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World Bank, Armenia Mark 20 Years Of Cooperation

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  • World Bank, Armenia Mark 20 Years Of Cooperation

    WORLD BANK, ARMENIA MARK 20 YEARS OF COOPERATION

    armradio.am
    18:10 04.12.2012

    The World Bank today marks the 20th anniversary of its cooperation
    with the Republic of Armenia, a partnership that has made an important
    contribution to improving lives of the Armenian children, women,
    and men.

    Since independence, in the early 1990s,Armenia's economy has
    undergone a profound transformation. Sustained growth, ambitious
    reforms, and external inflows of capital and remittances have created
    a market-oriented environment that is highly receptive to trade,
    capital, and technological innovation.

    Starting with an initial $12 million Operation designed to assist
    the economic reforms, the World Bank has remained a firm development
    partner, through 56 operations committing over $1, 6 billion to
    Armenia, throughout the last two decades.

    "This is a significant milestone for the Bank and we are proud to have
    been serving Armenian people," the World Bank Regional Director for
    South Caucasus Henry Kerali said. "Armenia has come a long way in the
    last two decades. Thanks to sustained reform efforts by the Government
    since early 1990s, the country has managed to increase incomes for its
    citizens, improve transport and infrastructure, and curtail poverty.

    However, the country continues to face social and economic challenges,
    in the aftermath of the recent global and Euro zone crisis. Throughout
    all these changes, the World Bank Group constantly engaged with
    Armenia- forging a solid partnership through good times and bad."

    According to the Country Client Survey conducted in the fall of 2012,
    the World Bank's overall effectiveness in Armenia is rated 7.6 (out of
    10 point scale); the respect with which the Bank treats stakeholders
    in the country is rated 8.6; the staff preparedness is graded at 8.3.

    Looking toward the future, respondents on average rated the potential
    role to be played by the Bank in terms ofArmenia's development
    landscape at the level of 8.3. The rating on the technical quality
    of the Bank's knowledge stands at 7.6.

    "The Client Survey outcomes are encouraging for us, the World Bank
    Armenia Country Team, especially prior to the preparation of the next
    Country Partnership Strategy (CPS) covering the period FY2014-17",
    Country Manager for Armenia Jean-Michel Happi said. "Our staff is
    our main asset and the key to success of the Bank Group's financing,
    knowledge sharing, and advisory services."

    The current Country Partnership Strategy forArmenia, which comes to
    an end in mid-2013, has been developed in the aftermath of the global
    economic crisis of 2009. The World Bank has supported the Government
    by envisaging total IDA/IBRD allocation of US$640.6 million with IDA
    share equaling to US$277 million. On top of the lending operations
    the Bank has 16 active trust fund operations totaling to about $15
    million, as well as providing sector diagnoses and strategies that
    underpin the Bank's dialogue and possible interventions. Currently,
    there are 14 active projects financed by the Bank.



    From: Emil Lazarian | Ararat NewsPress
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