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WB Group New Country Partnership Strategy for the Republic of Armeni

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  • WB Group New Country Partnership Strategy for the Republic of Armeni

    The World Bank
    Nov 7 2013

    World Bank Group New Country Partnership Strategy for the Republic of Armenia

    November 7, 2013


    WASHINGTON, November 7, 2013 - A new Country Partnership Strategy
    (CPS) for the Republic of Armenia for 2014-2017 was discussed today by
    the World Bank Group's Board of Executive Directors. The four-year
    strategy is a framework document outlining the World Bank Group's
    support to the country.

    The strategy is anchored in the Armenia Development Strategy 2025 and
    places private sector-led job creation at the center of the World Bank
    Group's response. It also stresses the improvement of labor
    productivity in agricultural sector that supports the livelihood of
    over one million of the rural population, and would lead to higher
    economic growth, shared prosperity, and faster poverty reduction in
    both urban and rural areas. The strategy proposes financial support of
    US$ 843 million over the next four years, with access to the
    International Development Association (IDA), International Bank for
    Reconstruction and Development (IBRD), and International Finance
    Corporation (IFC) funding.

    'This Country Partnership Strategy seeks to catalyze bigger volumes of
    resources to support Armenia's development', said Henry Kerali, World
    Bank Regional Director for the South Caucasus. 'It aims to address
    Armenia's vulnerability to external shocks and strengthen
    competitiveness for post-crisis growth by supporting critical reforms
    that will help boost job creation accompanied by more efficient and
    equitable social services delivery.'

    The strategy will support Armenia across two main engagement areas:

    Supporting competitiveness and job creation by improving the ease of
    doing business, promoting exports and tourism, and improving SME
    access to finance; and
    Improving efficiency and equity in social services delivery by
    ensuring access of all, especially women, to quality health and
    education services, and strengthening the social protection system.

    Improving governance and anti-corruption measures in public services
    is a cross-cutting focus. The strategy will help revamp the existing
    anti-corruption framework, improve efficiency of the public
    administration, and deepen public finance management reform.

    "The World Bank Group's support through its focus on jobs aims to
    harness the synergies of different sectors by introducing the
    necessary reforms, leading to robust and sustained growth, and
    benefitting the people of Armenia', said Jean-Michel Happi, World Bank
    Country Manager for Armenia. `We will also aim to support business
    creation, innovation and accessibility of economic infrastructures,
    along with improved education and health service delivery.'

    IFC, which is the World Bank Group's private sector arm, will continue
    supporting the real sector through investments in competitive sectors
    such as mining and agribusiness. IFC will also deepen its advisory
    services operations in order to improve the investment climate with a
    focus on the agribusiness sector, strengthen the financial sector, and
    develop the market for investment in renewable energy.

    `The private sector is critical to economic growth,' said Thomas
    Lubeck, IFC Regional Manager for the South Caucasus. `IFC, with its
    focus on private sector development, plans to leverage the power of
    entrepreneurs to create jobs and support sustainable economic growth
    in Armenia. We will continue to seek investment opportunities and
    provide advice in the areas where those are needed most.'

    Since Armenia joined the World Bank in 1992, US$1,746 million has been
    allocated to different operations in the country. Currently, the World
    Bank portfolio includes 14 active projects with total commitments of
    US$445.4 million. Areas of support include five investment lending
    operations in infrastructure, four in social sectors, three in public
    sector, and two in ICT and agriculture. With Armenia becoming a member
    and a shareholder of IFC in 1995, the organization has invested
    US$271.5 million in the country. Those investments covered 44 projects
    across a range of sectors, including financial markets, manufacturing,
    and mining. IFC has also mobilized nearly US$9 million from other
    lenders. IFC's Advisory Services group provides advice through
    projects focusing on the financial sector, sustainable energy,
    regulatory simplification, and food safety.


    http://www.worldbank.org/en/news/press-release/2013/11/07/world-bank-group-new-country-partnership-strategy-for-the-republic-of-armenia


    From: Baghdasarian
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