The Board of Executive Directors of the World Bank Group has approved a new five-year partnership framework for Armenia.
The Bank's press service reports that the goal of the project is to reduce poverty and contribute to job creation and increase stability.
It is noted that Armenia has achieved considerable development success in recent years. However, infrastructure gaps, low levels of domestic and foreign investment, and high levels of unemployment remain key challenges to growth. Inequal outcomes in education and health care create constraints on employment and productivity. The social protection system requires reform to better identify vulnerable groups during the crisis and to support Armenia also faces serious earthquake risks and is increasingly vulnerable to the effects of climate change.
The goal of the new strategy is to create new, high-quality jobs, strengthen human capital, expand access to a quality healthcare system and improve social protection.
"Focusing on job creation, human capital and resilience, we aim to improve the lives of Armenians and help the country overcome future challenges," said Caroline Geghinat, director of the World Bank's Armenia office.
The implementation of the new strategy envisages close cooperation between the structures of the World Bank Group, including the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC).
The International Bank for Reconstruction and Development expects about $1 billion in funding over the next five years, and the International Finance Corporation up to $700 million.
Source:News.am:
