World Bank Support For Armenia Will Grow In 2015



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World Bank Support For Armenia Will Grow In 2015

armradio.am - 19/12/2014


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/





World Bank Disburses US$ 75 Million For Armenia Policy Reform Program

ENP Newswire - 24/12/2014




The World Bank today disbursed the full amount of the US$ 75 million Second Development Policy Operation (DPO) for Armenia to support a wide range of critical reforms under implementation by the Government of Armenia.
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.
'The regional dynamics that are affecting Armenia reinforce how important it is for us to support economic growth and sustainability in the medium- and long-term,' says Laura E. Bailey, World Bank Country Manager for Armenia. 'At the same time, as international partners work with the national authorities in dealing with the current short-term volatility, we continue to focus on important structural changes that will allow Armenia to deal with the realities in the world economy and be more competitive, which is what needs to happen to create jobs.'
The Operation supports reform measures implemented by the Government under five main objectives.
1.Strengthening the business environment through the reduction of inspections burdening businesses, implementation of the 'single window approach' for customs clearance of goods, and creation of a new institutional structure for the oversight of the aviation sector to increase transparency and improve accountability.
2.Improving access to credit with measures to create a modern framework for secured transactions, which will allow the use of moveable assets as collateral for better access to finance.
3.Improving efficiency and transparency of the civil service with a stronger performance evaluation system and broader use of e-government systems.
4.Expanding social protection by extending the coverage of the waiver of co-payments in medical institutions to the households covered by the Family Benefits Program.
5.Improving fiscal space and the management of public infrastructure and environmental resources through reporting estimates of the revenue impacts of major tax expenditures, implementation of an Action Plan on Drinking Water Sector Reforms, and adoption of legislative and regulatory improvements that strengthen environmental and social (E&S) guidelines in the mining sector.
'Our commitment to the people and government of Armenia includes supporting this package of reforms, which will help the Armenian economy make the shift from an unsustainable reliance on inflows towards export-oriented growth and a higher rate of job creation,' says Ms. Bailey.
The Second DPO in the total amount of US$ 75 million is an IBRD flexible loan, with a variable spread and a 14.5-year grace period, and repayment

of over 25 years.


Since joining the World Bank Group in 1992, the World Bank has provided a total of more than US$ 2 billion in IDA and IBRD commitments.
Media Contacts

In Washington Elena Karaban ekaraban@worldbank.org



In Yerevan Vigen Sargsyan vsargsyan@worldbank.org



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