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World Bank OKs $500 million CPF for Armenia

World Bank OKs $500 million CPF for Armenia

PanARMENIAN.Net - The World Bank Group (WBG) Board of Executive Directors on Thursday, March 28 endorsed the 2019-23 Country Partnership Framework (CPF) for Armenia with around $500 million to support sustainable and inclusive growth and improve living standards in the country.

The new CPF is fully aligned with the government’s five-year program for a just, inclusive, and citizen-centric Armenia. It builds on the vision outlined by the new government in the wake of the “velvet revolution” in the spring of 2018 and embodies fresh political will to overcome Armenia’s development constraints and deepen reforms through a commitment to fight corruption, strengthen the rule of law, and invest in human capital.

The program implementation will leverage the complementary strengths of the World Bank Group institutions -- the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA).

To help the Government of Armenia to advance the goals of eliminating extreme poverty and promoting shared prosperity in the country context, the CPF envisages support to Armenia across three main areas:

• Boosting export enablers and firm competitiveness;

• Enhancing human capital and equity; and

• Sustainably managing environmental and natural resources.

In supporting Armenia’s efforts to build a new, more inclusive growth model, the CPF will seek opportunities to incorporate key elements of good governance and inclusion, including public accountability and transparency, citizen engagement, gender, spatial equality, and digital connectivity.

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