project finance, by clarifying the separation between ordinary and preferred shares, and aligning the rules governing negative equity balance with the insolvency law; (v) Parliament approved amendments to the Civil Code, to enable corporate governance policy setting (e.g., to give government the authority to set corporate governance requirements [namely MOE]). (vi) MOE circulated a new corporate governance code draft (proposing, inter alia, a minimum 30% of women in boards) for interministerial review, private sector and civil society consultations, and approved it. Action 2: To pre-empt financial stability risks and ensure market integrity and sustainability in the proliferation of green finance instruments (and ESG claims) in Armenia, the CBA: (i) Adopted—through a formal resolution of the CBA Board—a Roadmap for Sustainable Finance with time-bound targets; (ii) Undertook consultations with the financial industry on (a) ESG reporting templates and draft reporting framework, (b) Draft report and recommendations on integration of social factors into financial system policy and regulatory frameworks (which included concrete gender diversity requirement proposals) (c) Integration of ESG risk management and assessment tools (e.g. risk radar), and (iii) Publicly disclosed in its Annual Financial stability report an analysis of climate risks to the credit portfolio of banks, and initiated consultations with the financial industry's financial risk managers on the way forward. Action 3: The Monitoring guidelines for quality assurance of audit companies, auditors and expert accountants, were established. In addition, the MOF approved the simplified manual for accounting and financial reporting for micro-sized entities, and, to promote its widespread adoption, the Public Oversight Board: officially endorsed the professional community and public dissemination of simplified Chart of Accounts and corresponding guidelines for its application (based on the manual). Action 4: To continue strengthening the insolvency regime and the protection of creditor's rights: (i) Parliament approved a normative legal act providing for amendments to the Law on Bankruptcy to enable the introduction of electronic justice tools (pre-conditions for the launch and fully operationalization of the e-bankruptcy system). (ii) The MOJ circulated, for interministerial review and public consultations, a New Insolvency Code Concept. Action 1: a To promote new financial instruments and investors, as well as the international integration of Armenia's capital markets (see policy action 2.15(i) in Subprogram 2): i. The Parliament approved a set of legislative amendments to give CBA the authority to set new rules for non-public funds through secondary legislation and in that way enable the transition of Armenian funds (including venture and private equity funds) from non-public to public (and develop it as a regulated market). In addition, the CBA approved the new rules for net asset value calculation (for taxation purposes), and the regulations governing the licensing of fund management (e.g., setting requirements for presentation of business plan, AML TF policy, transparency with regards to substantial shareholders, etc.). ii. The Parliament approved a package of legislative amendment to allow for LLCs and JSC to become borrowers of convertible loans, and regulate the process of conversion of the debt to equity and relevant tax issues.vv iii. The Armenia Stock Exchange and Central Depository (AMX) introduced the Remote Membership model aimed at ensuring foreign investors' access to Armenia's capital market (allowing foreign brokers to participate in government bonds and foreign exchange trading without the need to establish a resident legal entity in Armenia).ww iv. The Parliament approved the country's first comprehensive law regulating crypto-assets, establishing legal certainty in Armenia's digital asset space, extending the rigor of securities regulation into the crypto sphere, and covering broader legal aspects, like access to information by state authorities, cashless transaction requirements, taxation of crypto-asset operations, AML/CTF obligations, as well as provisions on foreclosure, enforcement, and insolvency involving crypto-assets.xx b To enhance adoption of better corporate governance practices, MOE promoted awareness campaigns, circulated a concept for (interministerial review) to expand the scope of application of the CG Codeyy (which includes requirements for board gender diversity), and publish guidelines and reporting templates (including on Board gender diversity) in support of the compliance verification mechanisms. Finally, the AMX issued new listing requirements (registered by CBA) that mandate compliance with the new corporate governance code by all entities that list equity or debt instruments Action 2: To fully embed ESG and climate change risks in the prudential reporting frameworks of the Armenia financial system, as well as to pre-empt financial stability risks and ensure market integrity and sustainability in the potential proliferation of green finance instruments, the CBA: (i) Published ESG Risk Radar frameworks, and formally introduced—as advisory guidance first—an integrated framework of corporate reporting standards on ESG to its supervisees (including gender diversity reporting requirements in the 'S' dimension). (ii) Initiated formal consultations on Social Taxonomy proposals with MLSA. (iii) Upon approval by the Government of the Green Taxonomy Government Decree (which was a requirement; see Policy Action 3.11[4]), CBA completed stakeholder consultations with the financial industry (including surveys to validate findings, capture practical challenges and assess institutional capabilities),zz and published a report (and recommendations) on how to set new framework to certify banks' green finance internal tagging and classification frameworks to address risks of green washing. (iv) Formally implemented Climate Risk Stress-testing Reporting practices and issue regulatory guidance to its supervisees on climate risk disclosure (i.e., a CLIMATE RISK DISCLOSURE FRAMEWORK). Action 3: To continue improving corporate financial transparency in the private sector and financial transparency in international financial flows into Armenia, the: a) MOF promoted the relevance of Armenian accounting and financial reporting and audit standards (to match the most recent updates to IFRS and ISA) by establishing budgetaryaaa solutions to ensure such updates occur annually. b) POB developed and initiated public consultations on the draft of Country Action Plan for the introduction of Sustainability Reporting in Armenia.bbb c) the “Interagency Committee on Combating Money Laundering, Terrorism Financing and Financing of Proliferation of Weapons of Mass Destruction”, chaired by the CBA, approved and publicly disclosed 2021-2023 national risk assessment reports and a new strategy on AML/CFT/CPF for 2025-2028.ccc In addition, the CBA proposed and the Parliament approved a major amendment in AML Law to achieve full compliance with the FATF standards, including regulation of trusts and financial groups, strengthening the regulation towards non-financial entities;, and amended a series of CBA rules on criteria of high risk on TF and proliferation of weapons of mass destruction and to improve access to information on financial accounts. Action 4: To modernize the insolvency regime and strengthen the protection of creditor's rights: (i) MOJ initiated the implementation of the agreed roadmap to upgrade and integrate the e-bankruptcy system's different modules with (i) the 'Case Management Module', focusing on bankruptcy court workflows (including Appeal and Cassation Court workflows) by end-2025, and (ii) the Case Administration and Skill Transfer System (CAST) that is scheduled to go live by end-2025 (with no interoperability challenges that pose interruptions in service and operations). (ii) Upon completing a Regulatory Impact Assessment to the draft new proposed legislation, the Government endorsed and submitted a New Insolvency Code draft for Parliament approval. Action 1: To promote new financial instruments and investors, the following sub-actions were implemented: (i) Parliament approved legal amendments to the law on 'Currency regulation and Currency Control' to encourage corporate debt issuances and enable flexibility in the currency denomination of repo contracts' settlement; (ii) CBA amended its regulations to introduce clearer rules for market-making in corporate bonds in line with international best practices; (iii) CBA implemented a new regulatory framework to (a) address regulatory gaps and eliminate uncertainties with derivative instruments, and (b) promote participation of foreign institutional investors in the local debt markets; and (iv) Parliament approved amendments to the Law on the Joint-Stock Companies (JSC) to enable the issuance of common shares of various classes, etc. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis pointsPolicy 3: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency NA Action 2: To pre-empt financial stability risks and ensure market integrity and sustainability in the potential proliferation of green finance instruments, the CBA formally launched and operationalized a working group to study options for the development of green finance and assess if climate chance risks to banking stability justify a specific adjustment to the current regulatory approach. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 3: To fundamentally enhance corporate transparency conditions in Armenia and establish proper governance and effectiveness in the professions that underpin it, the following set of reform activities was implemented: (i) Parliament approved amendment proposals to the Laws on Accounting and Audit, and a new proposed Law on Regulation and Public Oversight of Audit and Accounting to delegate key regulatory functions to a POB and the prospective CAAA. This includes legislative proposals such as mandatory audits. This new legal architecture enters into force; (ii) The POB was created and operationalized, led by MOF and with members from MOE, CBA and State Revenue Committee. Private sector stakeholders participate with consultative vote rights. Secondary legislation was approved to define the procedure for registration of auditors, expert accountants, and audit organizations. The electronic register was established; and (iii) The POB, chaired by the MOF, approved and endorsed the use of a simplified manual of financial reporting by micro-sized enterprises in Armenia. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 4: To continue establishing a more effective insolvency regime and stronger protection of creditor's rights: (i) amendments to the Bankruptcy Law were approved by Parliament to provide additional and effective mechanisms for maximum satisfaction of creditors' claims. In particular, the law provides the procedure for declaration of the debtor's property, the inventory of debtor's property. Procedures for the realization of the object of a secured right have also been clarified and made more cost efficient (e.g., the amount of the administrator's remuneration has been reduced) and (ii) an e-bankruptcy system (e.g., for selecting candidates of bankruptcy administrators) has also been procured by the Ministry of Justice. Base year: 2020 Base value: 750 basis points Target date: 2022-09-30 Target value: 300 basis points Action 1: To promote new financial instruments and investors, the following has been implemented: (i) To promote international integration of Armenia's capital markets, the MOF and AMX established solutions in the scope of the Retail Debt Program to enable non-residents' direct access to the government securities market in Armenia; (ii) To enable the transition of Armenian “investment funds” (including venture and private equity funds) from non-public to public, and to safely and credibly develop this market segment, Government submitted for interministerial review a set of legislative amendments to (a) give CBA the authority to set new rules for non-public funds through secondary legislation, including on performance requirements, (b) clarify rules applicable to non-public funds (e.g., procedure for fund creation, registration of rules, fund charter rules, provisions for liquidation procedures); and (iii) Government submitted to interministerial review a draft legislative package that would allow LLCs and JSC to become borrowers of convertible loans, and to regulate the process of conversion of debt to equity and tax treatment. (iv) Government circulated for interministerial review amendments to the Law on JSC to e.g., promote project finance, by clarifying the separation between ordinary and preferred shares, and aligning the rules governing negative equity balance with the insolvency law; (v) Parliament approved amendments to the Civil Code, to enable corporate governance policy setting (e.g., to give government the authority to set corporate governance requirements [namely MOE]). (vi) MOE circulated a new corporate governance code draft (proposing, inter alia, a minimum 30% of women in boards) for interministerial review, private sector and civil society consultations, and approved it. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis pointsPolicy 3: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency NA Action 2: To pre-empt financial stability risks and ensure market integrity and sustainability in the proliferation of green finance instruments (and ESG claims) in Armenia, the CBA: (i) Adopted—through a formal resolution of the CBA Board—a Roadmap for Sustainable Finance with time-bound targets; (ii) Undertook consultations with the financial industry on (a) ESG reporting templates and draft reporting framework, (b) Draft report and recommendations on integration of social factors into financial system policy and regulatory frameworks (which included concrete gender diversity requirement proposals) (c) Integration of ESG risk management and assessment tools (e.g. risk radar), and (iii) Publicly disclosed in its Annual Financial stability report an analysis of climate risks to the credit portfolio of banks, and initiated consultations with the financial industry's financial risk managers on the way forward. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 3: The Monitoring guidelines for quality assurance of audit companies, auditors and expert accountants, were established. In addition, the MOF approved the simplified manual for accounting and financial reporting for micro-sized entities, and, to promote its widespread adoption, the Public Oversight Board: officially endorsed the professional community and public dissemination of simplified Chart of Accounts and corresponding guidelines for its application (based on the manual). Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 4: To continue strengthening the insolvency regime and the protection of creditor's rights: (i) Parliament approved a normative legal act providing for amendments to the Law on Bankruptcy to enable the introduction of electronic justice tools (pre-conditions for the launch and fully operationalization of the e-bankruptcy system). (ii) The MOJ circulated, for interministerial review and public consultations, a New Insolvency Code Concept. Base year: 2020 Base value: 750 basis points Target date: 2024-09-30 Target value: 300 basis points Action 1: a To promote new financial instruments and investors, as well as the international integration of Armenia's capital markets (see policy action 2.15(i) in Subprogram 2): i. The Parliament approved a set of legislative amendments to give CBA the authority to set new rules for non-public funds through secondary legislation and in that way enable the transition of Armenian funds (including venture and private equity funds) from non-public to public (and develop it as a regulated market). In addition, the CBA approved the new rules for net asset value calculation (for taxation purposes), and the regulations governing the licensing of fund management (e.g., setting requirements for presentation of business plan, AML TF policy, transparency with regards to substantial shareholders, etc.). ii. The Parliament approved a package of legislative amendment to allow for LLCs and JSC to become borrowers of convertible loans, and regulate the process of conversion of the debt to equity and relevant tax issues.vv iii. The Armenia Stock Exchange and Central Depository (AMX) introduced the Remote Membership model aimed at ensuring foreign investors' access to Armenia's capital market (allowing foreign brokers to participate in government bonds and foreign exchange trading without the need to establish a resident legal entity in Armenia).ww iv. The Parliament approved the country's first comprehensive law regulating crypto-assets, establishing legal certainty in Armenia's digital asset space, extending the rigor of securities regulation into the crypto sphere, and covering broader legal aspects, like access to information by state authorities, cashless transaction requirements, taxation of crypto-asset operations, AML/CTF obligations, as well as provisions on foreclosure, enforcement, and insolvency involving crypto-assets.xx b To enhance adoption of better corporate governance practices, MOE promoted awareness campaigns, circulated a concept for (interministerial review) to expand the scope of application of the CG Codeyy (which includes requirements for board gender diversity), and publish guidelines and reporting templates (including on Board gender diversity) in support of the compliance verification mechanisms. Finally, the AMX issued new listing requirements (registered by CBA) that mandate compliance with the new corporate governance code by all entities that list equity or debt instruments Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis pointsPolicy 3: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency NA Action 2: To fully embed ESG and climate change risks in the prudential reporting frameworks of the Armenia financial system, as well as to pre-empt financial stability risks and ensure market integrity and sustainability in the potential proliferation of green finance instruments, the CBA: (i) Published ESG Risk Radar frameworks, and formally introduced—as advisory guidance first—an integrated framework of corporate reporting standards on ESG to its supervisees (including gender diversity reporting requirements in the 'S' dimension). (ii) Initiated formal consultations on Social Taxonomy proposals with MLSA. (iii) Upon approval by the Government of the Green Taxonomy Government Decree (which was a requirement; see Policy Action 3.11[4]), CBA completed stakeholder consultations with the financial industry (including surveys to validate findings, capture practical challenges and assess institutional capabilities),zz and published a report (and recommendations) on how to set new framework to certify banks' green finance internal tagging and classification frameworks to address risks of green washing. (iv) Formally implemented Climate Risk Stress-testing Reporting practices and issue regulatory guidance to its supervisees on climate risk disclosure (i.e., a CLIMATE RISK DISCLOSURE FRAMEWORK). Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 3: To continue improving corporate financial transparency in the private sector and financial transparency in international financial flows into Armenia, the: a) MOF promoted the relevance of Armenian accounting and financial reporting and audit standards (to match the most recent updates to IFRS and ISA) by establishing budgetaryaaa solutions to ensure such updates occur annually. b) POB developed and initiated public consultations on the draft of Country Action Plan for the introduction of Sustainability Reporting in Armenia.bbb c) the “Interagency Committee on Combating Money Laundering, Terrorism Financing and Financing of Proliferation of Weapons of Mass Destruction”, chaired by the CBA, approved and publicly disclosed 2021-2023 national risk assessment reports and a new strategy on AML/CFT/CPF for 2025-2028.ccc In addition, the CBA proposed and the Parliament approved a major amendment in AML Law to achieve full compliance with the FATF standards, including regulation of trusts and financial groups, strengthening the regulation towards non-financial entities;, and amended a series of CBA rules on criteria of high risk on TF and proliferation of weapons of mass destruction and to improve access to information on financial accounts. Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis points Action 4: To modernize the insolvency regime and strengthen the protection of creditor's rights: (i) MOJ initiated the implementation of the agreed roadmap to upgrade and integrate the e-bankruptcy system's different modules with (i) the 'Case Management Module', focusing on bankruptcy court workflows (including Appeal and Cassation Court workflows) by end-2025, and (ii) the Case Administration and Skill Transfer System (CAST) that is scheduled to go live by end-2025 (with no interoperability challenges that pose interruptions in service and operations). (ii) Upon completing a Regulatory Impact Assessment to the draft new proposed legislation, the Government endorsed and submitted a New Insolvency Code draft for Parliament approval. Base year: 2020 Base value: 750 basis points Target date: 2025-11-30 Target value: 300 basis pointsReform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To start linking medium-term fiscal planning and budget allocation decisions to national strategic and sectoral planning directions (and to explicit high-level economic and social objectives/targets), while also enhancing the budget process and analysis requirements to raise the overall design quality and effectiveness/impact of public expenditure, the following set of sub-actions were undertaken: (i) The MOF established a results framework (from current national strategies and action plans) to enable line ministries' compliance in the new budget submissions for FY2023 and onwards, and issues instructions accordingly; (ii) The MOF established requirements for alignment between program budgeting and current national strategic priorities (through the MOF issuance of mandatory new guidelines for MTEF preparation and the 2023 State Budget); (iii) A pilot for gender-sensitive budgeting was implemented in two key ministries,d and MOF evaluated and published its assessment with lessons and recommendations for action; (iv) MOF approved a budget program evaluation concept and pilot methodology (with full-fledged criteria for Relevance, Effectiveness, Efficiency, Impact and Sustainability) to raise allocative efficiency and enable evidence-based budget management flexibility, and launched three pilot evaluations to ongoing budget programs;e (v) To reduce regulatory arbitrage risks and tax compliance burdens on micro-sized enterprises while at the same time raising turnover tax revenue generation potential, the MOF circulated for interministerial review legislative proposals and regulations related to tax incentives and alternative tax systems (covering micro-entrepreneurship) to incentivize microbusinesses to move out of the presumptive regime while continuing to pay lower taxes; (vi) To start integrating, into medium-term fiscal planning, the new public investment management governance, the MOF established a budget allocation in the MTEF (from FY2023 onwards) for the funding of feasibility studies that pass the Investment Committee stage; and (vii) To improve coordination and sequencing, and sustain the momentum in public budgeting reforms, MOF (a) restructured the Budget Department to transition from an expenditure-based focus to a sector-based focus (also establishing a Methodology Unit); and (b) piloted the establishment of a high-level Budget Committee to monitor quarterly execution of the State Budget and to govern significant reappropriations on the basis of MOF proposals. A Prime Minister Decree was approved to formalize the high-level Budget Committee.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To enable linkages between annual and medium-term budget and expenditure planning to climate change adaptation commitments and priorities, the government approved, by government decree, a national climate adaptation plan (2021-2025) identifying key principles to guide integration of climate adaptation into all policy and programming, including a principle on climate-aligned financial decision-making and management, and distributing institutional responsibilities for implementation across sectors.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To raise the economic and social impact of overall public investments decisions and the fiscal sustainability of their implementation irrespective of the form of procurement, a high-level, fully-fledged public investment management (PIM) framework was established (through two PM decrees)f and operationalized by government (through MOE instructions),g to be governed by a quantitative and qualitative multicriteria framework for project prioritization that includes, inter alia: (i) disaster and CC risk adaptation and mitigation objectives embedded in the key identification and prioritization criteria, (ii) full integration with the PPP operational framework, and (iii) integration with medium-term fiscal planning and the State Budget process.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To establish, inter alia, a dedicated PPP procurement mechanism under secondary legislation for the PPP Law, and ensure that all new PPP projects must first be identified, evaluated, prioritized and selected through the procedures set in new PIM framework of the government, the Public Procurement Law and the PPP Law were amended by Parliament, and the PPP Procedures Decree (the main secondary legislation to the new PPP Law) was approved by government.h In addition, to establish a full-fledged risk vetting and monitoring framework for PPPs towards future full integration with the fiscal rule, and to complete the operational framework for PPPs, government approved: (i) A 'PPP Contingent Liabilities' Government Decree (with methodologies and tools for identification, assessment and calculation of risks and reporting in State Budget documentation, as well as requirements for benchmarking against PPP "fiscal affordability" ceilings); (ii) More detailed methodological guidelines and tools—in consistency with the new PPP CLs Govt Decree; and (iii) Two government decrees to establish PPP "fiscal affordability" ceiling mechanisms for both contingent liabilities and direct liabilities.