ArmInfo. On November 20, Armenian Deputy Prime Minister Tigran Avinyan received the head of the World Bank (WB) Armenian office Sylvie Bossoutrot, and the team of the "Local Economy and Infrastructure Development" credit program.
According to the press service of the Office of the Deputy Prime Minister, during the meeting the parties discussed current issues related to the implementation of the program and upcoming plans. WB representatives expressed satisfaction with the tangible progress outlined during the implementation of the program in recent months.
The Deputy Prime Minister noted that certain goals and actions are in tune with the priorities of economic development, in particular in terms of modernizing tourism infrastructures and expanding the capacities of territorial development. He noted the importance of effective implementation of the program and noted the commitment of the government to develop opportunities in this direction.
The interlocutors also discussed issues related to the restructuring of the program.
It should be noted that the World Bank-funded Local Economy and Infrastructure Development Program was launched in December 2015 and will be completed in April 2021. The total cost of the program is $ 68.7 million. The program provides for the improvement of urban and rural communities, historical and cultural localities, the establishment of tourist service centers, tourist route roads, accessibility, technical assistance. The program will play a special role in building regional tourism potential.
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 about $ 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. On March 28, 2019, the Board of Directors of the World Bank (WB) approved a new credit line for Armenia for $ 500 million to ensure sustainable and inclusive growth and improve the welfare of the country's population within the framework of the Country Partnership Framework (CPF) program at 2019-2023. 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.