World Bank Group to help Armenia attract investments

PanARMENIAN.Net - The World Bank Group, in partnership with the United Kingdom’s Good Governance Fund, is launching a new advisory program in Armenia to help the government implement reforms, attract foreign direct investment (FDI), and foster female entrepreneurship to spur business growth and job creation, the International Finance Corporation (IFC) said in a statement on Thursday, December 5.

The two-year program—titled Economic Growth and the Economic Empowerment of Women in Armenia—will be implemented by IFC, a member of the World Bank Group. The program will work in two directions: it will advise the government on attracting FDI through targeted investment promotion and measures to improve investor confidence; and it will help improve the economic outcomes of women entrepreneurs by improving their business competencies and access to business networks.

IFC’s advice will support the growth of high-potential sectors, including identifying promising sectors for targeted FDI promotion. The project will help strengthen relevant legal and regulatory frameworks and help the government identify export potential for selected products. To ensure that women entrepreneurs can benefit from business environment reforms, the project will also help analyze key constraints for women in business and build capacity of women entrepreneurs.

“Higher private sector productivity boosts growth and job creation. Investment climate reforms are key to encouraging private sector development and empower women entrepreneurs,” said Jan van Bilsen, IFC Regional Manager for the South Caucasus. “We will work with Armenia’s government to help ease doing business here as part of the World Bank Group’s broader effort to help Armenia create a more competitive investment climate.”

Since Armenia became an IFC member and shareholder, IFC has supported projects in the country totaling around $700 million, mainly in energy, the financial sector, property, and manufacturing.