This paper is part of a subset of working papers within the Environment Working Paper series, presenting research on the enabling environment for investment in water security. The subset includes country and regional projects aimed at pilot testing the Scorecard, designed to assess the enabling environment for investment in water security. The paper “Assessing the Enabling Conditions for Investment in Water Security: Scorecard Pilot Test in Asian Countries” delineates the findings from the initial phase. This paper marks the commencement of the second round of pilot tests in the EU’s Eastern Partnership Countries. It presents the results obtained from assessing the enabling environment for investment in water security in Armenia, using the Scorecard. It also presents policy recommendations based on the priority investment barriers identified during stakeholder consultations in the country, involving representatives from various Ministries engaged in water security and international donors. The assessment and recommendations cover the public investment framework and its impact on water-related sectors, the water investment framework, project bankability and sustainability, as well as the contribution of other economic sectors to water security.