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World Bank Support For Armenia Will Grow In 2015

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  • World Bank Support For Armenia Will Grow In 2015

    WORLD BANK SUPPORT FOR ARMENIA WILL GROW IN 2015

    13:13, 19 Dec 2014

    The World Bank today summarized the financial support that it has
    provided to the country during the current year, and reaffirmed its
    continuing commitment going into 2015, both for the Government's policy
    reform agenda through policy lending, and to investments in tangible
    improvements for the Armenian people through sectoral programs.

    "Over the course of 2014, we have disbursed more than US$40 million
    through implementation of our ongoing sectoral projects. And next
    week, the large disbursement of US$75 million for our development
    policy loan will be released to the Government," says Laura E. Bailey,
    World Bank Country Manager for Armenia."In the first half of 2015,
    we forecast a higher level of disbursement each month, averaging US$5
    million per month at first, and growing steadily as five new projects
    approved in 2014 begin working and generating visible results for
    Armenian families."

    As 2014 draws to a close, the World Bank portfolio includes 13
    sectoral projects under active implementation.Some of the achieved
    results that have been possible with this support include:

    Making all-season roads accessible to 60 percent of the rural
    population; Increasing milk production of cattle and sheep by
    11 percent and 6 percent, respectively; Tripling the share of the
    population using a computer within the last four years; Establishing
    the Gyumri Technology Center and contributing to the northeast region's
    enterprise innovation; Creating 584,160 job-days of employment and
    US$9.8 million in wage income through 290 community infrastructure
    micro-projects; Constructing or renovating 100 healthcare facilities in
    rural areas; Supplying 200 public health facilities with a standard set
    of medical equipment, supplies, furniture, and medical technology;
    Renovating and constructing 10 regional medical centers with
    modern medical equipment and furniture; Implementing 337 preschool
    micro-projects that help over 8,000 boys and girls; and Supporting
    the connection of all public schools in the country to the Internet.

    Recently, two of the five projects approved in 2014 were ratified by
    Armenia's Parliament and have become effective: the Social Protection
    Administration Project II (SPAP2) and the Education Improvement
    Project (EIP). The remaining three new projects are expected to become
    effective early in 2015, and will join the portfolio of actively
    disbursing projects: the Second Community Agriculture Resources
    Management and Competitiveness Project (CARMAC2), Additional Financing
    for the Electricity Supply Reliability Project, and the Trade Promotion
    and Quality Infrastructure Project. These projects together mobilize
    more than US$170 million in support of tangible improvements for
    Armenian communities.

    "The World Bank will not waver in its support for policies and
    investments that support economic growth and sustainability in the
    medium- and long-term," says Ms. Bailey. "In 2014, we have been
    able to make important investments in many areas that matter in a
    direct and visible way to Armenian families, through our projects in
    agriculture, irrigation, drinking water, education, roads, health,
    energy, and social services."

    The World Bank remains fully committed to helping the country as it
    adjusts to the volatile regional and global economic developments
    and builds a stronger economy that creates jobs, which is Armenia's
    long-term development challenge. Discussions are well underway
    between the Bank's technical teams and the Government departments
    on a new round of projects that will be finalized in 2015, covering
    roads, power, tourism, and local development, and further support to
    the Armenia Social Investment Fund. The Bank will also finance the
    third Development Policy Operation in 2015, which will conclude the
    current series of policy reform support operations and set the stage
    for discussions on further assistance.

    http://www.armradio.am/en/2014/12/19/world-bank-support-for-armenia-will-grow-in-2015/

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