Wednesday, September 18 2019 13:23
Naira Badalian

IFC experts presented their research on investment opportunities in  agriculture, tourism and high technologies of Armenia

IFC experts presented their research on investment opportunities in  agriculture, tourism and high technologies of Armenia

ArmInfo.Deputy Minister of  Economy of Armenia Varos Simonyan and Arman Hovnanyan received a  delegation led by Damien Shiels, Head of Consulting Programs for  Europe and Central Asia, International Finance Corporation (IFC - an  international financial institution, part of the World Bank).

According to the press service of the Ministry of Economy, Simonyan  thanked IFC for cooperation in various areas. The IFC Group, in turn,  presented the implementation of consulting programs, as well as  industry studies of the economy, in particular in the fields of  agriculture, tourism, high technology, in order to attract  investment. IFC experts presented their assessments on the  legislative field governing investment, in particular, on the  development of a legislative package on public-private partnerships  and foreign investment.

The parties discussed the work on preparing instructions on  attracting investment in the tourism sector of Armenia. They also  addressed issues related to investment promotion and institutional  change.  Armenia has been a member of the World Bank since 1992. In  total, the WB provided Armenia with funds in the form of loans and  grants of $ 2.3 billion. As a rule, one third of these funds is spent  on reimbursing the budget deficit and another third on financing  infrastructure projects. The World Bank (WB) Board of Directors on  March 28, 2019 approved a new credit line for Armenia at $ 500  million to ensure sustainable and inclusive growth and improve the  well-being of the country's population within the framework of the  Country Partnership Framework (CPF) program at 2019-2023.

According to the official statement of the WB, the document is fully  consistent with the 5-year government program. In particular, CPF is  based on a new vision of the new government and involves overcoming  barriers to the development of the country, reflecting a new  political will aimed at deepening the reform process by combating  corruption, strengthening the rule of law and investing in human  capital. The report said that for the effective implementation of the  program, the complementary strengths of the WB structures will be  used - 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  promote global prosperity, the World Bank through CPF intends to  assist Armenia in three areas - stimulating export and enterprise  competitiveness, developing human capital and equality, and  sustainable management of the environment and natural resources.   Considering  limited fiscal resources, the partnership program will  be based on three main principles:  activating private sector  partners in attracting priority investments, analyzing areas in which  Armenia can benefit from the new, progressive experience of other  countries, and adapting these approaches to specific 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  support opportunities.

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10 billion

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200 million

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Yield at cut-off price

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Maximum yield

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Мinimum yield

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03.02.2020

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