moved to the Asian continent and increasingly focused on other countries such as China. More generally, Suma Chakrabarti, the EBRD president from 2012 to 2020, has pushed in the beginning of the 2010s for modernizing the Bank. Reforms encompassed the Bank's structure in itself, for instance by changing the management team, and its processes (for instance about policy dialogue or methodology regarding the concept of transition) in order for them to be more efficient. Sustainable market economies Since the 2000s, the focus has shifted towards the issue over sustainable market economies, notably in the context of the financial crisis of 2007 which harshly impacted population and their trust in financial institutions, democracy and free market. As a result, a rethinking of the concept of transition has taken place within the EBRD and has impacted the activities of the Bank. Furthermore, the concept of transition was reviewed in 2015. In fact, it led to the idea that the ideal market economy is made of a greatly competitive, resilient and integrated market and is complemented by a good governance system conducted by a well-functioning state which has to be environmental friendly and inclusive. In Armenia, EBRD has been operating since 1986, investing over €2 billion in over 200 projects. More than 90% of these investments have been made in private enterprises. The bank's key areas of investment include the financial sector, SMEs, and sustainable infrastructure. They invest, engage in policy-making, and offer technical assistance in order to encourage these areas locally. The EBRD invests around €150 million in Armenia's economy every year. Its partner financial institutions lend approximately €100 million to local SMEs through a variety of programs that promote trade, green energy, and financial access. Related to environment and climate change Gradually, climate change and sustainable development became the focus point of the European Union, then consequently found its importance as one of the main challenges that the EBRD has to tackle. It became linked to the objective of forming sustainable market economies. In 2021, Anastassia Obydenkova research has indicated that positive evolutions have been made, for instance that carbon emission from some of the states benefiting from EBRD loans have decreased. EBRD key achievements since 2020 Environment The EBRD agreed a new green economy approach for 2021-2025 and adopted a target of becoming a majority green bank by 2025. It invested €3.2 billion in climate mitigation, climate adaptation and other