YEREVAN, July 3. / ARKA /. The World Bank Board of Executive Directors approved July 2 a US$50 million loan for the Trade Promotion and Quality Infrastructure Project for Armenia, the WB press office reports.

This project is designed to strengthen the government’s capacity to promote exports, attract foreign and domestic investments, and enhance quality services to business expansion.

Armenia has a relatively low export base, dominated by a few products with low value added content, reflecting the declining sophistication of its export sectors. The country also needs to step-up private investments, notably foreign direct investment (FDI). Left unchanged, the current structure of export basket will do little to mitigate the country’s vulnerability to global competition and will lead to a lower growth trajectory. In addition, Armenia’s national quality infrastructure suffers from substantial weaknesses that hinder technology upgrading and undermine the competitiveness of its exports.

Categories: Banks @en, Economy @en, General news, News, News of the hour | Comments Off on World Bank supports improvement of Armenia’s investment and export promotion services

Tags: Armenia, investment, World Bank

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China is expanding plans to establish a global financial institution to rival the World Bank and the Asian Development Bank (ADB), which Beijing fears are too influenced by the US and its allies, Prime reported citing The Financial Times

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Tags: Asian development bank, China, World Bank

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The World Bank Board of Executive Directors approved June 22 a US$32.67 million financing for the Second Community Agricultural Resource Management and Competitiveness (CARMAC) Project for Armenia

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Armenian Finance Minister Gagik Khachatryan and head of the World Bank Yerevan Office, Jean-Michel Happi, have signed today two loan agreements worth a total of $51.2 million, which will be used to finance educational and social programs

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Tags: Armenia, DOLLAR, World Bank

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The World Bank Group President, Jim Yong Kim announced last week a series of measures aimed at strengthening the multilateral institution to enable it meet the evolving needs of clients

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Tags: growth, Portfolio, World Bank

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A total of 11,398.5 million drams was invested by the World Bank in Armenia’s construction in 2013, a reduction of 30.3% compared to the year before, ArmStat reported

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Tags: Armenia, CONSTRUCTION, World Bank

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Economic activity strengthened in the Europe and Central Asia region in 2013 supported by strengthening external demand, according to the World Bank Global economic Prospects report

Categories: Economy @en, General news, News, News of the hour | Comments Off on Capital inflows to CIS declined by 1.6 percent in 2013- World Bank report

Tags: Armenia, CIS, World Bank

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A new Country Partnership Strategy (CPS) for the Republic of Armenia for 2014-2017 was discussed today by the World Bank Group’s Board of Executive Directors. The four-year strategy is a framework document outlining the World Bank Group’s support to the country, a WB press release says

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Tags: Armenia, STRATEGY, World Bank

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Board of Directors of the World Bank considered its strategy of cooperation with Armenia for 2014-2017 that is a framework document specifying WB’s support to the country, the press office of the World Bank reported

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The World Bank said it has launched a new program to strengthen corporate financial reporting in the countries of the EU’s Eastern Partnership. Senior officials from several countries of eastern and south-east Europe, as well as representatives from the EU, other European countries and international bodies, gathered in Vienna in an inaugural conference to launch the initiative

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Tags: Armenia, Eastern Partnership, World Bank

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