YEREVAN, October 16. /ARKA/. World Bank’s investments in the Armenian economy in more than 20 years totaled about $2 billion, Armenia’s minister of economy Karen Chshmarityan told reporters on Wednesday.

Funds were spent mainly on structural and institutional reforms to boost economic development and form market economy, the minister said. During implementation, improvement of living standards and further development has been always a priority, he said.

The 2014-2017 cooperation with the WB envisages implementation of 13 major programs worth a total of $711 million. These projects aim mainly at speeding up economic growth, promoting competitiveness, creating new jobs, boosting trade, developing infrastructures and tourism.

Direct budget assistance from the WB to Armenia will amount to $257 million, including $72 million allocated in 2013.

Armenia has been a trustworthy partner to the WB and the IMF, that is why these organizations expressed hope for expansion of their bilateral relations with Armenia at their annual meeting in Washington recently, the minister said.

Chshmarityan said investments focus on human resources, access to markets and their diversity, stable energy supplies, which is in harmony with Armenia’s economic policies.

The minister said Armenia’s sustainable economic development strategy will be ready in the first quarter of 2015 and will focus on use of innovations and development of human resources.

Armenia has been a member of the World Bank since 1992. –0--