Prime Minister of Armenia receives WB CEO
Yerevan, February 18. ArmInfo. Alexander Avanesov. Official Yerevan is grateful to the World Bank for the high assessment of the efficiency of joint projects, Prime Minister of Armenia Tigran Sargsyan said receiving World Bank's Chief Executive Officer Frank Heemskerk, Monday, the Government press-service told ArmInfo.
Tigran Sargsyan highly appreciated the cooperation with the WB and the projects implemented in various sectors. "There were no inefficient projects or off-target spending," the prime minister said. Frank Heemskerk, in turn, congratulated Armenia on transition to the group of average income countries from the group of low-income ones and said that at WB they welcome Armenia's successes and ambitions in Doing Business. "We are ready to further assist Armenia in making progress," Frank Heemskerk said.
To recall, Armenia was ranked the 37th out of 189 economies in the WB's Doing Business 2014 published on 29 Jan 2014. In the report, Armenia goes after Chile, Israel and Belgium. Earlier on 7 November, the World Bank Group'sBoard of Executive Directors discussed a new Country Partnership Strategy (CPS) for the Republic of Armenia for 2014-2017. The four-year strategy is a framework document outlining the World Bank Group's support to the country. The strategy is anchored in the Armenia Development Strategy 2025 and places private sector-led job creation at the center of the World Bank Group's response. It also stresses the need for improvement of labor productivity in the gricultural sector that supports the livelihood of over one million of the rural population, and would lead to higher economic growth, shared prosperity, and faster poverty reduction in both urban and rural areas. The strategy proposes financial support of US$ 843 million over the next four years, with access to the International Development Association (IDA), International Bank for Reconstruction and Development (IBRD), and International Finance Corporation (IFC) funding.
Since 1992, the WB has provided a total of $1.746 billion loans to Armenia. At present, there re 14 active project of the Bank worth $445.4 million.