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To improve financial transparency and start strengthening the centralized fiscal monitoring of SOEs: (i) the amendments to the laws on accounting (i.e., issues of Financial Accounting, regulation of Accounting and Audit activities) were enacted by Parliament ensure all SOEs above a specific size threshold (and other large companies) are obliged to have their financial reports audited; and (ii) the Fiscal risks management function at MOF (FRSD) established and operationalized the collection of financial information on all SOE a new SOE database, including financial SOEs, and ensures it remains current at 2022 (i.e., already includes 2021 data).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To promote fiscal transparency and continue sustaining the ongoing institutional strengthening efforts into a more comprehensive and integrated FRM function at MOF (now already including the covering of disaster and CC risks): (i) the MOF (through the FRMD) significantly upgrades the comprehensiveness of its disclosure of fiscal risks (by publishing more comprehensive Fiscal Risks Statements for the 2021 and 2022 budget laws), now presenting: (a) a calculation of headline contingent liability exposures to major SOEs and selected PPPs (including PPAs), (b) a discussion on key fiscal risks, and (c) an explicitly acknowledgment and quantification of fiscal risks deriving from disaster risk and CC (the MOF also produced the first two MTEF updates with a report on fiscal risks deriving from disaster risk and CC); (ii) the MOF established internal periodic comprehensive reporting of PPP Contingent Liabilities (including the operationalization of a PPP fiscal commitments database and risk assessment matrixes for each PPP) as a “living-document” analysis application of the newly approved methodologies (presenting a more detailed calculation of contingent liability exposures per risk category and selected PPPs [including PPAs] than what was included in the 2021 State Budget law documentation), to serve as the basis for any MTEF annual update or annual budget submission; and (iii) the MOF approved the updated Fiscal Risk Management Roadmap for 2022-2023, charting the objectives to, by end-2023 and inter alia, achieve: (a) full operationalization of the ‘Vetting' and ‘Mitigation Recommendations' functions, and (b) systematic coverage of all material sources of risk, including ‘Budgetary Lending', ‘State Guarantees', ‘Legacy PPPs and PPAs', ‘disasters caused by natural and man-made hazards (including biological and technological) and from CC', and ‘potential environmental liabilities of the State'.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To promote more effective, efficient and transparent procurement practices while also embedding key CC action objectives, a Procurement Development/Reform Concept was approved by PM Decree, to include (i) analyses of the feasibility of introducing green procurement, and (ii) proposals for the standardization of procurement packages in the recurrent budget.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To formulate green economy policy and align economic policy tools with climate mitigation and adaptation targets: (i) the MOE issued for the review of co-implementing ministries a proposed concept for ‘Green Economy Transition';i (ii) the MOE created an operational unit dedicated to the Green Economy Transition and operationalized it.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: The Government's debt management implementation and medium-term strategic communication to the markets aligned further to continue reducing public debt exposures to exchange rate risk and develop the domestic government securities market, while institutional mechanisms were designed to gradually insulate the government securities issuance program from short-term macroeconomic risks. These were achieved through the following reform and institutional upgrade efforts: (i) Submission by Government to Parliament of proposed legal amendments to the Law of the Treasury System and the Law on Budget System to Parliament in order to ensure that the Stabilization Account strictly acts as a government debt refinancing risk management and a countercyclical stabilization support mechanism with good governance; and (ii) MTDS (2020-2022) was implemented within its benchmark targets for refinancing risk, interest rate risk and exchange rate risk (with minimal deviations), and the approved MTDS (i.e., for 2021-2023) (a) raised the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and (b) improved the exchange rate risk benchmark indicators (i.e., the share of domestic debt in total debt and the share of dram denominated debt in total debt to be minimum 25% instead of minimum 20% envisaged by the previous strategy.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To improve linkages between medium-term fiscal planning, budget allocation decisions and national strategic and sectoral planning directions (with explicit high-level targets), while also enhancing budget processes, effectiveness/impact of public expenditure, and domestic resource mobilization (DRM): (i) The government endorsed the concept of results-management reform and circulated for interministerial review a government decree, providing for a) solutions to operationalize an institutional set up (including, explicit requirements for climate change, digital, social and gender policy) for national strategic planning of medium-term resource allocation;j b) explicitly anchoring all program budgeting results-focus to a (forthcoming) unified ledger of high-level (priority) KPIs, with a requirement for a common template for national strategies that specifically operationalizes this new standard of results-focus in any new sector strategy. (ii) The government, through the 2024 State Budget package approved by Parliament, established explicit linkages between budget programs and the approved Government Program targets. (iii) The MOF, through interministerial circulation of draft law amendments, proposed changes to improve MTEF reliability for medium-term fiscal planning and accuracy against ultimate annual budget allocations, including medium- (line-ministry level) budget ceilings, solutions for carry-forwards in CAPEX, and MTEF updating cycle; (iv) The government, through MOF approved budget instructions, rolled-out legally binding gender-responsive budgeting requirements across all ministries while also: a) circulating, for interministerial guidance, proposals to make this reform more effective in subsequent fiscal years (including revisions to the manual on Gender-Responsive Budgeting to enhance its comprehensibility) in agreement with the Ministry of Social Affairs, b) enhancing the guideline for public consultations of state bodies on proposed budget programs (‘Open/Citizen's Budget' initiatives) to include gender aspects and raise CSOs awareness and capacity to scrutinize the compliance with gender-responsive budgeting requirements, & c) piloting participatory budgeting across four municipalities. (v) MOF completed a first SDG budget tagging exercise at a ‘direct link' level for 2024 and published it with the 2024 State Budget package (approved by Parliament in late 2023). In addition, a separate comprehensive exercise of budget tagging to include ‘indirect link' levels (e.g., SDG 13 on CC actions) was produced and formally disseminated to line-ministries in preparation for the next budget cycle, together with a complete SDG budget tagging framework (including SDG 13 on CC action) also in preparation of the next budget. (vi) Parliament approved the necessary amendments to the tax code to rationalize the coverage of the micro-entrepreneurship tax regime and reduce regulatory arbitrage and the scope of application of tax privileges. Subsequently, MOF applied the framework of analysis of foregone revenue to identify options for rationalizing VAT tax incentives (based on an analysis of revenue foregone, distributional impact and the availability of alternative policies). Also, the MOF: (1) Established and operationalized a systematic and standardized framework to analyze and assess the cost-benefit of VAT incentives and estimate and report foregone revenue; (2) Developedk a new Tax Treaty policy framework and Model Double Tax Agreement (DTA) to relieve double taxation and reduce tax evasion (and avoidance) in cross-border transactions and investment,l and applied it to negotiations with international treaty partners; (3) Implemented - on behalf of Government and to promote FDI while protecting the domestic tax base -- the minimum standard in the OECD/G20's BEPS inclusive framework, bym (a ) removing harmful tax measures in Free Economic Zone and Information TechnologyReform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To enable linkages between annual and medium-term budget planning to climate and gender policy targets and results: (i) Government circulated for interministerial review a Financing Strategy and Investment Plan proposal for Armenia's NDC to facilitate the broad engagement of relevant stakeholders towards the coordinated mobilization of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) Government a) circulated for interministerial review a new National Disaster Risk Management Law, and b) approved a new National Disaster Risk Management Strategy and Action Plan to eliminate contradictions with the Sendai framework for DRR (i.e., ensuring Armenia's planning coherence and optimization with both the Paris Accord and the Sendai Framework objectives); (iii) Government started implementation of components in budget programs for DRR and for CC adaptation and mitigation. Detailed action plans for CC adaptation in at least three sectors were approved (Water, Agriculture, Health), and two more were finalized (Tourism, Energy). (iv) The Ministry of Labor and Social Affairs submitted for Government approval a time-bound 2024-2028 Gender Policy Implementation Strategy Program to operationalize gender equality policies along six policy priorities: governance and decision-making levels; socio-economic and labor; education and science; health; gender-based violence; women/girls and domestic violence prevention, and climate).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: The government: (i) approved and implemented: (a) a new PIM Government Decree to raise the legal standing of its mandatory requirements, b) a new set of updated PIM instructions (through MOE) to accommodate the expansion of scoring criteria into climate change and lessons learned; (ii) through MOF-issued budget circulars, instructed all line ministries (including development partner-financed investment) that (new) projects that exceed a minimum threshold need to go through the PIM process for appraisal and prioritization/scoring and Investment Committee approval before entering the MTEF. (iii) reached a policy decision and provided clarity on the way forward for PIM reform implementation (via e.g., DPM letter or Minister of Finance letter), including: a) acknowledgment of PIM implementation issues in the recent past; b) transition arrangements; c) the (updated) PIM Roadmap to serve as the indicative coordinating action plan for consolidating the PIM reform.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the MOF developed and circulated (inter-ministerially) a concept to standardize (in terms of reporting and accounting) the treatment to PPP-related fiscal liabilities (towards enabling a future linkage with the fiscal rule) by considering different methodological proposals. In addition, all new PPP Guidelines required to implement the PPP Procedures Decree and complete the PPP operational framework were established through MOE orders.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: The MOF, on the basis of a Rapid Assessment of Enabling Environment/Context for Disaster Risk Financing (with a high-level identification of policy, regulatory and financing gaps), submitted a Concept for a (disaster) Financial Protection Plan Recommendation, for consultations with line-ministries and other stakeholders.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To improve financial transparency, strengthen centralized fiscal monitoring and oversight of operational performance in SOEs: (i) The Government — through MOF — initiated the upgrading of compliance monitoring functions for SOEs' publication of audited financial statements (e.g., the technical requirements for a new separate corporate web portal/ registry were approved); (ii) The MOF circulated for interministerial review a strategic concept proposal for a new SOE Ownership Policy to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; and (c) align performance appraisal to target efficiency gains. (iii) Upon the piloting of the SOE Integrity and Corruption Risk Analysis by the Corruption Prevention Commission, the Ministry of Justice (and the Corruption Prevention Commission) developed and circulated for interministerial review (and public consultations) a set of legal amendment proposals (to the Law on the Corruption Prevention Commission and to the Law on Local Self-Government) to expand the mandate of the Corruption Prevention Commission and include in it the assessment of corruption risks at SOEs and state and community non-commercial organizations (SNCOs)q and the provision of recommendations on anti-corruption measures to the competent authorities.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To reduce fiscal inefficiencies and increase impact in direct forms of investment promotion, government disclosed on the MOF website a comprehensive policy review of state-owned enterprises, equity funds and other financial SOEs, and, with specific regards to ANIF, approved a new Government Decree (subsequent to which: MOE approved a new charter for ANIF, duly lodged in the State Register) and other policy decisions to ensure: (i) A binding strategic mandate (and sector focus/investment policies) that eliminates crowding-out of the private sector, and provides a value-for-money rationale for its existence. (complemented by operating procedures that rationalize activities solely based of market failures). (ii) transparency with regards to ANIF's use of state-allocated resources, scope of operations and performance indicators (with introduction of performance reviews), (iii) fundamental aspects of corporate governance. (iv) operational policy/standard operating procedures that rationalize activities solely on the basis of addressing market failures, and (v) clear requirements for external financial audits (b) ANIF was transferred under the ownership oversight and policy coordination of MOE, while Govt considers outright divestment or dissolution actions through the State Property Committee.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: (a) In order to establish a transparent governing framework for PPP renegotiations for pre-PPP Law PPPs (i.e., “legacy” PPPs) and amendments to any other long-term infrastructure contract, MOF submitted for interministerial review the legal amendment proposals to e.g. establish accountability and fiscal transparency. As an immediate stop-gap measure to address the problem, the DPM issued a directive asserting (a) the key role of MOF in any engagement with private players about renegotiations of “legacy” PPP (together with the policy-making body for each sector) and (b) the requirement for conducting proper fiscal implications analysis during any discussions that can lead to renegotiations. (b) Parliament approved legal amendments to give the Audit Chamber of the Republic of Armenia the legal authority to conduct audit activities on all “legacy" and new PPPs/PPAs and any other infrastructure service contracts.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: In addition to sustaining the upgrades in public disclosure of fiscal risks of 2021-2022 into 2023-2024 (including climate risks), to establish the legal anchoring for MOF's FRM responsibilities and function and strengthen its systemic relevance: (i) MOF approved changes to the FRM charter for it to acquire the functional responsibilities for SOE financial monitoring; (ii) MOF activated the mitigation function on “specific" FRM by regularly briefing DPM office with mitigation action proposals on risk events pertaining to PPP/PPAs, credit guarantees, and SOEs (iii) MOF circulated for interministerial review draft legal amendment proposals to inter alia give the government the authority to: (a) create the Specific Fiscal Risks Management Council (this is a requirement for a Specific Fiscal Risks Mitigation Recommendations Reporting sub-function), (b) set (through the specific fiscal risk council) Staffing Certification Requirements for fiscal risk management, and (c) establish an inter-institutions mechanism to underpin the information flows of a fully functioning integrated “specific” FRM framework, (iv) MOF issued a ministerial order to govern budgetary lending and guarantee requests.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To promote more effective, efficient and transparent procurement practices while also embedding key CC mitigation objectives: (i) Government launched (via approval of MOF Decree) the tender for the e-Procurement module of the GFMIS; (ii) Government implemented key steps of the Procurement Reform Action plan, including: (a) approval of amendments (to Govt decree) to impart direct accountability in procurement bodies' use of non-competitive procurement (thereby, and effectively reducing recourse to non-competitive procurement); (b) facilitating NGOs' access to contractualized monitoring of national and subnational procurement activities; (c) conducting interministerial consultations on a sustainability criteria framework for one recurrent item of government spending, to demonstrate how the government can strategically procure specified items in a sustainable* and cost-effective manner; (d) introduction of index-based costing practices in public procurement for all contracts above 1 year term (thereby reducing procurement risks due to price fluctuations and increasing competitive tension) (iii) MOF completed the feasibility assessment on sustainable (“green”) procurement and initiates public consultations on forthcoming options, (iv) MOF issued regulatory guidance to procuring entities on risk mitigation to: (a) eliminate systemic reliance on (high) performance and contract-related securities; (b) promote proper assessment of technical experience upfront; (c) mainstream quality requirements into procurement outcomes; and (d) increase the use of competitive dialogue procedures; (v) MOF launched a Methodology for Assessing Procurement Systems (MAPS) Assessment of its national procurement with development partners.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To formulate green economy policy and align economic policy tools with climate policy: (1) MOE submitted the national strategy on 'Green and Sustainable Economic Development' (including ‘Circular Economy' development proposals and implementation arrangements) for government approval. (2) The concept of green taxonomy was approved by the Ministerial Order of MOE (3) A concept for a law on an ‘Extended Producer Responsibility' system was circulated for interministerial review. The MOE also formally operationalized a working group to define preconditions for 'circular economy' and sustain dialogue. (4) Government approved a Long-Term Low Emissions Development Strategy till 2050 (5) MoEnv circulated for interministerial review a new Law on Climate, and approved a Ministerial Order on Climate Financing Information (applicable only to Ministries, Yerevan Municipality and communities) to govern the submission of information on climate financing (received by Armenia) in the context of the Paris Agreement.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: The MOF: (i) implemented the MTDS, 2022-2024 and MTDS 2023-2025 within they benchmark targets for refinancing, interest rate, and exchange rate risk with minimal deviations; and through the approved MTDS for 2024-2026:, MOF raised further the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and improved the exchange rate risk benchmark indicators (i.e., the shares of public domestic debt and dram denominated debt in total debt to be above 40%); (ii) approved the Debt Data Validation Procedures Manual and incorporated it into the Procedures Manuals of the Public Debt Management Department. MOF also completed the upgrade of its debt management database to a new DMFAS-6 system to enhance the autonomy, management, and analytical capabilities of debt management office with new modules on debt securities, reorganization, non-guaranteed external debt, and debt analysis modules.s (iii) government submitted legal amendment proposals to Parliament for upgrading the Public Debt Law, to address identified shortcomings (e.g. expanding the scope of what is reported as public sector debt, including subnational debt instruments and SOE debt instruments; and (iv) in addition to approval by Parliament of legal amendments to the Law of the Treasury System and the Law on Budget System, it supported the final approval by Government of implementing legislation to regulate the process of replenishment and utilization of the new Stabilization Account.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To complete linkages between medium-term fiscal planning and budget allocation decisions, and the national strategic/sectoral planning directions (with explicit high-level targets) that should guide the former, while also enhancing the budget process, effectiveness/impact of public expenditure and DRM: (i) the government approved legislation to establish a whole institutional architecture for national strategic planning of medium-term resource allocation that is more results-oriented, feasible and evidence-based (including, e.g., explicit requirements for climate and gender policy considerations across all new strategic pillars)t (endnote f); (ii) the government amended the decrees that govern the budget process, cycle and calendar, as well as the MTEF rules, to improve MTEF reliability for medium-term planning, inter alia including (a) transitioning to a Baseline process as the new first step for budget planning (i.e., MTBF), (ii) solutions to allow for carry-forwards in CAPEX, (iii) MTEF cycle restructuring and 3-year ceilings, and (iv) expansion to a 5-year planning horizon in the macro-fiscal framework (i.e., MTFF); (iii) Through the Govt Decree on Strategic Planning (PA3.1[i]), the template was also established for the unified ledger of (high-level, priority) KPIs to subsequently link up to all program budgeting results-focus (from outcome to output indicators of specific measures/actions), once the pre-determined set six specific national strategies are approved; (iv) the MOF formalized an agreement with MLSA on an institutional coordination process within the new budget calendar to strengthen line-ministries' compliance with gender-responsive budgeting across all ministries, and significantly expanded participatory budgeting coverage (towards 21 municipalities) and budget resources (towards 5% of the total subvention program for local government capex); (v) The MoEnv publicly disclosed the results of the pilot climate tagging of the 2025 budget. In addition, the government included the legal basis for MOF to operationalize and fully rollout the CC mitigation and adaptation taggingu through budget circulars (as an annual routine) and establish an interministerial collaboration with MoEnv to review CC tagging proposals from line-ministries, in the draft Law on Climate that was submitted to Parliament (see Policy Action 3.11(2);v (vi) the MOF—to rationalize the system of tax incentives and implement international tax transparency standards, including base erosion and profit shifting (BEPS) measures and Automatic Exchange of Information (AEOI) of financial account information (using the common reporting standard [CRS] template) as well as improve overall tax administration: (1) Expanded the systematic and standardized periodical tax incentive monitoring and evaluation framework to corporate and personal income tax incentive measures (e.g. SEZ) by submitting annual reports on VAT, CIT and PIT tax expenditures in the RA Government's Budget message; (2) Continued to implement the new Tax Treaty policy framework and Model Double Tax Agreement (DTA) through: (i) government approval of at least two (Japan and Hong Kong, China) tax treaties or protocols for ratification aligned to the Model DTA, in order to relieve double taxation and reduce tax evasion and avoidance in cross-border transactions and investment, and (ii) developing and publishing a MLI Guidance Note on the Interpretation and Application of DTAs in Armenia to assist taxpayers and officials in interpreting and applying the MLI;w (3) Continued to implement the reform plan to meet minimum standard in the OECD/G20's BEPS inclusive framework by (a) completing a peer-reviewed assessment by OECD of existing preferential tax regimes and amending the RA Tax Code to remove all preferential tax regimes in accordance with BEPS Action 5 standard, (b) improving legislative and administrative procedures to implement BEPS standardReform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: The government: (i) explicitly included a Financing Sources Strategy and a Costed Action Plan (covering both investment and operational items) in Armenia's proposed submission of Nationally Determined Contributions (NDC 3.0; for the period 2025-2030), as circulated for interministerial review ahead of the COP, to facilitate the broad engagement of relevant interministerial stakeholders towards the coordinated mobilization and the targeting of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) obtained Parliament approval of the National Disaster Risk Management Law with an explicit legal standing (role) for MOF in PFM issues (which includes Disaster Risk Finance), (Note: this enabled the subsequent amendments to the DRM Strategy Decree to accommodate, inter alia, MOF's leading role in developing a Disaster Risk Finance framework of action; see PA# 3.5 below). (iii) approved a timebound 2024-2028 Gender Policy Implementation Strategic Program to operationalize gender equality policies along six policy priorities/directions: [1] governance and decision-making levels; [2] socio-economic and labor; [3] education and science; [4] health; [5] gender-based violence; and [6] the climate-gender nexus (specifically: “Developing gender-sensitive and gender-responsive approaches to climate change, ensuring inclusive principles and raising awareness”).