Eurasian Development Bank to Provide Support to Zangezur Copper-Molybdenum Combine
The Zangezur Copper-Molybdenum Combine (ZCMC) will receive a $10 million loan from the Eurasian Development Bank (EDB) for the digitization of its business processes. This was announced by Tigran Sargsyan, Vice Chairman of the EDB Management Board, during a video conference connecting Moscow–Minsk–Astana–Bishkek–Yerevan–Tashkent. According to Sargsyan, the Bank’s Board of Directors has approved the loan, which will be directed toward increasing the efficiency of production management.
The EDB actively supports the introduction of digital technologies and the use of artificial intelligence in its member states. The Bank also implements grant programs, providing up to $1 million in funding for large projects. For smaller projects, the amount of grants can be around $200,000.
Sargsyan expressed hope that Armenia, if interested, will apply to the fund. Meanwhile, many similar other projects have already been discussed with the government.
Among the programs implemented by the EDB in recent years are the provision of $80,000 for improving the qualifications of 55 representatives of the Ministry of Finance’s management tier, a $26 million loan for the construction of a new power unit for the Hrazdan Thermal Power Plant (TPP), and others.