A joint report by 31 multilateral and bilateral development institutions in cooperation with the private sector was delivered during the Business Forum “Armenia: Opportunities for Growth and International Experiences”, organized by the Black Sea Trade and Development Bank (BSTDB) in Yerevan.

Sharing a common goal to foster development, representatives of BSTDB, IFC, a member of the World Bank Group, EBRD, KfW (Germany), and Vnesheconombank (Russia) discussed the role of the international financial community in supporting employment creation.

The private sector is recognized as a driving force for sustainable growth, poverty reduction and macroeconomic stability. International Finance Institutions (IFIs) play a significant role in catalyzing private sector involvement by encouraging entrepreneurial initiatives without burdening Governments and taxpayers.

The report “International Finance Institutions and Development through the Private Sector” was initiated under the sponsorship of the Private Sector Development Institutions Roundtable, which is an annual meeting of IFIs heads focusing on private sector development.