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: Government launched the pre-qualification stage for the GFMIS. The (currently parallel) e-Procurement system being tendered includes, in its contract management module, functionalities of monitoring physical and financial execution per contract (and when aggregated, per project) that will allow identification of (i) cases of cost overruns and their causes, and (ii) cases of non-execution. Finally, the new PIM Govt Decree (approved, see Policy Action 3.1(vii)) now includes in its PCN a new and separate section on disaster risk mitigation and adaptation, amended guidelines on climate change adaptation, and a correction in the scoring framework to rate potential project implementation risks (thereby clarifying the concept of risk at hand).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: a) To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the government promoted the standardization (in terms of reporting and accounting) of the treatment to different fiscal liabilities, by submitting to Parliament legal proposals to explicitly link up the stock of PPP contingent liabilities and budget guarantees to a new fiscal sustainability threshold in Armenia's fiscal rule, in a way that helps reduce bias towards off-budget transactions; and; b) The government brought to financial closure the first PPP project under the new legislation and institutional architecture, after compliance with sequencing requirements of the PIM and PPP legislations, thereby demonstrating the merits of this new normative architecture to ensure fiscal responsibility and planning relevance. c) Government: (i) amended regulatory frameworks to ensure that the speed of RE generation penetration into the national grid remains financially sustainable, (including the ruling that all new licensed generation operators from 2024 onwards already will only get to sell at prices in the balancing market, and the fiscal decision to discontinue specific budget incentives);jj (ii) circulated for interministerial review proposals to amend to the power sector laws and regulations to (a) promote the introduction of the balancing market, (b) integrate transmission entities, (c) introduce new forms of contractualization of independent power producers, and (d) bring transparency and regulatory mandate to curtailment orders and other grid protection and stabilization measures;kk (iii) via Parliament-approved legal amendments to the procurement law, brought regulated companies and their supplier-subsidiaries as well as interconnected supplier companies to the procurement regime that requires competitive tendering (of supplies), and via PSRC decree instructed all regulated companies to use pre-approved electronic procurement platforms for any procurement; (iv) through PSRC regulation, removed conflict of interest for procurements of regulated companies.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: Government amended the Disaster Risk Management Strategy Decree to incorporate an explicitly leading role for MOF in e.g., Disaster Risk Finance. (Note: this complements PA3.2 above, as well as the new proposed requirement that MOF submits regular Financial Protection Plan Recommendations to the newly established Specific Fiscal Risk Council meetings, including explicit follow-ups on previous recommendations, as in PA3.9 below).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To improve financial transparency, strengthen centralized fiscal oversight of, and establish corporate governance and operational performance in SOEs, the: (i) Government—through MOF—completed the upgrading of compliance monitoring functions for SOEs' publication of audited financials (i.e., full rollout of the new separate corporate web registry) and issues instructions to line-ministries for 1 SOE and 1 SNCO per ministry to upload the required info. (ii) Government approved a SOE Ownership Policy (by Government Decree) to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; (c) align performance appraisal to target efficiency gains. (iii) Government approved amendments to the decree that governs the placement of SOEs and other infrastructure service entities under trust management, to eliminate direct selection and ensure competitive and transparent tender processes only. (iv) Government, also through the new SOE Ownership Policy Decree, sets (a) that the SPMC has the authority to set corporate governance requirements to any SOE, (b) that a list of priority SOEs must come under compliance with the specific corporate governance practices (i.e., independent board members, internal audit and control, reporting on corporate governance), and (c) through a specific institutional location, the compliance monitoring functions for corporate governance requirements․ (v) Government submitted to Parliament proposed amendments to the law on Corruption Prevention (and Law on Local Self-Government) to enable a new mandate for the Corruption Prevention Commission for assessing corruption risk at SOEs, SNCOs. etc., and for providing recommendations as anti-corruption measures.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: Ahead of, and in anticipation of the approval of the new SOE Ownership Policy (Government Decree) and its forthcoming guiding principles and objectives: (i) Government issued instruction to privatize DICA/UCO (state-owned financial institution). (ii) the State Property Committee proceeded with the liquidation of ANIF while the latter initiated with divestment from assets. (iii) Government continued to address current financial transparency problems with SOEs by moving SOEs financial accounts to the Treasury (reaching 6 SOEs in total).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: Government submitted to Parliament the necessary legal amendments (to e.g., the Law on Budget Process and Budget Systems Law) to establish a transparent governing framework for PPP renegotiations (for pre-PPP Law PPPs, i.e., “legacy” PPPs) and amendments to other long-term infrastructure service contracts. This includes making that, by law, contract amendments are only legal if duly registered with the Armenian Treasury (itself carrying a number of legal pre-conditions for fiscal appraisal and analysis).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: Government amended the PM Decree on the Budget Execution Committee to expand its purpose and add the functions of a Fiscal Risks Management Council to its remit. In addition, through a new MOF decree, the government will also operationalize the formal specific fiscal risk mitigation function of FRM (setting that a Fiscal Risk Mitigation Report will be periodically prepared and presented to the FRM Council, where risk mitigation actions are specifically recommended and followed-up on in subsequent reports). Finally: a) Government, to support MOF's centralized oversight of risks from subnational procurement activities, approved a Government Decree dictating all subnational entities to transition to the national procurement electronic platform. b) Government, through the MOF Decree on the FR Council, formalized and operationalized an inter-institutions mechanism ensuring that all relevant State Bodies and relevant MOF Depts contribute with the necessary information to a fully functioning Integrated FRM Framework. c) MOF, to improve transparency over subnational borrowings by reporting this form of state liabilities as Public Debt, included the latter in the current legal amendment proposals to the PD law (now in Parliament).mm (see policy action 3.12) d) Government publicly disclosed the result of IMF's assessment to the Subnational Borrowing framework on its website, which includes a specific assessment of risks and merit of whether controls on subnational borrowing should be relaxed at this stage. e) Periodic Fiscal Risk disclosures (e.g., the fiscal risk statement published in July 2025) were upgraded to include results of the Stress Testing and Forecasting Tool for SOEs for main macro risks (GDP, currency, interest rate), and also to, on the basis of a new Debt Guarantee and Loan Assessment Tool (DGLAT), presented assessments of risks from loan or debt guarantees from the perspective of the creditworthiness of the obligor.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To promote more effective, efficient and transparent procurement practices, while also embedding key CC mitigation and environment policy objectives: [1] Government's tender process for the e-Procurement module (of the GFMIS) completed final evaluation of submitted proposals with at least three international competitors; [2] Government implemented key steps of the Procurement Reform Action plan (e.g., increase the use of two-step competitive tenders) to bring down the use of noncompetitive processes to below 10% (in total monetary volume of public procurement). [3] Government amended decree to lower the minimum required level for performance guarantees, to increase competitive tension; and MOF submitted to Government legal amendments to: (i) add forms of tendering (e.g., framework agreements, and public offers) and improve accountability in single-source selection (e.g., by having procuring agencies report to Parliament if ceilings are breached), (ii) remove conflicts of interest, and (iii) eliminate disparities between judicial treatment of PPP projects and of procurement of items of high public interest, eliminating a current bias towards PPPs. [4] Government decree amendments to introduce factoring entered into force. [5] MOF launched a demonstration—through an actual tender—that pilots green procurement and sustainability criteria framework in a key item of government spending.nn [6] Parliament approved legal amendments to: (i) Continue promoting time-efficient competitive tension, by allowing the procurement entities to increase the period (from the default 10 days) for presentation of performance guarantees; (ii) Eliminate gaps and inconsistencies in definitions and procurement principles.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: To establish green economy policy and align economic policy tools with climate policy targets: (1) Prime Minister approved the national strategy on 'Green, Sustainable and Circular Economy Development', and the corresponding Action Plan (PM Decree). (2) Government submitted a new proposed law on Climate to Parliament to enable, inter alia, for (i) MoEnv orders to govern Climate Financing Information as a normative act, (i.e., meaning it will be effective to all institutions in the country), especially the submission of information on climate financing received for the implementation of the Paris Agreement, (ii) carbon pricing instruments, and (iii) the institutionalization of climate budget tagging, requiring identification and classification of climate-related expenditures in the state and, optionally, local budgets (Note: this is the legal basis for the operationalization of an institutional solution between Ministry of Environment and the Ministry of Finance to scrutinize the CC tagging; see PA 3.1(v) above).oo (3) A draft law on ‘Extended Producer Responsibility' (and corresponding amendments to other laws and technical procedures for imported goods) was circulated for interministerial review. (4) The green taxonomy was approved by a government decree. (5) To reduce health and environmental risks, Parliament approved a set of legal amendments (to the law on hazardous waste) to obtain legal standing to establish environmentally safety management functions. In addition, the Ministry of Environment circulated (for interministerial review) the draft decree to establish environmentally safe management rules for polychlorinated biphenyl (PCB) waste, expired pesticides, and lithium-ion battery waste.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.a For FY2025, 100% of new project investment allocations entering the MTEF have been cleared by Investment Committee meetings in line with PIM legislation (2020 baseline: 0%). Data source: MOF MTEF update report submission to Parliament. Description: Government submitted to Parliament a new proposed public debt law to e.g., expand the scope of what is reported as public sector debt (including subnational debt) and guarantees as contingent liabilities. In addition, legal amendment proposals were also included for upgrading the Budget Systems Law to report PPP-related liabilities (applying IPSAs32) as a separate category.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To start linking medium-term fiscal planning and budget allocation decisions to national strategic and sectoral planning directions (and to explicit high-level economic and social objectives/targets), while also enhancing the budget process and analysis requirements to raise the overall design quality and effectiveness/impact of public expenditure, the following set of sub-actions were undertaken: (i) The MOF established a results framework (from current national strategies and action plans) to enable line ministries' compliance in the new budget submissions for FY2023 and onwards, and issues instructions accordingly; (ii) The MOF established requirements for alignment between program budgeting and current national strategic priorities (through the MOF issuance of mandatory new guidelines for MTEF preparation and the 2023 State Budget); (iii) A pilot for gender-sensitive budgeting was implemented in two key ministries,d and MOF evaluated and published its assessment with lessons and recommendations for action; (iv) MOF approved a budget program evaluation concept and pilot methodology (with full-fledged criteria for Relevance, Effectiveness, Efficiency, Impact and Sustainability) to raise allocative efficiency and enable evidence-based budget management flexibility, and launched three pilot evaluations to ongoing budget programs;e (v) To reduce regulatory arbitrage risks and tax compliance burdens on micro-sized enterprises while at the same time raising turnover tax revenue generation potential, the MOF circulated for interministerial review legislative proposals and regulations related to tax incentives and alternative tax systems (covering micro-entrepreneurship) to incentivize microbusinesses to move out of the presumptive regime while continuing to pay lower taxes; (vi) To start integrating, into medium-term fiscal planning, the new public investment management governance, the MOF established a budget allocation in the MTEF (from FY2023 onwards) for the funding of feasibility studies that pass the Investment Committee stage; and (vii) To improve coordination and sequencing, and sustain the momentum in public budgeting reforms, MOF (a) restructured the Budget Department to transition from an expenditure-based focus to a sector-based focus (also establishing a Methodology Unit); and (b) piloted the establishment of a high-level Budget Committee to monitor quarterly execution of the State Budget and to govern significant reappropriations on the basis of MOF proposals. A Prime Minister Decree was approved to formalize the high-level Budget Committee.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To enable linkages between annual and medium-term budget and expenditure planning to climate change adaptation commitments and priorities, the government approved, by government decree, a national climate adaptation plan (2021-2025) identifying key principles to guide integration of climate adaptation into all policy and programming, including a principle on climate-aligned financial decision-making and management, and distributing institutional responsibilities for implementation across sectors.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To raise the economic and social impact of overall public investments decisions and the fiscal sustainability of their implementation irrespective of the form of procurement, a high-level, fully-fledged public investment management (PIM) framework was established (through two PM decrees)f and operationalized by government (through MOE instructions),g to be governed by a quantitative and qualitative multicriteria framework for project prioritization that includes, inter alia: (i) disaster and CC risk adaptation and mitigation objectives embedded in the key identification and prioritization criteria, (ii) full integration with the PPP operational framework, and (iii) integration with medium-term fiscal planning and the State Budget process.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To establish, inter alia, a dedicated PPP procurement mechanism under secondary legislation for the PPP Law, and ensure that all new PPP projects must first be identified, evaluated, prioritized and selected through the procedures set in new PIM framework of the government, the Public Procurement Law and the PPP Law were amended by Parliament, and the PPP Procedures Decree (the main secondary legislation to the new PPP Law) was approved by government.h In addition, to establish a full-fledged risk vetting and monitoring framework for PPPs towards future full integration with the fiscal rule, and to complete the operational framework for PPPs, government approved: (i) A 'PPP Contingent Liabilities' Government Decree (with methodologies and tools for identification, assessment and calculation of risks and reporting in State Budget documentation, as well as requirements for benchmarking against PPP "fiscal affordability" ceilings); (ii) More detailed methodological guidelines and tools—in consistency with the new PPP CLs Govt Decree; and (iii) Two government decrees to establish PPP "fiscal affordability" ceiling mechanisms for both contingent liabilities and direct liabilities.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To improve financial transparency and start strengthening the centralized fiscal monitoring of SOEs: (i) the amendments to the laws on accounting (i.e., issues of Financial Accounting, regulation of Accounting and Audit activities) were enacted by Parliament ensure all SOEs above a specific size threshold (and other large companies) are obliged to have their financial reports audited; and (ii) the Fiscal risks management function at MOF (FRSD) established and operationalized the collection of financial information on all SOE a new SOE database, including financial SOEs, and ensures it remains current at 2022 (i.e., already includes 2021 data).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To promote fiscal transparency and continue sustaining the ongoing institutional strengthening efforts into a more comprehensive and integrated FRM function at MOF (now already including the covering of disaster and CC risks): (i) the MOF (through the FRMD) significantly upgrades the comprehensiveness of its disclosure of fiscal risks (by publishing more comprehensive Fiscal Risks Statements for the 2021 and 2022 budget laws), now presenting: (a) a calculation of headline contingent liability exposures to major SOEs and selected PPPs (including PPAs), (b) a discussion on key fiscal risks, and (c) an explicitly acknowledgment and quantification of fiscal risks deriving from disaster risk and CC (the MOF also produced the first two MTEF updates with a report on fiscal risks deriving from disaster risk and CC); (ii) the MOF established internal periodic comprehensive reporting of PPP Contingent Liabilities (including the operationalization of a PPP fiscal commitments database and risk assessment matrixes for each PPP) as a “living-document” analysis application of the newly approved methodologies (presenting a more detailed calculation of contingent liability exposures per risk category and selected PPPs [including PPAs] than what was included in the 2021 State Budget law documentation), to serve as the basis for any MTEF annual update or annual budget submission; and (iii) the MOF approved the updated Fiscal Risk Management Roadmap for 2022-2023, charting the objectives to, by end-2023 and inter alia, achieve: (a) full operationalization of the ‘Vetting' and ‘Mitigation Recommendations' functions, and (b) systematic coverage of all material sources of risk, including ‘Budgetary Lending', ‘State Guarantees', ‘Legacy PPPs and PPAs', ‘disasters caused by natural and man-made hazards (including biological and technological) and from CC', and ‘potential environmental liabilities of the State'.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To promote more effective, efficient and transparent procurement practices while also embedding key CC action objectives, a Procurement Development/Reform Concept was approved by PM Decree, to include (i) analyses of the feasibility of introducing green procurement, and (ii) proposals for the standardization of procurement packages in the recurrent budget.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To formulate green economy policy and align economic policy tools with climate mitigation and adaptation targets: (i) the MOE issued for the review of co-implementing ministries a proposed concept for ‘Green Economy Transition';i (ii) the MOE created an operational unit dedicated to the Green Economy Transition and operationalized it.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: The Government's debt management implementation and medium-term strategic communication to the markets aligned further to continue reducing public debt exposures to exchange rate risk and develop the domestic government securities market, while institutional mechanisms were designed to gradually insulate the government securities issuance program from short-term macroeconomic risks. These were achieved through the following reform and institutional upgrade efforts: (i) Submission by Government to Parliament of proposed legal amendments to the Law of the Treasury System and the Law on Budget System to Parliament in order to ensure that the Stabilization Account strictly acts as a government debt refinancing risk management and a countercyclical stabilization support mechanism with good governance; and (ii) MTDS (2020-2022) was implemented within its benchmark targets for refinancing risk, interest rate risk and exchange rate risk (with minimal deviations), and the approved MTDS (i.e., for 2021-2023) (a) raised the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and (b) improved the exchange rate risk benchmark indicators (i.e., the share of domestic debt in total debt and the share of dram denominated debt in total debt to be minimum 25% instead of minimum 20% envisaged by the previous strategy.