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IFC AND ARMENIA PARTNER TO BOOST INVESTMENT, DEVELOP PRIVATE SECTOR
12:35, 25 Mar 2015
Siranush Ghazanchyan
IFC, a member of the World Bank Group, Armenia's Ministry of Economy,
and the Armenia Development Foundation agreed today to work together
to improve the country's investment policy and inspections system in
order to generate investment and cut business costs, spurring private
sector growth and job creation.
The IFC Armenia Investment Climate Reform Project will provide advice
to the ministry and the Armenia Development Foundation, enhancing
the country's business environment and making business inspections
more predictable and efficient.
"Armenia has achieved notable results in recent years in terms of
implementing reforms to improve the investment climate," said Karen
Chshmarityan, the Minister of Economy of Armenia. "However, there is
more to be done and we appreciate IFC's support in sharing advice
and practices that have helped many countries simplify business
regulations and create policies conducive to investment."
The joint effort aims to develop a reform action plan that will
attract and retain investment in Armenia, promote exports in the
agriculture sector, ensure certainty to foreign investors, and ease
procedures for taxpaying for agribusinesses. A reformed inspections
system will mean reduced inspections for less riskier businesses,
saving them time and resources.
"Our cooperation in this project aims to create more transparent
and business-friendly regulations while ensuring public interests
are protected," said Jan van Bilsen, IFC's newly appointed Regional
Manager for the South Caucasus. "The work is part of the World Bank
Group's broader effort to help Armenia create a more competitive
investment climate, spurring economic and social development."
The IFC Armenia Investment Climate Reform Project is implemented by
the World Bank Group Trade and Competitiveness Global Practice, in
partnership with Austria's Federal Ministry of Finance and Hungarian
Partnership Funding/Hungary EXIM Bank. The project is built on IFC's
previous Investment Climate Reform Project (2011 to 2014), which
helped the government of Armenia design and adopt reforms in taxes,
trade logistics, inspections, and food safety.
Armenia became an IFC member in 1995. IFC has since invested more
than $320 million in 52 projects across a range of sectors, including
financial markets, manufacturing, and mining, and mobilized nearly
$23 million from other lenders. IFC Advisory Services provides advice
through projects focusing on the financial sector, sustainable energy,
regulatory simplification, and food safety.
http://www.armradio.am/en/2015/03/25/ifc-and-armenia-partner-to-boost-investment-develop-private-sector/
12:35, 25 Mar 2015
Siranush Ghazanchyan
IFC, a member of the World Bank Group, Armenia's Ministry of Economy,
and the Armenia Development Foundation agreed today to work together
to improve the country's investment policy and inspections system in
order to generate investment and cut business costs, spurring private
sector growth and job creation.
The IFC Armenia Investment Climate Reform Project will provide advice
to the ministry and the Armenia Development Foundation, enhancing
the country's business environment and making business inspections
more predictable and efficient.
"Armenia has achieved notable results in recent years in terms of
implementing reforms to improve the investment climate," said Karen
Chshmarityan, the Minister of Economy of Armenia. "However, there is
more to be done and we appreciate IFC's support in sharing advice
and practices that have helped many countries simplify business
regulations and create policies conducive to investment."
The joint effort aims to develop a reform action plan that will
attract and retain investment in Armenia, promote exports in the
agriculture sector, ensure certainty to foreign investors, and ease
procedures for taxpaying for agribusinesses. A reformed inspections
system will mean reduced inspections for less riskier businesses,
saving them time and resources.
"Our cooperation in this project aims to create more transparent
and business-friendly regulations while ensuring public interests
are protected," said Jan van Bilsen, IFC's newly appointed Regional
Manager for the South Caucasus. "The work is part of the World Bank
Group's broader effort to help Armenia create a more competitive
investment climate, spurring economic and social development."
The IFC Armenia Investment Climate Reform Project is implemented by
the World Bank Group Trade and Competitiveness Global Practice, in
partnership with Austria's Federal Ministry of Finance and Hungarian
Partnership Funding/Hungary EXIM Bank. The project is built on IFC's
previous Investment Climate Reform Project (2011 to 2014), which
helped the government of Armenia design and adopt reforms in taxes,
trade logistics, inspections, and food safety.
Armenia became an IFC member in 1995. IFC has since invested more
than $320 million in 52 projects across a range of sectors, including
financial markets, manufacturing, and mining, and mobilized nearly
$23 million from other lenders. IFC Advisory Services provides advice
through projects focusing on the financial sector, sustainable energy,
regulatory simplification, and food safety.
http://www.armradio.am/en/2015/03/25/ifc-and-armenia-partner-to-boost-investment-develop-private-sector/