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