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To improve linkages between medium-term fiscal planning, budget allocation decisions and national strategic and sectoral planning directions (with explicit high-level targets), while also enhancing budget processes, effectiveness/impact of public expenditure, and domestic resource mobilization (DRM): (i) The government endorsed the concept of results-management reform and circulated for interministerial review a government decree, providing for a) solutions to operationalize an institutional set up (including, explicit requirements for climate change, digital, social and gender policy) for national strategic planning of medium-term resource allocation;j b) explicitly anchoring all program budgeting results-focus to a (forthcoming) unified ledger of high-level (priority) KPIs, with a requirement for a common template for national strategies that specifically operationalizes this new standard of results-focus in any new sector strategy. (ii) The government, through the 2024 State Budget package approved by Parliament, established explicit linkages between budget programs and the approved Government Program targets. (iii) The MOF, through interministerial circulation of draft law amendments, proposed changes to improve MTEF reliability for medium-term fiscal planning and accuracy against ultimate annual budget allocations, including medium- (line-ministry level) budget ceilings, solutions for carry-forwards in CAPEX, and MTEF updating cycle; (iv) The government, through MOF approved budget instructions, rolled-out legally binding gender-responsive budgeting requirements across all ministries while also: a) circulating, for interministerial guidance, proposals to make this reform more effective in subsequent fiscal years (including revisions to the manual on Gender-Responsive Budgeting to enhance its comprehensibility) in agreement with the Ministry of Social Affairs, b) enhancing the guideline for public consultations of state bodies on proposed budget programs (‘Open/Citizen's Budget' initiatives) to include gender aspects and raise CSOs awareness and capacity to scrutinize the compliance with gender-responsive budgeting requirements, & c) piloting participatory budgeting across four municipalities. (v) MOF completed a first SDG budget tagging exercise at a ‘direct link' level for 2024 and published it with the 2024 State Budget package (approved by Parliament in late 2023). In addition, a separate comprehensive exercise of budget tagging to include ‘indirect link' levels (e.g., SDG 13 on CC actions) was produced and formally disseminated to line-ministries in preparation for the next budget cycle, together with a complete SDG budget tagging framework (including SDG 13 on CC action) also in preparation of the next budget. (vi) Parliament approved the necessary amendments to the tax code to rationalize the coverage of the micro-entrepreneurship tax regime and reduce regulatory arbitrage and the scope of application of tax privileges. Subsequently, MOF applied the framework of analysis of foregone revenue to identify options for rationalizing VAT tax incentives (based on an analysis of revenue foregone, distributional impact and the availability of alternative policies). Also, the MOF: (1) Established and operationalized a systematic and standardized framework to analyze and assess the cost-benefit of VAT incentives and estimate and report foregone revenue; (2) Developedk a new Tax Treaty policy framework and Model Double Tax Agreement (DTA) to relieve double taxation and reduce tax evasion (and avoidance) in cross-border transactions and investment,l and applied it to negotiations with international treaty partners; (3) Implemented - on behalf of Government and to promote FDI while protecting the domestic tax base -- the minimum standard in the OECD/G20's BEPS inclusive framework, bym (a ) removing harmful tax measures in Free Economic Zone and Information TechnologyReform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To enable linkages between annual and medium-term budget planning to climate and gender policy targets and results: (i) Government circulated for interministerial review a Financing Strategy and Investment Plan proposal for Armenia's NDC to facilitate the broad engagement of relevant stakeholders towards the coordinated mobilization of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) Government a) circulated for interministerial review a new National Disaster Risk Management Law, and b) approved a new National Disaster Risk Management Strategy and Action Plan to eliminate contradictions with the Sendai framework for DRR (i.e., ensuring Armenia's planning coherence and optimization with both the Paris Accord and the Sendai Framework objectives); (iii) Government started implementation of components in budget programs for DRR and for CC adaptation and mitigation. Detailed action plans for CC adaptation in at least three sectors were approved (Water, Agriculture, Health), and two more were finalized (Tourism, Energy). (iv) The Ministry of Labor and Social Affairs submitted for Government approval a time-bound 2024-2028 Gender Policy Implementation Strategy Program to operationalize gender equality policies along six policy priorities: governance and decision-making levels; socio-economic and labor; education and science; health; gender-based violence; women/girls and domestic violence prevention, and climate).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: The government: (i) approved and implemented: (a) a new PIM Government Decree to raise the legal standing of its mandatory requirements, b) a new set of updated PIM instructions (through MOE) to accommodate the expansion of scoring criteria into climate change and lessons learned; (ii) through MOF-issued budget circulars, instructed all line ministries (including development partner-financed investment) that (new) projects that exceed a minimum threshold need to go through the PIM process for appraisal and prioritization/scoring and Investment Committee approval before entering the MTEF. (iii) reached a policy decision and provided clarity on the way forward for PIM reform implementation (via e.g., DPM letter or Minister of Finance letter), including: a) acknowledgment of PIM implementation issues in the recent past; b) transition arrangements; c) the (updated) PIM Roadmap to serve as the indicative coordinating action plan for consolidating the PIM reform.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the MOF developed and circulated (inter-ministerially) a concept to standardize (in terms of reporting and accounting) the treatment to PPP-related fiscal liabilities (towards enabling a future linkage with the fiscal rule) by considering different methodological proposals. In addition, all new PPP Guidelines required to implement the PPP Procedures Decree and complete the PPP operational framework were established through MOE orders.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: The MOF, on the basis of a Rapid Assessment of Enabling Environment/Context for Disaster Risk Financing (with a high-level identification of policy, regulatory and financing gaps), submitted a Concept for a (disaster) Financial Protection Plan Recommendation, for consultations with line-ministries and other stakeholders.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To improve financial transparency, strengthen centralized fiscal monitoring and oversight of operational performance in SOEs: (i) The Government — through MOF — initiated the upgrading of compliance monitoring functions for SOEs' publication of audited financial statements (e.g., the technical requirements for a new separate corporate web portal/ registry were approved); (ii) The MOF circulated for interministerial review a strategic concept proposal for a new SOE Ownership Policy to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; and (c) align performance appraisal to target efficiency gains. (iii) Upon the piloting of the SOE Integrity and Corruption Risk Analysis by the Corruption Prevention Commission, the Ministry of Justice (and the Corruption Prevention Commission) developed and circulated for interministerial review (and public consultations) a set of legal amendment proposals (to the Law on the Corruption Prevention Commission and to the Law on Local Self-Government) to expand the mandate of the Corruption Prevention Commission and include in it the assessment of corruption risks at SOEs and state and community non-commercial organizations (SNCOs)q and the provision of recommendations on anti-corruption measures to the competent authorities.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To reduce fiscal inefficiencies and increase impact in direct forms of investment promotion, government disclosed on the MOF website a comprehensive policy review of state-owned enterprises, equity funds and other financial SOEs, and, with specific regards to ANIF, approved a new Government Decree (subsequent to which: MOE approved a new charter for ANIF, duly lodged in the State Register) and other policy decisions to ensure: (i) A binding strategic mandate (and sector focus/investment policies) that eliminates crowding-out of the private sector, and provides a value-for-money rationale for its existence. (complemented by operating procedures that rationalize activities solely based of market failures). (ii) transparency with regards to ANIF's use of state-allocated resources, scope of operations and performance indicators (with introduction of performance reviews), (iii) fundamental aspects of corporate governance. (iv) operational policy/standard operating procedures that rationalize activities solely on the basis of addressing market failures, and (v) clear requirements for external financial audits (b) ANIF was transferred under the ownership oversight and policy coordination of MOE, while Govt considers outright divestment or dissolution actions through the State Property Committee.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: (a) In order to establish a transparent governing framework for PPP renegotiations for pre-PPP Law PPPs (i.e., “legacy” PPPs) and amendments to any other long-term infrastructure contract, MOF submitted for interministerial review the legal amendment proposals to e.g. establish accountability and fiscal transparency. As an immediate stop-gap measure to address the problem, the DPM issued a directive asserting (a) the key role of MOF in any engagement with private players about renegotiations of “legacy” PPP (together with the policy-making body for each sector) and (b) the requirement for conducting proper fiscal implications analysis during any discussions that can lead to renegotiations. (b) Parliament approved legal amendments to give the Audit Chamber of the Republic of Armenia the legal authority to conduct audit activities on all “legacy" and new PPPs/PPAs and any other infrastructure service contracts.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: In addition to sustaining the upgrades in public disclosure of fiscal risks of 2021-2022 into 2023-2024 (including climate risks), to establish the legal anchoring for MOF's FRM responsibilities and function and strengthen its systemic relevance: (i) MOF approved changes to the FRM charter for it to acquire the functional responsibilities for SOE financial monitoring; (ii) MOF activated the mitigation function on “specific" FRM by regularly briefing DPM office with mitigation action proposals on risk events pertaining to PPP/PPAs, credit guarantees, and SOEs (iii) MOF circulated for interministerial review draft legal amendment proposals to inter alia give the government the authority to: (a) create the Specific Fiscal Risks Management Council (this is a requirement for a Specific Fiscal Risks Mitigation Recommendations Reporting sub-function), (b) set (through the specific fiscal risk council) Staffing Certification Requirements for fiscal risk management, and (c) establish an inter-institutions mechanism to underpin the information flows of a fully functioning integrated “specific” FRM framework, (iv) MOF issued a ministerial order to govern budgetary lending and guarantee requests.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To promote more effective, efficient and transparent procurement practices while also embedding key CC mitigation objectives: (i) Government launched (via approval of MOF Decree) the tender for the e-Procurement module of the GFMIS; (ii) Government implemented key steps of the Procurement Reform Action plan, including: (a) approval of amendments (to Govt decree) to impart direct accountability in procurement bodies' use of non-competitive procurement (thereby, and effectively reducing recourse to non-competitive procurement); (b) facilitating NGOs' access to contractualized monitoring of national and subnational procurement activities; (c) conducting interministerial consultations on a sustainability criteria framework for one recurrent item of government spending, to demonstrate how the government can strategically procure specified items in a sustainable* and cost-effective manner; (d) introduction of index-based costing practices in public procurement for all contracts above 1 year term (thereby reducing procurement risks due to price fluctuations and increasing competitive tension) (iii) MOF completed the feasibility assessment on sustainable (“green”) procurement and initiates public consultations on forthcoming options, (iv) MOF issued regulatory guidance to procuring entities on risk mitigation to: (a) eliminate systemic reliance on (high) performance and contract-related securities; (b) promote proper assessment of technical experience upfront; (c) mainstream quality requirements into procurement outcomes; and (d) increase the use of competitive dialogue procedures; (v) MOF launched a Methodology for Assessing Procurement Systems (MAPS) Assessment of its national procurement with development partners.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To formulate green economy policy and align economic policy tools with climate policy: (1) MOE submitted the national strategy on 'Green and Sustainable Economic Development' (including ‘Circular Economy' development proposals and implementation arrangements) for government approval. (2) The concept of green taxonomy was approved by the Ministerial Order of MOE (3) A concept for a law on an ‘Extended Producer Responsibility' system was circulated for interministerial review. The MOE also formally operationalized a working group to define preconditions for 'circular economy' and sustain dialogue. (4) Government approved a Long-Term Low Emissions Development Strategy till 2050 (5) MoEnv circulated for interministerial review a new Law on Climate, and approved a Ministerial Order on Climate Financing Information (applicable only to Ministries, Yerevan Municipality and communities) to govern the submission of information on climate financing (received by Armenia) in the context of the Paris Agreement.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: The MOF: (i) implemented the MTDS, 2022-2024 and MTDS 2023-2025 within they benchmark targets for refinancing, interest rate, and exchange rate risk with minimal deviations; and through the approved MTDS for 2024-2026:, MOF raised further the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and improved the exchange rate risk benchmark indicators (i.e., the shares of public domestic debt and dram denominated debt in total debt to be above 40%); (ii) approved the Debt Data Validation Procedures Manual and incorporated it into the Procedures Manuals of the Public Debt Management Department. MOF also completed the upgrade of its debt management database to a new DMFAS-6 system to enhance the autonomy, management, and analytical capabilities of debt management office with new modules on debt securities, reorganization, non-guaranteed external debt, and debt analysis modules.s (iii) government submitted legal amendment proposals to Parliament for upgrading the Public Debt Law, to address identified shortcomings (e.g. expanding the scope of what is reported as public sector debt, including subnational debt instruments and SOE debt instruments; and (iv) in addition to approval by Parliament of legal amendments to the Law of the Treasury System and the Law on Budget System, it supported the final approval by Government of implementing legislation to regulate the process of replenishment and utilization of the new Stabilization Account.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To complete linkages between medium-term fiscal planning and budget allocation decisions, and the national strategic/sectoral planning directions (with explicit high-level targets) that should guide the former, while also enhancing the budget process, effectiveness/impact of public expenditure and DRM: (i) the government approved legislation to establish a whole institutional architecture for national strategic planning of medium-term resource allocation that is more results-oriented, feasible and evidence-based (including, e.g., explicit requirements for climate and gender policy considerations across all new strategic pillars)t (endnote f); (ii) the government amended the decrees that govern the budget process, cycle and calendar, as well as the MTEF rules, to improve MTEF reliability for medium-term planning, inter alia including (a) transitioning to a Baseline process as the new first step for budget planning (i.e., MTBF), (ii) solutions to allow for carry-forwards in CAPEX, (iii) MTEF cycle restructuring and 3-year ceilings, and (iv) expansion to a 5-year planning horizon in the macro-fiscal framework (i.e., MTFF); (iii) Through the Govt Decree on Strategic Planning (PA3.1[i]), the template was also established for the unified ledger of (high-level, priority) KPIs to subsequently link up to all program budgeting results-focus (from outcome to output indicators of specific measures/actions), once the pre-determined set six specific national strategies are approved; (iv) the MOF formalized an agreement with MLSA on an institutional coordination process within the new budget calendar to strengthen line-ministries' compliance with gender-responsive budgeting across all ministries, and significantly expanded participatory budgeting coverage (towards 21 municipalities) and budget resources (towards 5% of the total subvention program for local government capex); (v) The MoEnv publicly disclosed the results of the pilot climate tagging of the 2025 budget. In addition, the government included the legal basis for MOF to operationalize and fully rollout the CC mitigation and adaptation taggingu through budget circulars (as an annual routine) and establish an interministerial collaboration with MoEnv to review CC tagging proposals from line-ministries, in the draft Law on Climate that was submitted to Parliament (see Policy Action 3.11(2);v (vi) the MOF—to rationalize the system of tax incentives and implement international tax transparency standards, including base erosion and profit shifting (BEPS) measures and Automatic Exchange of Information (AEOI) of financial account information (using the common reporting standard [CRS] template) as well as improve overall tax administration: (1) Expanded the systematic and standardized periodical tax incentive monitoring and evaluation framework to corporate and personal income tax incentive measures (e.g. SEZ) by submitting annual reports on VAT, CIT and PIT tax expenditures in the RA Government's Budget message; (2) Continued to implement the new Tax Treaty policy framework and Model Double Tax Agreement (DTA) through: (i) government approval of at least two (Japan and Hong Kong, China) tax treaties or protocols for ratification aligned to the Model DTA, in order to relieve double taxation and reduce tax evasion and avoidance in cross-border transactions and investment, and (ii) developing and publishing a MLI Guidance Note on the Interpretation and Application of DTAs in Armenia to assist taxpayers and officials in interpreting and applying the MLI;w (3) Continued to implement the reform plan to meet minimum standard in the OECD/G20's BEPS inclusive framework by (a) completing a peer-reviewed assessment by OECD of existing preferential tax regimes and amending the RA Tax Code to remove all preferential tax regimes in accordance with BEPS Action 5 standard, (b) improving legislative and administrative procedures to implement BEPS standardReform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: The government: (i) explicitly included a Financing Sources Strategy and a Costed Action Plan (covering both investment and operational items) in Armenia's proposed submission of Nationally Determined Contributions (NDC 3.0; for the period 2025-2030), as circulated for interministerial review ahead of the COP, to facilitate the broad engagement of relevant interministerial stakeholders towards the coordinated mobilization and the targeting of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) obtained Parliament approval of the National Disaster Risk Management Law with an explicit legal standing (role) for MOF in PFM issues (which includes Disaster Risk Finance), (Note: this enabled the subsequent amendments to the DRM Strategy Decree to accommodate, inter alia, MOF's leading role in developing a Disaster Risk Finance framework of action; see PA# 3.5 below). (iii) approved a timebound 2024-2028 Gender Policy Implementation Strategic Program to operationalize gender equality policies along six policy priorities/directions: [1] governance and decision-making levels; [2] socio-economic and labor; [3] education and science; [4] health; [5] gender-based violence; and [6] the climate-gender nexus (specifically: “Developing gender-sensitive and gender-responsive approaches to climate change, ensuring inclusive principles and raising awareness”).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: Government launched the pre-qualification stage for the GFMIS. The (currently parallel) e-Procurement system being tendered includes, in its contract management module, functionalities of monitoring physical and financial execution per contract (and when aggregated, per project) that will allow identification of (i) cases of cost overruns and their causes, and (ii) cases of non-execution. Finally, the new PIM Govt Decree (approved, see Policy Action 3.1(vii)) now includes in its PCN a new and separate section on disaster risk mitigation and adaptation, amended guidelines on climate change adaptation, and a correction in the scoring framework to rate potential project implementation risks (thereby clarifying the concept of risk at hand).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: a) To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the government promoted the standardization (in terms of reporting and accounting) of the treatment to different fiscal liabilities, by submitting to Parliament legal proposals to explicitly link up the stock of PPP contingent liabilities and budget guarantees to a new fiscal sustainability threshold in Armenia's fiscal rule, in a way that helps reduce bias towards off-budget transactions; and; b) The government brought to financial closure the first PPP project under the new legislation and institutional architecture, after compliance with sequencing requirements of the PIM and PPP legislations, thereby demonstrating the merits of this new normative architecture to ensure fiscal responsibility and planning relevance. c) Government: (i) amended regulatory frameworks to ensure that the speed of RE generation penetration into the national grid remains financially sustainable, (including the ruling that all new licensed generation operators from 2024 onwards already will only get to sell at prices in the balancing market, and the fiscal decision to discontinue specific budget incentives);jj (ii) circulated for interministerial review proposals to amend to the power sector laws and regulations to (a) promote the introduction of the balancing market, (b) integrate transmission entities, (c) introduce new forms of contractualization of independent power producers, and (d) bring transparency and regulatory mandate to curtailment orders and other grid protection and stabilization measures;kk (iii) via Parliament-approved legal amendments to the procurement law, brought regulated companies and their supplier-subsidiaries as well as interconnected supplier companies to the procurement regime that requires competitive tendering (of supplies), and via PSRC decree instructed all regulated companies to use pre-approved electronic procurement platforms for any procurement; (iv) through PSRC regulation, removed conflict of interest for procurements of regulated companies.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: Government amended the Disaster Risk Management Strategy Decree to incorporate an explicitly leading role for MOF in e.g., Disaster Risk Finance. (Note: this complements PA3.2 above, as well as the new proposed requirement that MOF submits regular Financial Protection Plan Recommendations to the newly established Specific Fiscal Risk Council meetings, including explicit follow-ups on previous recommendations, as in PA3.9 below).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To improve financial transparency, strengthen centralized fiscal oversight of, and establish corporate governance and operational performance in SOEs, the: (i) Government—through MOF—completed the upgrading of compliance monitoring functions for SOEs' publication of audited financials (i.e., full rollout of the new separate corporate web registry) and issues instructions to line-ministries for 1 SOE and 1 SNCO per ministry to upload the required info. (ii) Government approved a SOE Ownership Policy (by Government Decree) to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; (c) align performance appraisal to target efficiency gains. (iii) Government approved amendments to the decree that governs the placement of SOEs and other infrastructure service entities under trust management, to eliminate direct selection and ensure competitive and transparent tender processes only. (iv) Government, also through the new SOE Ownership Policy Decree, sets (a) that the SPMC has the authority to set corporate governance requirements to any SOE, (b) that a list of priority SOEs must come under compliance with the specific corporate governance practices (i.e., independent board members, internal audit and control, reporting on corporate governance), and (c) through a specific institutional location, the compliance monitoring functions for corporate governance requirements․ (v) Government submitted to Parliament proposed amendments to the law on Corruption Prevention (and Law on Local Self-Government) to enable a new mandate for the Corruption Prevention Commission for assessing corruption risk at SOEs, SNCOs. etc., and for providing recommendations as anti-corruption measures.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: Ahead of, and in anticipation of the approval of the new SOE Ownership Policy (Government Decree) and its forthcoming guiding principles and objectives: (i) Government issued instruction to privatize DICA/UCO (state-owned financial institution). (ii) the State Property Committee proceeded with the liquidation of ANIF while the latter initiated with divestment from assets. (iii) Government continued to address current financial transparency problems with SOEs by moving SOEs financial accounts to the Treasury (reaching 6 SOEs in total).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: Government submitted to Parliament the necessary legal amendments (to e.g., the Law on Budget Process and Budget Systems Law) to establish a transparent governing framework for PPP renegotiations (for pre-PPP Law PPPs, i.e., “legacy” PPPs) and amendments to other long-term infrastructure service contracts. This includes making that, by law, contract amendments are only legal if duly registered with the Armenian Treasury (itself carrying a number of legal pre-conditions for fiscal appraisal and analysis).