Friday, March 29 2019 21:16

ArmInfo.World Bank (WB) Board of Directors on March 28 approved a new credit line of $ 500 million for Armenia to ensure sustainable and inclusive growth and  improve the welfare of the country's population within the framework  of the Country Partnership Framework CPF) for 2019-2023.

This is stated in the official report of the World Bank.According to the  source, the document fully complies with the 5-year government  program. In particular, the CPF is based on a new vision of the new  government and involves overcoming barriers to the country's  development, reflecting a new political will aimed at deepening the  reform process through the fight against corruption, strengthening  the rule of law and investing in human capital.

The report says that the effective implementation of the program will  use the complementary strengths of the WB structures - the European  Bank for Reconstruction and Development (EBRD), the International  Finance Corporation (IFC), the Multilateral Investment Guarantee  Agency (MIGA).In order to overcome poverty and stimulate general  welfare, the WB, through the CPF, intends to assist Armenia in three  areas - stimulating the export and competitiveness of enterprises,  developing human capital and equality, sustainable environmental  management and natural resources."The strategy proposed by the World  Bank group will be based on deeper stimulation of reforms and  political will, as well as on the updated principle of effective  management to ensure a new growth model of a balanced economy," said  Sylvie Bossutro, head of the WB Armenian office.Assisting Armenia in  creating a more inclusive growth model, it is planned to introduce  key elements of effective governance, such as public accountability  and transparency, citizen involvement, gender issues, territorial  uniformity and digital connectivity."I am particularly pleased that  the strategic plan was developed through extensive discussions  involving stakeholders, including the government, the private sector,  civil society and development partners," said WB Regional Director  Mersey Tembon.

According to the source, IFC, which continues to focus on private  sector development, will continue to involve private investors in  financing the country's economy and, through the CPF, intends to  contribute to the modernization of the energy sector in Armenia, in  order to reduce dependence on imported energy resources. In addition,  the organization is ready to provide direct financing for enterprises  and to promote the development of export-oriented sectors of the  economy. At the same time, IFC will continue to work with financial  intermediaries, expanding SME opportunities and stimulating  trade.Based on limited fiscal funds, the partnership program will be  based on three main principles: activation of private sector partners  in attracting priority investments, analyzing areas in which Armenia  can benefit from new, progressive experience of other countries, and  adapt these approaches to specific ones. the needs of the country,  and the optimization of the existing portfolio, bringing it in line  with the new development goals of the country and expanding the  possibilities of support.