The World Bank will provide Armenia with comprehensive financial support aimed at economic development and governance improvements as part of a new five-year partnership program for 2025-2029. The program was approved earlier this year by the World Bank Group’s Board of Executive Directors, according to Carolyn Geginat, the World Bank’s Country Manager for Armenia, reports Armenpress.

Geginat stated that over the next five years, the World Bank Group will allocate $1.7 billion in targeted financing to Armenia.

This new strategy is outlined in the "Country Partnership Framework" document and focuses on poverty reduction, economic growth stimulation, and strengthening Armenia's economic resilience. Key priorities include job creation, human capital development, and enhancing the country's economic adaptability.

The investment projects will be carried out through three key institutions within the World Bank Group: the International Bank for Reconstruction and Development (IBRD), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).

According to Geginat, the program will prioritize vulnerable groups in the labor market, particularly women and youth not engaged in education or training. It will also emphasize improving the social protection system to provide more effective assistance to vulnerable populations in crisis situations.

Additionally, funds will be directed toward climate resilience, public administration improvements, and institutional development, ensuring long-term benefits for Armenia’s population.

The World Bank is working closely with the Armenian government to strengthen public institutions, focusing on public financial management, strategic planning, human resource management, and governance reforms.

A special support package is also being developed to improve Armenia’s justice system, aiming to enhance the accessibility and efficiency of public services.

Addressing concerns about financial oversight, Geginat emphasized that several measures will be implemented to ensure the program’s successful execution. These include improving public investment management, enhancing anti-corruption mechanisms, and increasing data transparency and accountability.

These steps are designed to ensure transparent and effective financial resource management, reinforcing the effectiveness of the World Bank’s partnership with Armenia.