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: Government amended the PM Decree on the Budget Execution Committee to expand its purpose and add the functions of a Fiscal Risks Management Council to its remit. In addition, through a new MOF decree, the government will also operationalize the formal specific fiscal risk mitigation function of FRM (setting that a Fiscal Risk Mitigation Report will be periodically prepared and presented to the FRM Council, where risk mitigation actions are specifically recommended and followed-up on in subsequent reports). Finally: a) Government, to support MOF's centralized oversight of risks from subnational procurement activities, approved a Government Decree dictating all subnational entities to transition to the national procurement electronic platform. b) Government, through the MOF Decree on the FR Council, formalized and operationalized an inter-institutions mechanism ensuring that all relevant State Bodies and relevant MOF Depts contribute with the necessary information to a fully functioning Integrated FRM Framework. c) MOF, to improve transparency over subnational borrowings by reporting this form of state liabilities as Public Debt, included the latter in the current legal amendment proposals to the PD law (now in Parliament).mm (see policy action 3.12) d) Government publicly disclosed the result of IMF's assessment to the Subnational Borrowing framework on its website, which includes a specific assessment of risks and merit of whether controls on subnational borrowing should be relaxed at this stage. e) Periodic Fiscal Risk disclosures (e.g., the fiscal risk statement published in July 2025) were upgraded to include results of the Stress Testing and Forecasting Tool for SOEs for main macro risks (GDP, currency, interest rate), and also to, on the basis of a new Debt Guarantee and Loan Assessment Tool (DGLAT), presented assessments of risks from loan or debt guarantees from the perspective of the creditworthiness of the obligor.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To promote more effective, efficient and transparent procurement practices, while also embedding key CC mitigation and environment policy objectives: [1] Government's tender process for the e-Procurement module (of the GFMIS) completed final evaluation of submitted proposals with at least three international competitors; [2] Government implemented key steps of the Procurement Reform Action plan (e.g., increase the use of two-step competitive tenders) to bring down the use of noncompetitive processes to below 10% (in total monetary volume of public procurement). [3] Government amended decree to lower the minimum required level for performance guarantees, to increase competitive tension; and MOF submitted to Government legal amendments to: (i) add forms of tendering (e.g., framework agreements, and public offers) and improve accountability in single-source selection (e.g., by having procuring agencies report to Parliament if ceilings are breached), (ii) remove conflicts of interest, and (iii) eliminate disparities between judicial treatment of PPP projects and of procurement of items of high public interest, eliminating a current bias towards PPPs. [4] Government decree amendments to introduce factoring entered into force. [5] MOF launched a demonstration—through an actual tender—that pilots green procurement and sustainability criteria framework in a key item of government spending.nn [6] Parliament approved legal amendments to: (i) Continue promoting time-efficient competitive tension, by allowing the procurement entities to increase the period (from the default 10 days) for presentation of performance guarantees; (ii) Eliminate gaps and inconsistencies in definitions and procurement principles.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: To establish green economy policy and align economic policy tools with climate policy targets: (1) Prime Minister approved the national strategy on 'Green, Sustainable and Circular Economy Development', and the corresponding Action Plan (PM Decree). (2) Government submitted a new proposed law on Climate to Parliament to enable, inter alia, for (i) MoEnv orders to govern Climate Financing Information as a normative act, (i.e., meaning it will be effective to all institutions in the country), especially the submission of information on climate financing received for the implementation of the Paris Agreement, (ii) carbon pricing instruments, and (iii) the institutionalization of climate budget tagging, requiring identification and classification of climate-related expenditures in the state and, optionally, local budgets (Note: this is the legal basis for the operationalization of an institutional solution between Ministry of Environment and the Ministry of Finance to scrutinize the CC tagging; see PA 3.1(v) above).oo (3) A draft law on ‘Extended Producer Responsibility' (and corresponding amendments to other laws and technical procedures for imported goods) was circulated for interministerial review. (4) The green taxonomy was approved by a government decree. (5) To reduce health and environmental risks, Parliament approved a set of legal amendments (to the law on hazardous waste) to obtain legal standing to establish environmentally safety management functions. In addition, the Ministry of Environment circulated (for interministerial review) the draft decree to establish environmentally safe management rules for polychlorinated biphenyl (PCB) waste, expired pesticides, and lithium-ion battery waste.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicator that is most directly attributable to reform area 1: 1.b For FY2025, 15% of national procurement (in volumes awarded) has taken place fully through the newly launched e-Procurement platform (2020 baseline:0%). Data source: MOF. Description: Government submitted to Parliament a new proposed public debt law to e.g., expand the scope of what is reported as public sector debt (including subnational debt) and guarantees as contingent liabilities. In addition, legal amendment proposals were also included for upgrading the Budget Systems Law to report PPP-related liabilities (applying IPSAs32) as a separate category.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To start linking medium-term fiscal planning and budget allocation decisions to national strategic and sectoral planning directions (and to explicit high-level economic and social objectives/targets), while also enhancing the budget process and analysis requirements to raise the overall design quality and effectiveness/impact of public expenditure, the following set of sub-actions were undertaken: (i) The MOF established a results framework (from current national strategies and action plans) to enable line ministries' compliance in the new budget submissions for FY2023 and onwards, and issues instructions accordingly; (ii) The MOF established requirements for alignment between program budgeting and current national strategic priorities (through the MOF issuance of mandatory new guidelines for MTEF preparation and the 2023 State Budget); (iii) A pilot for gender-sensitive budgeting was implemented in two key ministries,d and MOF evaluated and published its assessment with lessons and recommendations for action; (iv) MOF approved a budget program evaluation concept and pilot methodology (with full-fledged criteria for Relevance, Effectiveness, Efficiency, Impact and Sustainability) to raise allocative efficiency and enable evidence-based budget management flexibility, and launched three pilot evaluations to ongoing budget programs;e (v) To reduce regulatory arbitrage risks and tax compliance burdens on micro-sized enterprises while at the same time raising turnover tax revenue generation potential, the MOF circulated for interministerial review legislative proposals and regulations related to tax incentives and alternative tax systems (covering micro-entrepreneurship) to incentivize microbusinesses to move out of the presumptive regime while continuing to pay lower taxes; (vi) To start integrating, into medium-term fiscal planning, the new public investment management governance, the MOF established a budget allocation in the MTEF (from FY2023 onwards) for the funding of feasibility studies that pass the Investment Committee stage; and (vii) To improve coordination and sequencing, and sustain the momentum in public budgeting reforms, MOF (a) restructured the Budget Department to transition from an expenditure-based focus to a sector-based focus (also establishing a Methodology Unit); and (b) piloted the establishment of a high-level Budget Committee to monitor quarterly execution of the State Budget and to govern significant reappropriations on the basis of MOF proposals. A Prime Minister Decree was approved to formalize the high-level Budget Committee.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To enable linkages between annual and medium-term budget and expenditure planning to climate change adaptation commitments and priorities, the government approved, by government decree, a national climate adaptation plan (2021-2025) identifying key principles to guide integration of climate adaptation into all policy and programming, including a principle on climate-aligned financial decision-making and management, and distributing institutional responsibilities for implementation across sectors.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To raise the economic and social impact of overall public investments decisions and the fiscal sustainability of their implementation irrespective of the form of procurement, a high-level, fully-fledged public investment management (PIM) framework was established (through two PM decrees)f and operationalized by government (through MOE instructions),g to be governed by a quantitative and qualitative multicriteria framework for project prioritization that includes, inter alia: (i) disaster and CC risk adaptation and mitigation objectives embedded in the key identification and prioritization criteria, (ii) full integration with the PPP operational framework, and (iii) integration with medium-term fiscal planning and the State Budget process.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To establish, inter alia, a dedicated PPP procurement mechanism under secondary legislation for the PPP Law, and ensure that all new PPP projects must first be identified, evaluated, prioritized and selected through the procedures set in new PIM framework of the government, the Public Procurement Law and the PPP Law were amended by Parliament, and the PPP Procedures Decree (the main secondary legislation to the new PPP Law) was approved by government.h In addition, to establish a full-fledged risk vetting and monitoring framework for PPPs towards future full integration with the fiscal rule, and to complete the operational framework for PPPs, government approved: (i) A 'PPP Contingent Liabilities' Government Decree (with methodologies and tools for identification, assessment and calculation of risks and reporting in State Budget documentation, as well as requirements for benchmarking against PPP "fiscal affordability" ceilings); (ii) More detailed methodological guidelines and tools—in consistency with the new PPP CLs Govt Decree; and (iii) Two government decrees to establish PPP "fiscal affordability" ceiling mechanisms for both contingent liabilities and direct liabilities.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To improve financial transparency and start strengthening the centralized fiscal monitoring of SOEs: (i) the amendments to the laws on accounting (i.e., issues of Financial Accounting, regulation of Accounting and Audit activities) were enacted by Parliament ensure all SOEs above a specific size threshold (and other large companies) are obliged to have their financial reports audited; and (ii) the Fiscal risks management function at MOF (FRSD) established and operationalized the collection of financial information on all SOE a new SOE database, including financial SOEs, and ensures it remains current at 2022 (i.e., already includes 2021 data).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To promote fiscal transparency and continue sustaining the ongoing institutional strengthening efforts into a more comprehensive and integrated FRM function at MOF (now already including the covering of disaster and CC risks): (i) the MOF (through the FRMD) significantly upgrades the comprehensiveness of its disclosure of fiscal risks (by publishing more comprehensive Fiscal Risks Statements for the 2021 and 2022 budget laws), now presenting: (a) a calculation of headline contingent liability exposures to major SOEs and selected PPPs (including PPAs), (b) a discussion on key fiscal risks, and (c) an explicitly acknowledgment and quantification of fiscal risks deriving from disaster risk and CC (the MOF also produced the first two MTEF updates with a report on fiscal risks deriving from disaster risk and CC); (ii) the MOF established internal periodic comprehensive reporting of PPP Contingent Liabilities (including the operationalization of a PPP fiscal commitments database and risk assessment matrixes for each PPP) as a “living-document” analysis application of the newly approved methodologies (presenting a more detailed calculation of contingent liability exposures per risk category and selected PPPs [including PPAs] than what was included in the 2021 State Budget law documentation), to serve as the basis for any MTEF annual update or annual budget submission; and (iii) the MOF approved the updated Fiscal Risk Management Roadmap for 2022-2023, charting the objectives to, by end-2023 and inter alia, achieve: (a) full operationalization of the ‘Vetting' and ‘Mitigation Recommendations' functions, and (b) systematic coverage of all material sources of risk, including ‘Budgetary Lending', ‘State Guarantees', ‘Legacy PPPs and PPAs', ‘disasters caused by natural and man-made hazards (including biological and technological) and from CC', and ‘potential environmental liabilities of the State'.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To promote more effective, efficient and transparent procurement practices while also embedding key CC action objectives, a Procurement Development/Reform Concept was approved by PM Decree, to include (i) analyses of the feasibility of introducing green procurement, and (ii) proposals for the standardization of procurement packages in the recurrent budget.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To formulate green economy policy and align economic policy tools with climate mitigation and adaptation targets: (i) the MOE issued for the review of co-implementing ministries a proposed concept for ‘Green Economy Transition';i (ii) the MOE created an operational unit dedicated to the Green Economy Transition and operationalized it.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: The Government's debt management implementation and medium-term strategic communication to the markets aligned further to continue reducing public debt exposures to exchange rate risk and develop the domestic government securities market, while institutional mechanisms were designed to gradually insulate the government securities issuance program from short-term macroeconomic risks. These were achieved through the following reform and institutional upgrade efforts: (i) Submission by Government to Parliament of proposed legal amendments to the Law of the Treasury System and the Law on Budget System to Parliament in order to ensure that the Stabilization Account strictly acts as a government debt refinancing risk management and a countercyclical stabilization support mechanism with good governance; and (ii) MTDS (2020-2022) was implemented within its benchmark targets for refinancing risk, interest rate risk and exchange rate risk (with minimal deviations), and the approved MTDS (i.e., for 2021-2023) (a) raised the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and (b) improved the exchange rate risk benchmark indicators (i.e., the share of domestic debt in total debt and the share of dram denominated debt in total debt to be minimum 25% instead of minimum 20% envisaged by the previous strategy.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To improve linkages between medium-term fiscal planning, budget allocation decisions and national strategic and sectoral planning directions (with explicit high-level targets), while also enhancing budget processes, effectiveness/impact of public expenditure, and domestic resource mobilization (DRM): (i) The government endorsed the concept of results-management reform and circulated for interministerial review a government decree, providing for a) solutions to operationalize an institutional set up (including, explicit requirements for climate change, digital, social and gender policy) for national strategic planning of medium-term resource allocation;j b) explicitly anchoring all program budgeting results-focus to a (forthcoming) unified ledger of high-level (priority) KPIs, with a requirement for a common template for national strategies that specifically operationalizes this new standard of results-focus in any new sector strategy. (ii) The government, through the 2024 State Budget package approved by Parliament, established explicit linkages between budget programs and the approved Government Program targets. (iii) The MOF, through interministerial circulation of draft law amendments, proposed changes to improve MTEF reliability for medium-term fiscal planning and accuracy against ultimate annual budget allocations, including medium- (line-ministry level) budget ceilings, solutions for carry-forwards in CAPEX, and MTEF updating cycle; (iv) The government, through MOF approved budget instructions, rolled-out legally binding gender-responsive budgeting requirements across all ministries while also: a) circulating, for interministerial guidance, proposals to make this reform more effective in subsequent fiscal years (including revisions to the manual on Gender-Responsive Budgeting to enhance its comprehensibility) in agreement with the Ministry of Social Affairs, b) enhancing the guideline for public consultations of state bodies on proposed budget programs (‘Open/Citizen's Budget' initiatives) to include gender aspects and raise CSOs awareness and capacity to scrutinize the compliance with gender-responsive budgeting requirements, & c) piloting participatory budgeting across four municipalities. (v) MOF completed a first SDG budget tagging exercise at a ‘direct link' level for 2024 and published it with the 2024 State Budget package (approved by Parliament in late 2023). In addition, a separate comprehensive exercise of budget tagging to include ‘indirect link' levels (e.g., SDG 13 on CC actions) was produced and formally disseminated to line-ministries in preparation for the next budget cycle, together with a complete SDG budget tagging framework (including SDG 13 on CC action) also in preparation of the next budget. (vi) Parliament approved the necessary amendments to the tax code to rationalize the coverage of the micro-entrepreneurship tax regime and reduce regulatory arbitrage and the scope of application of tax privileges. Subsequently, MOF applied the framework of analysis of foregone revenue to identify options for rationalizing VAT tax incentives (based on an analysis of revenue foregone, distributional impact and the availability of alternative policies). Also, the MOF: (1) Established and operationalized a systematic and standardized framework to analyze and assess the cost-benefit of VAT incentives and estimate and report foregone revenue; (2) Developedk a new Tax Treaty policy framework and Model Double Tax Agreement (DTA) to relieve double taxation and reduce tax evasion (and avoidance) in cross-border transactions and investment,l and applied it to negotiations with international treaty partners; (3) Implemented - on behalf of Government and to promote FDI while protecting the domestic tax base -- the minimum standard in the OECD/G20's BEPS inclusive framework, bym (a ) removing harmful tax measures in Free Economic Zone and Information TechnologyReform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To enable linkages between annual and medium-term budget planning to climate and gender policy targets and results: (i) Government circulated for interministerial review a Financing Strategy and Investment Plan proposal for Armenia's NDC to facilitate the broad engagement of relevant stakeholders towards the coordinated mobilization of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) Government a) circulated for interministerial review a new National Disaster Risk Management Law, and b) approved a new National Disaster Risk Management Strategy and Action Plan to eliminate contradictions with the Sendai framework for DRR (i.e., ensuring Armenia's planning coherence and optimization with both the Paris Accord and the Sendai Framework objectives); (iii) Government started implementation of components in budget programs for DRR and for CC adaptation and mitigation. Detailed action plans for CC adaptation in at least three sectors were approved (Water, Agriculture, Health), and two more were finalized (Tourism, Energy). (iv) The Ministry of Labor and Social Affairs submitted for Government approval a time-bound 2024-2028 Gender Policy Implementation Strategy Program to operationalize gender equality policies along six policy priorities: governance and decision-making levels; socio-economic and labor; education and science; health; gender-based violence; women/girls and domestic violence prevention, and climate).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: The government: (i) approved and implemented: (a) a new PIM Government Decree to raise the legal standing of its mandatory requirements, b) a new set of updated PIM instructions (through MOE) to accommodate the expansion of scoring criteria into climate change and lessons learned; (ii) through MOF-issued budget circulars, instructed all line ministries (including development partner-financed investment) that (new) projects that exceed a minimum threshold need to go through the PIM process for appraisal and prioritization/scoring and Investment Committee approval before entering the MTEF. (iii) reached a policy decision and provided clarity on the way forward for PIM reform implementation (via e.g., DPM letter or Minister of Finance letter), including: a) acknowledgment of PIM implementation issues in the recent past; b) transition arrangements; c) the (updated) PIM Roadmap to serve as the indicative coordinating action plan for consolidating the PIM reform.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the MOF developed and circulated (inter-ministerially) a concept to standardize (in terms of reporting and accounting) the treatment to PPP-related fiscal liabilities (towards enabling a future linkage with the fiscal rule) by considering different methodological proposals. In addition, all new PPP Guidelines required to implement the PPP Procedures Decree and complete the PPP operational framework were established through MOE orders.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: The MOF, on the basis of a Rapid Assessment of Enabling Environment/Context for Disaster Risk Financing (with a high-level identification of policy, regulatory and financing gaps), submitted a Concept for a (disaster) Financial Protection Plan Recommendation, for consultations with line-ministries and other stakeholders.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To improve financial transparency, strengthen centralized fiscal monitoring and oversight of operational performance in SOEs: (i) The Government — through MOF — initiated the upgrading of compliance monitoring functions for SOEs' publication of audited financial statements (e.g., the technical requirements for a new separate corporate web portal/ registry were approved); (ii) The MOF circulated for interministerial review a strategic concept proposal for a new SOE Ownership Policy to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; and (c) align performance appraisal to target efficiency gains. (iii) Upon the piloting of the SOE Integrity and Corruption Risk Analysis by the Corruption Prevention Commission, the Ministry of Justice (and the Corruption Prevention Commission) developed and circulated for interministerial review (and public consultations) a set of legal amendment proposals (to the Law on the Corruption Prevention Commission and to the Law on Local Self-Government) to expand the mandate of the Corruption Prevention Commission and include in it the assessment of corruption risks at SOEs and state and community non-commercial organizations (SNCOs)q and the provision of recommendations on anti-corruption measures to the competent authorities.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To reduce fiscal inefficiencies and increase impact in direct forms of investment promotion, government disclosed on the MOF website a comprehensive policy review of state-owned enterprises, equity funds and other financial SOEs, and, with specific regards to ANIF, approved a new Government Decree (subsequent to which: MOE approved a new charter for ANIF, duly lodged in the State Register) and other policy decisions to ensure: (i) A binding strategic mandate (and sector focus/investment policies) that eliminates crowding-out of the private sector, and provides a value-for-money rationale for its existence. (complemented by operating procedures that rationalize activities solely based of market failures). (ii) transparency with regards to ANIF's use of state-allocated resources, scope of operations and performance indicators (with introduction of performance reviews), (iii) fundamental aspects of corporate governance. (iv) operational policy/standard operating procedures that rationalize activities solely on the basis of addressing market failures, and (v) clear requirements for external financial audits (b) ANIF was transferred under the ownership oversight and policy coordination of MOE, while Govt considers outright divestment or dissolution actions through the State Property Committee.