Economic Studies

We help public-sector entities, international financial institutions, and development partners understand the economic and financial value of infrastructure, policy, and development initiatives by translating rigorous analysis into investment-ready priorities and evidence-based decisions.

  • Infrastructure Projects Cost-Benefit Analysis

  • Economic Impact Assessment of Policy Implementation

  • Climate Change, ESG and Green Transition Studies

  • Climate and Disaster Risk Assessments

Infrastructure Projects Cost-Benefit Analysis

  • Economic and financial appraisal of infrastructure projects across transport, energy, water, and environmental sectors

  • Sensitivity and risk analysis to stress-test projects under alternative scenarios

We help clients understand the full economic value and viability of complex, capital-intensive public infrastructure projects by providing the analytical foundation for informed investment and funding decisions.

Economic Impact Assessment

  • Quantitative analysis of the direct and indirect economic effects of policy measures

  • Sector-level impact modeling covering output, employment, and welfare dimensions

We help governments and development partners quantify the economic consequences of policy interventions, regulatory changes, and public investment programs.

Climate Change, ESG &Green Transition

  • Economic analysis of climate risks and adaptation costs

  • Green transition pathway studies covering investment requirements, economic trade-offs, and policy implications

  • Sustainability impact measurement for infrastructure and development projects

  • ESG reporting support aligned with international disclosure standards

We help clients understand the economic dimensions of climate change and the transition to a low-carbon economy by supporting strategic planning, investment prioritization, and IFI-aligned reporting.

We provide research and analytical work on ESG performance, sustainability impact, and reporting frameworks for public-sector entities, IFIs, and development-focused organizations.

Climate & Disaster Risk Assessments

  • Risk mapping and vulnerability analysis for infrastructure, communities, and economic assets

  • Economic quantification of disaster exposure and potential loss under risk scenarios

  • Integration of risk findings into project appraisal and investment planning frameworks

We help clients identify, map, and quantify exposure to climate and disaster risks by providing the analytical basis for resilience investment and risk-informed planning.

Who we work with

Our Economic & Development Studies clients include international financial institutions, including the Asian Development Bank and the European Bank for Reconstruction and Development, commissioning economic appraisal, cost-benefit analysis, and sector studies for infrastructure and development programmes; Armenian government ministries and public-sector entities requiring economic impact assessments, policy analysis, and public investment management advisory; development organizations and NGOs conducting climate, environmental, or sustainability analytical work; and private-sector sponsors of infrastructure projects requiring economic appraisal that meets IFI standards alongside commercial financial analysis

List of clients and partners

The team

Davit Manukyan

Managing Partner | PHD, CFA, ASA

Founder of MB Consulting with 15+ years of corporate finance, valuation, and economic studies experience across Armenia and the broader region.

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Aram Kayfajyan

Partner | PhD

CEO of Armbrok Investment Company since 2004, with 20 + years in capital markets and investment management. Leads MB's Capital Markets practice.

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Vahan Hovsepyan

Manager | MBA, CFA

Former project manager at Grant Thornton with 10+ years in corporate finance, valuations, and transaction support across multiple markets.

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Araksia Milek

Senior Consultant

Background in economic research, financial modeling, and macroeconomic policy including prior roles at the Ministry of Economy.

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