ArmInfo. Despite investor interest in Armenia's hospitality sector, the European Bank for Reconstruction and Development (EBRD) faces a shortage of well-prepared projects that could receive financing.
EBRD Senior Banker David Manukyan stated this during a panel discussion at the international investment forum, Hospitality Investment Forum Yerevan 2026 (HIF).
"The problem isn't that the industry is considered risky or that there's a lack of investment appetite. The issue is the lack of systematized, thoroughly researched, and economically sound programs that banks are willing to finance," he noted.
According to Manukyan, many companies view financial institutions solely as a source of affordable loans, while investors evaluate not only a project's financial performance but also its long-term impact. In particular, the Bank is assessing whether attention is being paid to improving corporate governance, implementing energy-efficient solutions, and sustainable business models.
"The issue isn't a lack of desire to finance projects, but a lack of truly good programs. It's important for us that investments are commercially justified," the EBRD representative emphasized.
He also reported that the EBRD's total investment in Armenia has reached €2.5 billion, 70% of which is directed to the private sector. However, according to Manukyan, the share of projects in the hospitality sector remains extremely limited. He noted that the Bank has implemented several programs in Turkey and Georgia, but similar projects are very few in Armenia.
It's worth noting that the HIF is being held for the fourth time and brings together representatives of leading global hotel brands, investors, developers, and government agencies to launch new projects, attract investment, and form long-term partnerships in Armenia and the region.
The event is focused on implementing real projects, establishing partnerships, and attracting investment. Following the 2024 Yerevan forum, two investment agreements were signed, and the 2025 event attracted thousands of participants from around the world.