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: (a) In order to establish a transparent governing framework for PPP renegotiations for pre-PPP Law PPPs (i.e., “legacy” PPPs) and amendments to any other long-term infrastructure contract, MOF submitted for interministerial review the legal amendment proposals to e.g. establish accountability and fiscal transparency. As an immediate stop-gap measure to address the problem, the DPM issued a directive asserting (a) the key role of MOF in any engagement with private players about renegotiations of “legacy” PPP (together with the policy-making body for each sector) and (b) the requirement for conducting proper fiscal implications analysis during any discussions that can lead to renegotiations. (b) Parliament approved legal amendments to give the Audit Chamber of the Republic of Armenia the legal authority to conduct audit activities on all “legacy" and new PPPs/PPAs and any other infrastructure service contracts.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: In addition to sustaining the upgrades in public disclosure of fiscal risks of 2021-2022 into 2023-2024 (including climate risks), to establish the legal anchoring for MOF's FRM responsibilities and function and strengthen its systemic relevance: (i) MOF approved changes to the FRM charter for it to acquire the functional responsibilities for SOE financial monitoring; (ii) MOF activated the mitigation function on “specific" FRM by regularly briefing DPM office with mitigation action proposals on risk events pertaining to PPP/PPAs, credit guarantees, and SOEs (iii) MOF circulated for interministerial review draft legal amendment proposals to inter alia give the government the authority to: (a) create the Specific Fiscal Risks Management Council (this is a requirement for a Specific Fiscal Risks Mitigation Recommendations Reporting sub-function), (b) set (through the specific fiscal risk council) Staffing Certification Requirements for fiscal risk management, and (c) establish an inter-institutions mechanism to underpin the information flows of a fully functioning integrated “specific” FRM framework, (iv) MOF issued a ministerial order to govern budgetary lending and guarantee requests.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To promote more effective, efficient and transparent procurement practices while also embedding key CC mitigation objectives: (i) Government launched (via approval of MOF Decree) the tender for the e-Procurement module of the GFMIS; (ii) Government implemented key steps of the Procurement Reform Action plan, including: (a) approval of amendments (to Govt decree) to impart direct accountability in procurement bodies' use of non-competitive procurement (thereby, and effectively reducing recourse to non-competitive procurement); (b) facilitating NGOs' access to contractualized monitoring of national and subnational procurement activities; (c) conducting interministerial consultations on a sustainability criteria framework for one recurrent item of government spending, to demonstrate how the government can strategically procure specified items in a sustainable* and cost-effective manner; (d) introduction of index-based costing practices in public procurement for all contracts above 1 year term (thereby reducing procurement risks due to price fluctuations and increasing competitive tension) (iii) MOF completed the feasibility assessment on sustainable (“green”) procurement and initiates public consultations on forthcoming options, (iv) MOF issued regulatory guidance to procuring entities on risk mitigation to: (a) eliminate systemic reliance on (high) performance and contract-related securities; (b) promote proper assessment of technical experience upfront; (c) mainstream quality requirements into procurement outcomes; and (d) increase the use of competitive dialogue procedures; (v) MOF launched a Methodology for Assessing Procurement Systems (MAPS) Assessment of its national procurement with development partners.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To formulate green economy policy and align economic policy tools with climate policy: (1) MOE submitted the national strategy on 'Green and Sustainable Economic Development' (including ‘Circular Economy' development proposals and implementation arrangements) for government approval. (2) The concept of green taxonomy was approved by the Ministerial Order of MOE (3) A concept for a law on an ‘Extended Producer Responsibility' system was circulated for interministerial review. The MOE also formally operationalized a working group to define preconditions for 'circular economy' and sustain dialogue. (4) Government approved a Long-Term Low Emissions Development Strategy till 2050 (5) MoEnv circulated for interministerial review a new Law on Climate, and approved a Ministerial Order on Climate Financing Information (applicable only to Ministries, Yerevan Municipality and communities) to govern the submission of information on climate financing (received by Armenia) in the context of the Paris Agreement.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: The MOF: (i) implemented the MTDS, 2022-2024 and MTDS 2023-2025 within they benchmark targets for refinancing, interest rate, and exchange rate risk with minimal deviations; and through the approved MTDS for 2024-2026:, MOF raised further the objectives in terms of reduction of exchange rate risk (and projected structure of deficit financing through domestic and external net borrowings), and improved the exchange rate risk benchmark indicators (i.e., the shares of public domestic debt and dram denominated debt in total debt to be above 40%); (ii) approved the Debt Data Validation Procedures Manual and incorporated it into the Procedures Manuals of the Public Debt Management Department. MOF also completed the upgrade of its debt management database to a new DMFAS-6 system to enhance the autonomy, management, and analytical capabilities of debt management office with new modules on debt securities, reorganization, non-guaranteed external debt, and debt analysis modules.s (iii) government submitted legal amendment proposals to Parliament for upgrading the Public Debt Law, to address identified shortcomings (e.g. expanding the scope of what is reported as public sector debt, including subnational debt instruments and SOE debt instruments; and (iv) in addition to approval by Parliament of legal amendments to the Law of the Treasury System and the Law on Budget System, it supported the final approval by Government of implementing legislation to regulate the process of replenishment and utilization of the new Stabilization Account.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To complete linkages between medium-term fiscal planning and budget allocation decisions, and the national strategic/sectoral planning directions (with explicit high-level targets) that should guide the former, while also enhancing the budget process, effectiveness/impact of public expenditure and DRM: (i) the government approved legislation to establish a whole institutional architecture for national strategic planning of medium-term resource allocation that is more results-oriented, feasible and evidence-based (including, e.g., explicit requirements for climate and gender policy considerations across all new strategic pillars)t (endnote f); (ii) the government amended the decrees that govern the budget process, cycle and calendar, as well as the MTEF rules, to improve MTEF reliability for medium-term planning, inter alia including (a) transitioning to a Baseline process as the new first step for budget planning (i.e., MTBF), (ii) solutions to allow for carry-forwards in CAPEX, (iii) MTEF cycle restructuring and 3-year ceilings, and (iv) expansion to a 5-year planning horizon in the macro-fiscal framework (i.e., MTFF); (iii) Through the Govt Decree on Strategic Planning (PA3.1[i]), the template was also established for the unified ledger of (high-level, priority) KPIs to subsequently link up to all program budgeting results-focus (from outcome to output indicators of specific measures/actions), once the pre-determined set six specific national strategies are approved; (iv) the MOF formalized an agreement with MLSA on an institutional coordination process within the new budget calendar to strengthen line-ministries' compliance with gender-responsive budgeting across all ministries, and significantly expanded participatory budgeting coverage (towards 21 municipalities) and budget resources (towards 5% of the total subvention program for local government capex); (v) The MoEnv publicly disclosed the results of the pilot climate tagging of the 2025 budget. In addition, the government included the legal basis for MOF to operationalize and fully rollout the CC mitigation and adaptation taggingu through budget circulars (as an annual routine) and establish an interministerial collaboration with MoEnv to review CC tagging proposals from line-ministries, in the draft Law on Climate that was submitted to Parliament (see Policy Action 3.11(2);v (vi) the MOF—to rationalize the system of tax incentives and implement international tax transparency standards, including base erosion and profit shifting (BEPS) measures and Automatic Exchange of Information (AEOI) of financial account information (using the common reporting standard [CRS] template) as well as improve overall tax administration: (1) Expanded the systematic and standardized periodical tax incentive monitoring and evaluation framework to corporate and personal income tax incentive measures (e.g. SEZ) by submitting annual reports on VAT, CIT and PIT tax expenditures in the RA Government's Budget message; (2) Continued to implement the new Tax Treaty policy framework and Model Double Tax Agreement (DTA) through: (i) government approval of at least two (Japan and Hong Kong, China) tax treaties or protocols for ratification aligned to the Model DTA, in order to relieve double taxation and reduce tax evasion and avoidance in cross-border transactions and investment, and (ii) developing and publishing a MLI Guidance Note on the Interpretation and Application of DTAs in Armenia to assist taxpayers and officials in interpreting and applying the MLI;w (3) Continued to implement the reform plan to meet minimum standard in the OECD/G20's BEPS inclusive framework by (a) completing a peer-reviewed assessment by OECD of existing preferential tax regimes and amending the RA Tax Code to remove all preferential tax regimes in accordance with BEPS Action 5 standard, (b) improving legislative and administrative procedures to implement BEPS standardReform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: The government: (i) explicitly included a Financing Sources Strategy and a Costed Action Plan (covering both investment and operational items) in Armenia's proposed submission of Nationally Determined Contributions (NDC 3.0; for the period 2025-2030), as circulated for interministerial review ahead of the COP, to facilitate the broad engagement of relevant interministerial stakeholders towards the coordinated mobilization and the targeting of global sources of CC Finance into public and private CC adaptation and mitigation efforts in Armenia; (ii) obtained Parliament approval of the National Disaster Risk Management Law with an explicit legal standing (role) for MOF in PFM issues (which includes Disaster Risk Finance), (Note: this enabled the subsequent amendments to the DRM Strategy Decree to accommodate, inter alia, MOF's leading role in developing a Disaster Risk Finance framework of action; see PA# 3.5 below). (iii) approved a timebound 2024-2028 Gender Policy Implementation Strategic Program to operationalize gender equality policies along six policy priorities/directions: [1] governance and decision-making levels; [2] socio-economic and labor; [3] education and science; [4] health; [5] gender-based violence; and [6] the climate-gender nexus (specifically: “Developing gender-sensitive and gender-responsive approaches to climate change, ensuring inclusive principles and raising awareness”).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: Government launched the pre-qualification stage for the GFMIS. The (currently parallel) e-Procurement system being tendered includes, in its contract management module, functionalities of monitoring physical and financial execution per contract (and when aggregated, per project) that will allow identification of (i) cases of cost overruns and their causes, and (ii) cases of non-execution. Finally, the new PIM Govt Decree (approved, see Policy Action 3.1(vii)) now includes in its PCN a new and separate section on disaster risk mitigation and adaptation, amended guidelines on climate change adaptation, and a correction in the scoring framework to rate potential project implementation risks (thereby clarifying the concept of risk at hand).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: a) To ensure fiscal sustainability, transparency and reduce possible biases towards off-budget solutions, the government promoted the standardization (in terms of reporting and accounting) of the treatment to different fiscal liabilities, by submitting to Parliament legal proposals to explicitly link up the stock of PPP contingent liabilities and budget guarantees to a new fiscal sustainability threshold in Armenia's fiscal rule, in a way that helps reduce bias towards off-budget transactions; and; b) The government brought to financial closure the first PPP project under the new legislation and institutional architecture, after compliance with sequencing requirements of the PIM and PPP legislations, thereby demonstrating the merits of this new normative architecture to ensure fiscal responsibility and planning relevance. c) Government: (i) amended regulatory frameworks to ensure that the speed of RE generation penetration into the national grid remains financially sustainable, (including the ruling that all new licensed generation operators from 2024 onwards already will only get to sell at prices in the balancing market, and the fiscal decision to discontinue specific budget incentives);jj (ii) circulated for interministerial review proposals to amend to the power sector laws and regulations to (a) promote the introduction of the balancing market, (b) integrate transmission entities, (c) introduce new forms of contractualization of independent power producers, and (d) bring transparency and regulatory mandate to curtailment orders and other grid protection and stabilization measures;kk (iii) via Parliament-approved legal amendments to the procurement law, brought regulated companies and their supplier-subsidiaries as well as interconnected supplier companies to the procurement regime that requires competitive tendering (of supplies), and via PSRC decree instructed all regulated companies to use pre-approved electronic procurement platforms for any procurement; (iv) through PSRC regulation, removed conflict of interest for procurements of regulated companies.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: Government amended the Disaster Risk Management Strategy Decree to incorporate an explicitly leading role for MOF in e.g., Disaster Risk Finance. (Note: this complements PA3.2 above, as well as the new proposed requirement that MOF submits regular Financial Protection Plan Recommendations to the newly established Specific Fiscal Risk Council meetings, including explicit follow-ups on previous recommendations, as in PA3.9 below).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To improve financial transparency, strengthen centralized fiscal oversight of, and establish corporate governance and operational performance in SOEs, the: (i) Government—through MOF—completed the upgrading of compliance monitoring functions for SOEs' publication of audited financials (i.e., full rollout of the new separate corporate web registry) and issues instructions to line-ministries for 1 SOE and 1 SNCO per ministry to upload the required info. (ii) Government approved a SOE Ownership Policy (by Government Decree) to (a) rationalize the current institutional set up between State Property Management Committee and MOF's dual roles (FRM, dividend collection), (b) streamline MOF's access to financial information; (c) align performance appraisal to target efficiency gains. (iii) Government approved amendments to the decree that governs the placement of SOEs and other infrastructure service entities under trust management, to eliminate direct selection and ensure competitive and transparent tender processes only. (iv) Government, also through the new SOE Ownership Policy Decree, sets (a) that the SPMC has the authority to set corporate governance requirements to any SOE, (b) that a list of priority SOEs must come under compliance with the specific corporate governance practices (i.e., independent board members, internal audit and control, reporting on corporate governance), and (c) through a specific institutional location, the compliance monitoring functions for corporate governance requirements․ (v) Government submitted to Parliament proposed amendments to the law on Corruption Prevention (and Law on Local Self-Government) to enable a new mandate for the Corruption Prevention Commission for assessing corruption risk at SOEs, SNCOs. etc., and for providing recommendations as anti-corruption measures.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: Ahead of, and in anticipation of the approval of the new SOE Ownership Policy (Government Decree) and its forthcoming guiding principles and objectives: (i) Government issued instruction to privatize DICA/UCO (state-owned financial institution). (ii) the State Property Committee proceeded with the liquidation of ANIF while the latter initiated with divestment from assets. (iii) Government continued to address current financial transparency problems with SOEs by moving SOEs financial accounts to the Treasury (reaching 6 SOEs in total).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: Government submitted to Parliament the necessary legal amendments (to e.g., the Law on Budget Process and Budget Systems Law) to establish a transparent governing framework for PPP renegotiations (for pre-PPP Law PPPs, i.e., “legacy” PPPs) and amendments to other long-term infrastructure service contracts. This includes making that, by law, contract amendments are only legal if duly registered with the Armenian Treasury (itself carrying a number of legal pre-conditions for fiscal appraisal and analysis).Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: Government amended the PM Decree on the Budget Execution Committee to expand its purpose and add the functions of a Fiscal Risks Management Council to its remit. In addition, through a new MOF decree, the government will also operationalize the formal specific fiscal risk mitigation function of FRM (setting that a Fiscal Risk Mitigation Report will be periodically prepared and presented to the FRM Council, where risk mitigation actions are specifically recommended and followed-up on in subsequent reports). Finally: a) Government, to support MOF's centralized oversight of risks from subnational procurement activities, approved a Government Decree dictating all subnational entities to transition to the national procurement electronic platform. b) Government, through the MOF Decree on the FR Council, formalized and operationalized an inter-institutions mechanism ensuring that all relevant State Bodies and relevant MOF Depts contribute with the necessary information to a fully functioning Integrated FRM Framework. c) MOF, to improve transparency over subnational borrowings by reporting this form of state liabilities as Public Debt, included the latter in the current legal amendment proposals to the PD law (now in Parliament).mm (see policy action 3.12) d) Government publicly disclosed the result of IMF's assessment to the Subnational Borrowing framework on its website, which includes a specific assessment of risks and merit of whether controls on subnational borrowing should be relaxed at this stage. e) Periodic Fiscal Risk disclosures (e.g., the fiscal risk statement published in July 2025) were upgraded to include results of the Stress Testing and Forecasting Tool for SOEs for main macro risks (GDP, currency, interest rate), and also to, on the basis of a new Debt Guarantee and Loan Assessment Tool (DGLAT), presented assessments of risks from loan or debt guarantees from the perspective of the creditworthiness of the obligor.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To promote more effective, efficient and transparent procurement practices, while also embedding key CC mitigation and environment policy objectives: [1] Government's tender process for the e-Procurement module (of the GFMIS) completed final evaluation of submitted proposals with at least three international competitors; [2] Government implemented key steps of the Procurement Reform Action plan (e.g., increase the use of two-step competitive tenders) to bring down the use of noncompetitive processes to below 10% (in total monetary volume of public procurement). [3] Government amended decree to lower the minimum required level for performance guarantees, to increase competitive tension; and MOF submitted to Government legal amendments to: (i) add forms of tendering (e.g., framework agreements, and public offers) and improve accountability in single-source selection (e.g., by having procuring agencies report to Parliament if ceilings are breached), (ii) remove conflicts of interest, and (iii) eliminate disparities between judicial treatment of PPP projects and of procurement of items of high public interest, eliminating a current bias towards PPPs. [4] Government decree amendments to introduce factoring entered into force. [5] MOF launched a demonstration—through an actual tender—that pilots green procurement and sustainability criteria framework in a key item of government spending.nn [6] Parliament approved legal amendments to: (i) Continue promoting time-efficient competitive tension, by allowing the procurement entities to increase the period (from the default 10 days) for presentation of performance guarantees; (ii) Eliminate gaps and inconsistencies in definitions and procurement principles.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To establish green economy policy and align economic policy tools with climate policy targets: (1) Prime Minister approved the national strategy on 'Green, Sustainable and Circular Economy Development', and the corresponding Action Plan (PM Decree). (2) Government submitted a new proposed law on Climate to Parliament to enable, inter alia, for (i) MoEnv orders to govern Climate Financing Information as a normative act, (i.e., meaning it will be effective to all institutions in the country), especially the submission of information on climate financing received for the implementation of the Paris Agreement, (ii) carbon pricing instruments, and (iii) the institutionalization of climate budget tagging, requiring identification and classification of climate-related expenditures in the state and, optionally, local budgets (Note: this is the legal basis for the operationalization of an institutional solution between Ministry of Environment and the Ministry of Finance to scrutinize the CC tagging; see PA 3.1(v) above).oo (3) A draft law on ‘Extended Producer Responsibility' (and corresponding amendments to other laws and technical procedures for imported goods) was circulated for interministerial review. (4) The green taxonomy was approved by a government decree. (5) To reduce health and environmental risks, Parliament approved a set of legal amendments (to the law on hazardous waste) to obtain legal standing to establish environmentally safety management functions. In addition, the Ministry of Environment circulated (for interministerial review) the draft decree to establish environmentally safe management rules for polychlorinated biphenyl (PCB) waste, expired pesticides, and lithium-ion battery waste.Reform area: Strengthening fiscal management, public debt and fiscal risk management policies and practices, and infrastructure investment sustainability Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: Government submitted to Parliament a new proposed public debt law to e.g., expand the scope of what is reported as public sector debt (including subnational debt) and guarantees as contingent liabilities. In addition, legal amendment proposals were also included for upgrading the Budget Systems Law to report PPP-related liabilities (applying IPSAs32) as a separate category.Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are most directly attributable to reform area 2: 2.a Trading Turnover in government bonds (secondary market transactions at both AMX and OTC, in volume) in percentage of nominal GDP increased to 9% (2019 baseline: 6.9%). Data source: AMX and MOF reports Description: To keep reform momentum and strengthen coordination and joint action towards financial and capital markets development, the: (i) Government approved and commenced implementation of a Capital Markets Development Program (jointly prepared by CBA, MOE and MOF); (ii) MOE established a Capital Markets Development Division to take on the coordination role for overall implementation; and (iii) MOF implemented the following money markets development and systemic liquidity management-enabling practices: (a) New issuance program of 6-months securities as benchmark was initiated and ramped-up (as the main issued security) to increase its benchmark reference for other segments of the capital market and increase liquidity in repo (interbank) markets; (b) While continuing buybacks (and other forms of active debt management), initiated exchanges (of the off-the-run government treasury securities) aimed at accelerating the smoothing of the government debt redemption profile, at decreasing clustered refinancing risks, and at improving liquidity management; (c) Technical specifications were finalized by MOF and AMX to enable the implementation of bond switch auctions; and (d) PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA by adopting a new cash forecasting responsibility and framework/template for FX cash-flow data to more effectively support CBA's systemic liquidity management efforts.Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are most directly attributable to reform area 2: 2.a Trading Turnover in government bonds (secondary market transactions at both AMX and OTC, in volume) in percentage of nominal GDP increased to 9% (2019 baseline: 6.9%). Data source: AMX and MOF reports Description: To establish truly secured interbank markets in Armenia and significantly improve liquidity in money markets, the following sub-actions were implemented: (i) Amendments to the civil code were approved by Parliament to resolve, inter alia, re-characterization risks in repo transactions (and other issues that are key for the ICMA -certified GMRA Legal Opinion); (ii) CBA approved the necessary amendments to its regulations to ensure GMRA applicability in Armenia to all counterparties; and (iii) CBA obtained ICMA-certified GMRA Legal Opinion (duly published in ICMA's website to establish financial markets recognition of GMRA applicability in Armenia to all counterparties).Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are most directly attributable to reform area 2: 2.a Trading Turnover in government bonds (secondary market transactions at both AMX and OTC, in volume) in percentage of nominal GDP increased to 9% (2019 baseline: 6.9%). Data source: AMX and MOF reports Description: The government ensured that the implementation of the Capital Markets Development Strategy time-bound action plan remained broadly on track, and specifically implemented the following sub-actions: (i) the MOE publicly disclosed the status of the Capital Markets Development Strategyqq (ii) to enable the effective reorganization of the outstanding public debt redemption/maturity profile of Armenia (to consolidate outstanding lines into key benchmarks), the CBA and MOF developed the necessary regulations to ensure that—after system testing is complete—bond switch auction options could become fully operational on the AMX platform; and (iii) the PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA, by also obtaining the necessary tax revenue forecasts and integrating these information flows and routines to more effectively support CBA's systemic liquidity management efforts.Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are most directly attributable to reform area 2: 2.a Trading Turnover in government bonds (secondary market transactions at both AMX and OTC, in volume) in percentage of nominal GDP increased to 9% (2019 baseline: 6.9%). Data source: AMX and MOF reports Description: To promote the systemic relevance of money markets to the Armenian financial system, the CBA: a) together with AMX, established and fully operationalized the new money markets (repo) trading platform. b) circulated for interdepartmental consultations the draft concept on ISDA SFT Schedule Provisions (as an alternative reform route to the GMRA), on the basis of consultations with the financial industry on the Concept Paper for a GMRA (Armenian version) and the Gap Analysis on the possibility to use GMRA by CBA and banks in repo transactions.Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are most directly attributable to reform area 2: 2.a Trading Turnover in government bonds (secondary market transactions at both AMX and OTC, in volume) in percentage of nominal GDP increased to 9% (2019 baseline: 6.9%). Data source: AMX and MOF reports Description: The government continued the implementation of the Capital Markets Development Strategy, and specifically implemented the following sub-actions: i. through MOE, publicly disclosed the status of implementation of the Capital Markets Development Strategy. ii. to enhance liquidity of on-the-run bonds and smooth the debt redemption profile further (to decrease refinancing risk spikes), the MOF ensured that bond switch auction options became fully operational on the AMX platform,tt and initiated necessary issuance practices and forms of active debt management (e.g., buybacks/switches); iii. AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities; and iv. MOE initiated stakeholder consultations to define a new Capital Markets Development Roadmap.Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are most directly attributable to reform area 2: 2.a Trading Turnover in government bonds (secondary market transactions at both AMX and OTC, in volume) in percentage of nominal GDP increased to 9% (2019 baseline: 6.9%). Data source: AMX and MOF reports Description: To promote the systemic relevance of money markets to the Armenian financial system, in terms of confidence and reliability, the CBA implemented measures to enable interbank interest rate benchmarking (O/N) by further standardization of repo transactions along ISDA Securities Financing Transactions Schedule Provisions. Furthermore: (i) The rules on trading of government bonds (the collateral of choice in repo markets) were amended to reduce the acceptable size of lots, open access to foreign investment companies within customized requirements for trading lot size, introduce a timed-update mechanism for participants' balances with the depository, strengthen post-trading processing and settlement by shifting the governing of the latter to the depository;uu (ii) AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities.Reform area: Improving government securities market and money markets infrastructure Outcome: 2.b Demand to placement ratio for government bonds reaches 2.5 (2020 baseline: 1.7) Data source: MOF reports. Description: To keep reform momentum and strengthen coordination and joint action towards financial and capital markets development, the: (i) Government approved and commenced implementation of a Capital Markets Development Program (jointly prepared by CBA, MOE and MOF); (ii) MOE established a Capital Markets Development Division to take on the coordination role for overall implementation; and (iii) MOF implemented the following money markets development and systemic liquidity management-enabling practices: (a) New issuance program of 6-months securities as benchmark was initiated and ramped-up (as the main issued security) to increase its benchmark reference for other segments of the capital market and increase liquidity in repo (interbank) markets; (b) While continuing buybacks (and other forms of active debt management), initiated exchanges (of the off-the-run government treasury securities) aimed at accelerating the smoothing of the government debt redemption profile, at decreasing clustered refinancing risks, and at improving liquidity management; (c) Technical specifications were finalized by MOF and AMX to enable the implementation of bond switch auctions; and (d) PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA by adopting a new cash forecasting responsibility and framework/template for FX cash-flow data to more effectively support CBA's systemic liquidity management efforts.Reform area: Improving government securities market and money markets infrastructure Outcome: 2.b Demand to placement ratio for government bonds reaches 2.5 (2020 baseline: 1.7) Data source: MOF reports. Description: To establish truly secured interbank markets in Armenia and significantly improve liquidity in money markets, the following sub-actions were implemented: (i) Amendments to the civil code were approved by Parliament to resolve, inter alia, re-characterization risks in repo transactions (and other issues that are key for the ICMA -certified GMRA Legal Opinion); (ii) CBA approved the necessary amendments to its regulations to ensure GMRA applicability in Armenia to all counterparties; and (iii) CBA obtained ICMA-certified GMRA Legal Opinion (duly published in ICMA's website to establish financial markets recognition of GMRA applicability in Armenia to all counterparties).Reform area: Improving government securities market and money markets infrastructure Outcome: 2.b Demand to placement ratio for government bonds reaches 2.5 (2020 baseline: 1.7) Data source: MOF reports. Description: The government ensured that the implementation of the Capital Markets Development Strategy time-bound action plan remained broadly on track, and specifically implemented the following sub-actions: (i) the MOE publicly disclosed the status of the Capital Markets Development Strategyqq (ii) to enable the effective reorganization of the outstanding public debt redemption/maturity profile of Armenia (to consolidate outstanding lines into key benchmarks), the CBA and MOF developed the necessary regulations to ensure that—after system testing is complete—bond switch auction options could become fully operational on the AMX platform; and (iii) the PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA, by also obtaining the necessary tax revenue forecasts and integrating these information flows and routines to more effectively support CBA's systemic liquidity management efforts.Reform area: Improving government securities market and money markets infrastructure Outcome: 2.b Demand to placement ratio for government bonds reaches 2.5 (2020 baseline: 1.7) Data source: MOF reports. Description: To promote the systemic relevance of money markets to the Armenian financial system, the CBA: a) together with AMX, established and fully operationalized the new money markets (repo) trading platform. b) circulated for interdepartmental consultations the draft concept on ISDA SFT Schedule Provisions (as an alternative reform route to the GMRA), on the basis of consultations with the financial industry on the Concept Paper for a GMRA (Armenian version) and the Gap Analysis on the possibility to use GMRA by CBA and banks in repo transactions.Reform area: Improving government securities market and money markets infrastructure Outcome: 2.b Demand to placement ratio for government bonds reaches 2.5 (2020 baseline: 1.7) Data source: MOF reports. Description: The government continued the implementation of the Capital Markets Development Strategy, and specifically implemented the following sub-actions: i. through MOE, publicly disclosed the status of implementation of the Capital Markets Development Strategy. ii. to enhance liquidity of on-the-run bonds and smooth the debt redemption profile further (to decrease refinancing risk spikes), the MOF ensured that bond switch auction options became fully operational on the AMX platform,tt and initiated necessary issuance practices and forms of active debt management (e.g., buybacks/switches); iii. AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities; and iv. MOE initiated stakeholder consultations to define a new Capital Markets Development Roadmap.Reform area: Improving government securities market and money markets infrastructure Outcome: 2.b Demand to placement ratio for government bonds reaches 2.5 (2020 baseline: 1.7) Data source: MOF reports. Description: To promote the systemic relevance of money markets to the Armenian financial system, in terms of confidence and reliability, the CBA implemented measures to enable interbank interest rate benchmarking (O/N) by further standardization of repo transactions along ISDA Securities Financing Transactions Schedule Provisions. Furthermore: (i) The rules on trading of government bonds (the collateral of choice in repo markets) were amended to reduce the acceptable size of lots, open access to foreign investment companies within customized requirements for trading lot size, introduce a timed-update mechanism for participants' balances with the depository, strengthen post-trading processing and settlement by shifting the governing of the latter to the depository;uu (ii) AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities.Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To keep reform momentum and strengthen coordination and joint action towards financial and capital markets development, the: (i) Government approved and commenced implementation of a Capital Markets Development Program (jointly prepared by CBA, MOE and MOF); (ii) MOE established a Capital Markets Development Division to take on the coordination role for overall implementation; and (iii) MOF implemented the following money markets development and systemic liquidity management-enabling practices: (a) New issuance program of 6-months securities as benchmark was initiated and ramped-up (as the main issued security) to increase its benchmark reference for other segments of the capital market and increase liquidity in repo (interbank) markets; (b) While continuing buybacks (and other forms of active debt management), initiated exchanges (of the off-the-run government treasury securities) aimed at accelerating the smoothing of the government debt redemption profile, at decreasing clustered refinancing risks, and at improving liquidity management; (c) Technical specifications were finalized by MOF and AMX to enable the implementation of bond switch auctions; and (d) PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA by adopting a new cash forecasting responsibility and framework/template for FX cash-flow data to more effectively support CBA's systemic liquidity management efforts.Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To establish truly secured interbank markets in Armenia and significantly improve liquidity in money markets, the following sub-actions were implemented: (i) Amendments to the civil code were approved by Parliament to resolve, inter alia, re-characterization risks in repo transactions (and other issues that are key for the ICMA -certified GMRA Legal Opinion); (ii) CBA approved the necessary amendments to its regulations to ensure GMRA applicability in Armenia to all counterparties; and (iii) CBA obtained ICMA-certified GMRA Legal Opinion (duly published in ICMA's website to establish financial markets recognition of GMRA applicability in Armenia to all counterparties).Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: The government ensured that the implementation of the Capital Markets Development Strategy time-bound action plan remained broadly on track, and specifically implemented the following sub-actions: (i) the MOE publicly disclosed the status of the Capital Markets Development Strategyqq (ii) to enable the effective reorganization of the outstanding public debt redemption/maturity profile of Armenia (to consolidate outstanding lines into key benchmarks), the CBA and MOF developed the necessary regulations to ensure that—after system testing is complete—bond switch auction options could become fully operational on the AMX platform; and (iii) the PDMD (MOF) widened its role in the coordinated liquidity forecasting framework with CBA, by also obtaining the necessary tax revenue forecasts and integrating these information flows and routines to more effectively support CBA's systemic liquidity management efforts.Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To promote the systemic relevance of money markets to the Armenian financial system, the CBA: a) together with AMX, established and fully operationalized the new money markets (repo) trading platform. b) circulated for interdepartmental consultations the draft concept on ISDA SFT Schedule Provisions (as an alternative reform route to the GMRA), on the basis of consultations with the financial industry on the Concept Paper for a GMRA (Armenian version) and the Gap Analysis on the possibility to use GMRA by CBA and banks in repo transactions.Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: The government continued the implementation of the Capital Markets Development Strategy, and specifically implemented the following sub-actions: i. through MOE, publicly disclosed the status of implementation of the Capital Markets Development Strategy. ii. to enhance liquidity of on-the-run bonds and smooth the debt redemption profile further (to decrease refinancing risk spikes), the MOF ensured that bond switch auction options became fully operational on the AMX platform,tt and initiated necessary issuance practices and forms of active debt management (e.g., buybacks/switches); iii. AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities; and iv. MOE initiated stakeholder consultations to define a new Capital Markets Development Roadmap.Reform area: Improving government securities market and money markets infrastructure Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To promote the systemic relevance of money markets to the Armenian financial system, in terms of confidence and reliability, the CBA implemented measures to enable interbank interest rate benchmarking (O/N) by further standardization of repo transactions along ISDA Securities Financing Transactions Schedule Provisions. Furthermore: (i) The rules on trading of government bonds (the collateral of choice in repo markets) were amended to reduce the acceptable size of lots, open access to foreign investment companies within customized requirements for trading lot size, introduce a timed-update mechanism for participants' balances with the depository, strengthen post-trading processing and settlement by shifting the governing of the latter to the depository;uu (ii) AMX rules on trading of government securities were amended (and endorsed by CBA) to set the protocol of calculation of an inflation-indexing coefficient and in that way enable transactions of Inflation-indexed securities.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: To promote new financial instruments and investors, the following sub-actions were implemented: (i) Parliament approved legal amendments to the law on 'Currency regulation and Currency Control' to encourage corporate debt issuances and enable flexibility in the currency denomination of repo contracts' settlement; (ii) CBA amended its regulations to introduce clearer rules for market-making in corporate bonds in line with international best practices; (iii) CBA implemented a new regulatory framework to (a) address regulatory gaps and eliminate uncertainties with derivative instruments, and (b) promote participation of foreign institutional investors in the local debt markets; and (iv) Parliament approved amendments to the Law on the Joint-Stock Companies (JSC) to enable the issuance of common shares of various classes, etc.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: To pre-empt financial stability risks and ensure market integrity and sustainability in the potential proliferation of green finance instruments, the CBA formally launched and operationalized a working group to study options for the development of green finance and assess if climate chance risks to banking stability justify a specific adjustment to the current regulatory approach.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: To fundamentally enhance corporate transparency conditions in Armenia and establish proper governance and effectiveness in the professions that underpin it, the following set of reform activities was implemented: (i) Parliament approved amendment proposals to the Laws on Accounting and Audit, and a new proposed Law on Regulation and Public Oversight of Audit and Accounting to delegate key regulatory functions to a POB and the prospective CAAA. This includes legislative proposals such as mandatory audits. This new legal architecture enters into force; (ii) The POB was created and operationalized, led by MOF and with members from MOE, CBA and State Revenue Committee. Private sector stakeholders participate with consultative vote rights. Secondary legislation was approved to define the procedure for registration of auditors, expert accountants, and audit organizations. The electronic register was established; and (iii) The POB, chaired by the MOF, approved and endorsed the use of a simplified manual of financial reporting by micro-sized enterprises in Armenia.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: To continue establishing a more effective insolvency regime and stronger protection of creditor's rights: (i) amendments to the Bankruptcy Law were approved by Parliament to provide additional and effective mechanisms for maximum satisfaction of creditors' claims. In particular, the law provides the procedure for declaration of the debtor's property, the inventory of debtor's property. Procedures for the realization of the object of a secured right have also been clarified and made more cost efficient (e.g., the amount of the administrator's remuneration has been reduced) and (ii) an e-bankruptcy system (e.g., for selecting candidates of bankruptcy administrators) has also been procured by the Ministry of Justice.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: To promote new financial instruments and investors, the following has been implemented: (i) To promote international integration of Armenia's capital markets, the MOF and AMX established solutions in the scope of the Retail Debt Program to enable non-residents' direct access to the government securities market in Armenia; (ii) To enable the transition of Armenian “investment funds” (including venture and private equity funds) from non-public to public, and to safely and credibly develop this market segment, Government submitted for interministerial review a set of legislative amendments to (a) give CBA the authority to set new rules for non-public funds through secondary legislation, including on performance requirements, (b) clarify rules applicable to non-public funds (e.g., procedure for fund creation, registration of rules, fund charter rules, provisions for liquidation procedures); and (iii) Government submitted to interministerial review a draft legislative package that would allow LLCs and JSC to become borrowers of convertible loans, and to regulate the process of conversion of debt to equity and tax treatment. (iv) Government circulated for interministerial review amendments to the Law on JSC to e.g., promote project finance, by clarifying the separation between ordinary and preferred shares, and aligning the rules governing negative equity balance with the insolvency law; (v) Parliament approved amendments to the Civil Code, to enable corporate governance policy setting (e.g., to give government the authority to set corporate governance requirements [namely MOE]). (vi) MOE circulated a new corporate governance code draft (proposing, inter alia, a minimum 30% of women in boards) for interministerial review, private sector and civil society consultations, and approved it.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: To pre-empt financial stability risks and ensure market integrity and sustainability in the proliferation of green finance instruments (and ESG claims) in Armenia, the CBA: (i) Adopted—through a formal resolution of the CBA Board—a Roadmap for Sustainable Finance with time-bound targets; (ii) Undertook consultations with the financial industry on (a) ESG reporting templates and draft reporting framework, (b) Draft report and recommendations on integration of social factors into financial system policy and regulatory frameworks (which included concrete gender diversity requirement proposals) (c) Integration of ESG risk management and assessment tools (e.g. risk radar), and (iii) Publicly disclosed in its Annual Financial stability report an analysis of climate risks to the credit portfolio of banks, and initiated consultations with the financial industry's financial risk managers on the way forward.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: The Monitoring guidelines for quality assurance of audit companies, auditors and expert accountants, were established. In addition, the MOF approved the simplified manual for accounting and financial reporting for micro-sized entities, and, to promote its widespread adoption, the Public Oversight Board: officially endorsed the professional community and public dissemination of simplified Chart of Accounts and corresponding guidelines for its application (based on the manual).Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: To continue strengthening the insolvency regime and the protection of creditor's rights: (i) Parliament approved a normative legal act providing for amendments to the Law on Bankruptcy to enable the introduction of electronic justice tools (pre-conditions for the launch and fully operationalization of the e-bankruptcy system). (ii) The MOJ circulated, for interministerial review and public consultations, a New Insolvency Code Concept.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: a To promote new financial instruments and investors, as well as the international integration of Armenia's capital markets (see policy action 2.15(i) in Subprogram 2): i. The Parliament approved a set of legislative amendments to give CBA the authority to set new rules for non-public funds through secondary legislation and in that way enable the transition of Armenian funds (including venture and private equity funds) from non-public to public (and develop it as a regulated market). In addition, the CBA approved the new rules for net asset value calculation (for taxation purposes), and the regulations governing the licensing of fund management (e.g., setting requirements for presentation of business plan, AML TF policy, transparency with regards to substantial shareholders, etc.). ii. The Parliament approved a package of legislative amendment to allow for LLCs and JSC to become borrowers of convertible loans, and regulate the process of conversion of the debt to equity and relevant tax issues.vv iii. The Armenia Stock Exchange and Central Depository (AMX) introduced the Remote Membership model aimed at ensuring foreign investors' access to Armenia's capital market (allowing foreign brokers to participate in government bonds and foreign exchange trading without the need to establish a resident legal entity in Armenia).ww iv. The Parliament approved the country's first comprehensive law regulating crypto-assets, establishing legal certainty in Armenia's digital asset space, extending the rigor of securities regulation into the crypto sphere, and covering broader legal aspects, like access to information by state authorities, cashless transaction requirements, taxation of crypto-asset operations, AML/CTF obligations, as well as provisions on foreclosure, enforcement, and insolvency involving crypto-assets.xx b To enhance adoption of better corporate governance practices, MOE promoted awareness campaigns, circulated a concept for (interministerial review) to expand the scope of application of the CG Codeyy (which includes requirements for board gender diversity), and publish guidelines and reporting templates (including on Board gender diversity) in support of the compliance verification mechanisms. Finally, the AMX issued new listing requirements (registered by CBA) that mandate compliance with the new corporate governance code by all entities that list equity or debt instrumentsReform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: To fully embed ESG and climate change risks in the prudential reporting frameworks of the Armenia financial system, as well as to pre-empt financial stability risks and ensure market integrity and sustainability in the potential proliferation of green finance instruments, the CBA: (i) Published ESG Risk Radar frameworks, and formally introduced—as advisory guidance first—an integrated framework of corporate reporting standards on ESG to its supervisees (including gender diversity reporting requirements in the 'S' dimension). (ii) Initiated formal consultations on Social Taxonomy proposals with MLSA. (iii) Upon approval by the Government of the Green Taxonomy Government Decree (which was a requirement; see Policy Action 3.11[4]), CBA completed stakeholder consultations with the financial industry (including surveys to validate findings, capture practical challenges and assess institutional capabilities),zz and published a report (and recommendations) on how to set new framework to certify banks' green finance internal tagging and classification frameworks to address risks of green washing. (iv) Formally implemented Climate Risk Stress-testing Reporting practices and issue regulatory guidance to its supervisees on climate risk disclosure (i.e., a CLIMATE RISK DISCLOSURE FRAMEWORK).Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: To continue improving corporate financial transparency in the private sector and financial transparency in international financial flows into Armenia, the: a) MOF promoted the relevance of Armenian accounting and financial reporting and audit standards (to match the most recent updates to IFRS and ISA) by establishing budgetaryaaa solutions to ensure such updates occur annually. b) POB developed and initiated public consultations on the draft of Country Action Plan for the introduction of Sustainability Reporting in Armenia.bbb c) the “Interagency Committee on Combating Money Laundering, Terrorism Financing and Financing of Proliferation of Weapons of Mass Destruction”, chaired by the CBA, approved and publicly disclosed 2021-2023 national risk assessment reports and a new strategy on AML/CFT/CPF for 2025-2028.ccc In addition, the CBA proposed and the Parliament approved a major amendment in AML Law to achieve full compliance with the FATF standards, including regulation of trusts and financial groups, strengthening the regulation towards non-financial entities;, and amended a series of CBA rules on criteria of high risk on TF and proliferation of weapons of mass destruction and to improve access to information on financial accounts.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicator that is most directly attributable to reform area 3: 3.a Corporate securities trading turnover at the stock exchange (including AMX outright trading and 'Addressed Deals'), in % of GDP, reached 3% (2020 baseline: 0.44%). Data source: AMX annual reporting and direct queries. Description: To modernize the insolvency regime and strengthen the protection of creditor's rights: (i) MOJ initiated the implementation of the agreed roadmap to upgrade and integrate the e-bankruptcy system's different modules with (i) the 'Case Management Module', focusing on bankruptcy court workflows (including Appeal and Cassation Court workflows) by end-2025, and (ii) the Case Administration and Skill Transfer System (CAST) that is scheduled to go live by end-2025 (with no interoperability challenges that pose interruptions in service and operations). (ii) Upon completing a Regulatory Impact Assessment to the draft new proposed legislation, the Government endorsed and submitted a New Insolvency Code draft for Parliament approval.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To promote new financial instruments and investors, the following sub-actions were implemented: (i) Parliament approved legal amendments to the law on 'Currency regulation and Currency Control' to encourage corporate debt issuances and enable flexibility in the currency denomination of repo contracts' settlement; (ii) CBA amended its regulations to introduce clearer rules for market-making in corporate bonds in line with international best practices; (iii) CBA implemented a new regulatory framework to (a) address regulatory gaps and eliminate uncertainties with derivative instruments, and (b) promote participation of foreign institutional investors in the local debt markets; and (iv) Parliament approved amendments to the Law on the Joint-Stock Companies (JSC) to enable the issuance of common shares of various classes, etc.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To pre-empt financial stability risks and ensure market integrity and sustainability in the potential proliferation of green finance instruments, the CBA formally launched and operationalized a working group to study options for the development of green finance and assess if climate chance risks to banking stability justify a specific adjustment to the current regulatory approach.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To fundamentally enhance corporate transparency conditions in Armenia and establish proper governance and effectiveness in the professions that underpin it, the following set of reform activities was implemented: (i) Parliament approved amendment proposals to the Laws on Accounting and Audit, and a new proposed Law on Regulation and Public Oversight of Audit and Accounting to delegate key regulatory functions to a POB and the prospective CAAA. This includes legislative proposals such as mandatory audits. This new legal architecture enters into force; (ii) The POB was created and operationalized, led by MOF and with members from MOE, CBA and State Revenue Committee. Private sector stakeholders participate with consultative vote rights. Secondary legislation was approved to define the procedure for registration of auditors, expert accountants, and audit organizations. The electronic register was established; and (iii) The POB, chaired by the MOF, approved and endorsed the use of a simplified manual of financial reporting by micro-sized enterprises in Armenia.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To continue establishing a more effective insolvency regime and stronger protection of creditor's rights: (i) amendments to the Bankruptcy Law were approved by Parliament to provide additional and effective mechanisms for maximum satisfaction of creditors' claims. In particular, the law provides the procedure for declaration of the debtor's property, the inventory of debtor's property. Procedures for the realization of the object of a secured right have also been clarified and made more cost efficient (e.g., the amount of the administrator's remuneration has been reduced) and (ii) an e-bankruptcy system (e.g., for selecting candidates of bankruptcy administrators) has also been procured by the Ministry of Justice.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To promote new financial instruments and investors, the following has been implemented: (i) To promote international integration of Armenia's capital markets, the MOF and AMX established solutions in the scope of the Retail Debt Program to enable non-residents' direct access to the government securities market in Armenia; (ii) To enable the transition of Armenian “investment funds” (including venture and private equity funds) from non-public to public, and to safely and credibly develop this market segment, Government submitted for interministerial review a set of legislative amendments to (a) give CBA the authority to set new rules for non-public funds through secondary legislation, including on performance requirements, (b) clarify rules applicable to non-public funds (e.g., procedure for fund creation, registration of rules, fund charter rules, provisions for liquidation procedures); and (iii) Government submitted to interministerial review a draft legislative package that would allow LLCs and JSC to become borrowers of convertible loans, and to regulate the process of conversion of debt to equity and tax treatment. (iv) Government circulated for interministerial review amendments to the Law on JSC to e.g., promote project finance, by clarifying the separation between ordinary and preferred shares, and aligning the rules governing negative equity balance with the insolvency law; (v) Parliament approved amendments to the Civil Code, to enable corporate governance policy setting (e.g., to give government the authority to set corporate governance requirements [namely MOE]). (vi) MOE circulated a new corporate governance code draft (proposing, inter alia, a minimum 30% of women in boards) for interministerial review, private sector and civil society consultations, and approved it.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To pre-empt financial stability risks and ensure market integrity and sustainability in the proliferation of green finance instruments (and ESG claims) in Armenia, the CBA: (i) Adopted—through a formal resolution of the CBA Board—a Roadmap for Sustainable Finance with time-bound targets; (ii) Undertook consultations with the financial industry on (a) ESG reporting templates and draft reporting framework, (b) Draft report and recommendations on integration of social factors into financial system policy and regulatory frameworks (which included concrete gender diversity requirement proposals) (c) Integration of ESG risk management and assessment tools (e.g. risk radar), and (iii) Publicly disclosed in its Annual Financial stability report an analysis of climate risks to the credit portfolio of banks, and initiated consultations with the financial industry's financial risk managers on the way forward.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: The Monitoring guidelines for quality assurance of audit companies, auditors and expert accountants, were established. In addition, the MOF approved the simplified manual for accounting and financial reporting for micro-sized entities, and, to promote its widespread adoption, the Public Oversight Board: officially endorsed the professional community and public dissemination of simplified Chart of Accounts and corresponding guidelines for its application (based on the manual).Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To continue strengthening the insolvency regime and the protection of creditor's rights: (i) Parliament approved a normative legal act providing for amendments to the Law on Bankruptcy to enable the introduction of electronic justice tools (pre-conditions for the launch and fully operationalization of the e-bankruptcy system). (ii) The MOJ circulated, for interministerial review and public consultations, a New Insolvency Code Concept.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: a To promote new financial instruments and investors, as well as the international integration of Armenia's capital markets (see policy action 2.15(i) in Subprogram 2): i. The Parliament approved a set of legislative amendments to give CBA the authority to set new rules for non-public funds through secondary legislation and in that way enable the transition of Armenian funds (including venture and private equity funds) from non-public to public (and develop it as a regulated market). In addition, the CBA approved the new rules for net asset value calculation (for taxation purposes), and the regulations governing the licensing of fund management (e.g., setting requirements for presentation of business plan, AML TF policy, transparency with regards to substantial shareholders, etc.). ii. The Parliament approved a package of legislative amendment to allow for LLCs and JSC to become borrowers of convertible loans, and regulate the process of conversion of the debt to equity and relevant tax issues.vv iii. The Armenia Stock Exchange and Central Depository (AMX) introduced the Remote Membership model aimed at ensuring foreign investors' access to Armenia's capital market (allowing foreign brokers to participate in government bonds and foreign exchange trading without the need to establish a resident legal entity in Armenia).ww iv. The Parliament approved the country's first comprehensive law regulating crypto-assets, establishing legal certainty in Armenia's digital asset space, extending the rigor of securities regulation into the crypto sphere, and covering broader legal aspects, like access to information by state authorities, cashless transaction requirements, taxation of crypto-asset operations, AML/CTF obligations, as well as provisions on foreclosure, enforcement, and insolvency involving crypto-assets.xx b To enhance adoption of better corporate governance practices, MOE promoted awareness campaigns, circulated a concept for (interministerial review) to expand the scope of application of the CG Codeyy (which includes requirements for board gender diversity), and publish guidelines and reporting templates (including on Board gender diversity) in support of the compliance verification mechanisms. Finally, the AMX issued new listing requirements (registered by CBA) that mandate compliance with the new corporate governance code by all entities that list equity or debt instrumentsReform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To fully embed ESG and climate change risks in the prudential reporting frameworks of the Armenia financial system, as well as to pre-empt financial stability risks and ensure market integrity and sustainability in the potential proliferation of green finance instruments, the CBA: (i) Published ESG Risk Radar frameworks, and formally introduced—as advisory guidance first—an integrated framework of corporate reporting standards on ESG to its supervisees (including gender diversity reporting requirements in the 'S' dimension). (ii) Initiated formal consultations on Social Taxonomy proposals with MLSA. (iii) Upon approval by the Government of the Green Taxonomy Government Decree (which was a requirement; see Policy Action 3.11[4]), CBA completed stakeholder consultations with the financial industry (including surveys to validate findings, capture practical challenges and assess institutional capabilities),zz and published a report (and recommendations) on how to set new framework to certify banks' green finance internal tagging and classification frameworks to address risks of green washing. (iv) Formally implemented Climate Risk Stress-testing Reporting practices and issue regulatory guidance to its supervisees on climate risk disclosure (i.e., a CLIMATE RISK DISCLOSURE FRAMEWORK).Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To continue improving corporate financial transparency in the private sector and financial transparency in international financial flows into Armenia, the: a) MOF promoted the relevance of Armenian accounting and financial reporting and audit standards (to match the most recent updates to IFRS and ISA) by establishing budgetaryaaa solutions to ensure such updates occur annually. b) POB developed and initiated public consultations on the draft of Country Action Plan for the introduction of Sustainability Reporting in Armenia.bbb c) the “Interagency Committee on Combating Money Laundering, Terrorism Financing and Financing of Proliferation of Weapons of Mass Destruction”, chaired by the CBA, approved and publicly disclosed 2021-2023 national risk assessment reports and a new strategy on AML/CFT/CPF for 2025-2028.ccc In addition, the CBA proposed and the Parliament approved a major amendment in AML Law to achieve full compliance with the FATF standards, including regulation of trusts and financial groups, strengthening the regulation towards non-financial entities;, and amended a series of CBA rules on criteria of high risk on TF and proliferation of weapons of mass destruction and to improve access to information on financial accounts.Reform area: Broadening the base of financial instruments and investors, and enhancing corporate governance and transparency Outcome: Performance indicators that are equally attributable to all reform areas (i.e., the overall program): (i) Percentage of annual net domestic securities issuance in total public debt issued increased to 85% (2020-2021 baseline average: 50%). Data source: MOF reports. Description: To modernize the insolvency regime and strengthen the protection of creditor's rights: (i) MOJ initiated the implementation of the agreed roadmap to upgrade and integrate the e-bankruptcy system's different modules with (i) the 'Case Management Module', focusing on bankruptcy court workflows (including Appeal and Cassation Court workflows) by end-2025, and (ii) the Case Administration and Skill Transfer System (CAST) that is scheduled to go live by end-2025 (with no interoperability challenges that pose interruptions in service and operations). (ii) Upon completing a Regulatory Impact Assessment to the draft new proposed legislation, the Government endorsed and submitted a New Insolvency Code draft for Parliament approval. XM-DAC-46004-58358-001-LN4771Asian Development BankThe Republic of Armenia is located at the intersection of major tectonic faults, making it highly prone to seismic activity. The devastation of the 1988 Spitak earthquake claimed about 25,000 lives, including 6,000 school children; left 517,000 people homeless, destroyed 190 schools and many urban infrastructures; and incurred direct economic losses of $15 billion-$20 billion. The recent 7.8-magnitude earthquake in neighboring Turkiye and Syria in 2023 is a wake-up call for Armenia, posing a significant threat to the country. Since 2015, ADB has partnered with the government of Armenia to enhance the seismic resilience of its schools through the School Strengthening and Renovation Program (SSRP). To date, ADB has processed two loans (SSIP and SSIP-Additional Financing), both of which have significantly contributed to government efforts. Based on this successful partnership and good program implementation track record, the government is in discussion with ADB for a new loan, SSIP-3, as a continuation of the first two SSIP loans. A Japan Fund for Prosperous and Resilient Asia (JFPR) grant funded project, Seismic Safety Enhancement Project, which aims to further improve Armenia's resilience to disasters by sharing international best practices, is being processed with approval scheduled in Q3 2024. Over the years, at least 16 ADB board members, as well as the ADB President, have visited SSIP schools and supported ADB's leadership and ongoing partnerships to strengthen Armenia's safety and disaster resilience. Most public buildings, particularly schools from the Soviet Union, were poorly designed to withstand earthquake with substandard construction and maintenance increasing vulnerability. Armenia has about 1,400 public schools, of which about 1,000 need retrofitting or reconstruction; including over 430 at high risk of collapse even in a moderate earthquake. Demographic decline over 30 years, has left half of the school buildings empty, resulting in inefficient public education spending. Armenia also faces significant urban challenges, include a very limited waste recycling, high air pollution levels, and insufficient green spaces. Racing against time, the next major earthquake could strike Armenia at any moment, and over 1,000 schools and other critical infrastructures remain vulnerable against earthquake. Quick, efficient, and timely program processing are critical. In 2021, new state educational standards were approved. However, climate education and disaster awareness remain a challenge, as many teachers lack the knowledge, and skills needed to enhance youth's sensitivity to climate and disaster awareness.Asian Development BankMinistry of Education, Science, Culture and SportAsian Development BankAsian Development BankShoji, Hikaruhttps://www.adb.org/forms/request-information-form?topic=projects&source=PDS&subject=58358-001 (Approved)&officer= hshoji@adb.org&division= Human and Social Development Sector Office (SD3-HSD)&projectcountry= ArmeniaArmenia40.29496 44.93837Effective gender mainstreaming (EGM)Resilience and empowerment293000000Asian Development BankMinistry of Education, Science, Culture and SportPerformanceFiduciaryOutput/s as listed by the project staff.Output: School learning environment and management improved Indicator: Maintenance plan developed for 50 SSIP-3 schools based on the new school building maintenance manual Data Source: ATDF's DLI reports prepared based on information provided by UDC and/or MESCS Actual value: Output: School learning environment and management improved Indicator: Management staff of 50 SSIP-3 schools (at least 40% women) trained on the school building maintenance manual Data Source: ATDF's DLI reports prepared based on information provided by UDC and/or MESCS Actual value: Output: School learning environment and management improved Indicator: GRP integrated in curriculum-based and extracurricular initiatives in 50 SSIP-3 schools Data Source: ATDF's DLI reports prepared based on information provided by UDC and/or MESCS Actual value: Output: School learning environment and management improved Indicator: A model for long-term outsourcing of school building maintenance to the private sector developed Data Source: ATDF's program progress reports Baseline year: 2025 Baseline value: N Baseline year: 2025 Baseline value: N Target year: 2030 Target value: YOutput: School learning environment and management improved Indicator: Management of 50 SSIP-3 schools (at least 40% women) successfully completed MESCS-approved professional development programs, including bullying-prevention and GBV and DV modules Data Source: Reports by MESCS and ATDF's program progress and DLI reports Actual value: Output: School learning environment and management improved Indicator: At least 25 SSIP-3 schools adopted and implemented a bullying and GBV response frameworks Data Source: Reports by MESCS and ATDF's program progress and DLI reports Actual value: Output: Seismic resilience of school buildings improved Indicator: Schools reconstructed meeting the national seismic safety standards with barrier-free design and sex-segregated toilets Data Source: ATDF's DLI reports Actual value: Output: Seismic resilience of school buildings improved Indicator: Safeguards standard operating procedure prepared and endorsed by ATDF addressing the gaps identified in the program safety systems assessment Data Source: ATDF's DLI reports Baseline year: 2025 Baseline value: N Baseline year: 2025 Baseline value: N Target year: 2030 Target value: YOutput: Seismic safety and disaster preparedness strengthened Indicator: 50 SSIP-3 schools have updated gender-responsive DRM plans harmonized with community DRM plans, where existing, with a focus on seismic emergency preparedness and response Data Source: ATDF's DLI reports based on progress reports submitted by MESCS and/or MIA to ATDF Actual value: Output: Seismic safety and disaster preparedness strengthened Indicator: 50 SSIP-3 school DRM focal persons (at least 40% women) and 50 municipal officers responsible for community DRM plans trained on updated guidelines on gender-responsive school DRM plan development and implementation Data Source: ATDF's DLI reports based on progress reports submitted by MESCS and/or MIA to ATDF Actual value: Output: Seismic safety and disaster preparedness strengthened Indicator: 80% of SSIP-3 school teachers trained on the effective use of DRM plans Data Source: ATDF's DLI reports based on progress reports submitted by MESCS and/or MIA to ATDF Actual value: Output: Seismic safety and disaster preparedness strengthened Indicator: Standards updated and adopted for (i) school buildings' learning environment, including barrier-free considerations and architectural components; and (ii) seismic assessment of existing buildings, including school buildings Data Source: ATDF's DLI reports based on progress reports by UDC Baseline year: 2025 Baseline value: N Baseline year: 2025 Baseline value: N Target year: 2030 Target value: YOutput: Seismic safety and disaster preparedness strengthened Indicator: New guidelines adopted for seismic rapid visual assessment of school buildings (2025 baseline: N/A) DLI 4 Data Source: ATDF's DLI reports based on progress reports by UDC Baseline year: 2025 Baseline value: N Baseline year: 2025 Baseline value: N Target year: 2030 Target value: YOutput: Seismic safety and disaster preparedness strengthened Indicator: New or updated guidelines developed and adopted for (i) seismic retrofitting of existing school buildings; and (ii) seismic safety of nonstructural components in schools Data Source: ATDF's DLI reports based on progress reports by UDC Baseline year: 2025 Baseline value: N Baseline year: 2025 Baseline value: N Target year: 2030 Target value: YOutput: Seismic safety and disaster preparedness strengthened Indicator: 50 government and private sector stakeholders (at least 30% women) have participated in an awareness-raising program on quality control and assurance of construction works Data Source: ATDF's DLI reports based on progress reports prepared by UDC Actual value: School facilities developed or improved for a safe, resilient, and inclusive learning environment19,000 students in SSIP-3 schools provided with student-centered school buildings meeting the national seismic safety standards with barrier-free design and sex-segregated toilets Data Source: ATDF's DLI reports based on the National Center for Education Technology database Actual value: