Armenia has been an IFC member and shareholder since 1995. IFC has been active in the nation over the years, with cumulative investments totaling $87 million in 18 projects across a range of industries. For the fiscal year that ended June 30, 2010, IFC’s commitments in Armenia climbed to a record $35.3 million, in response to the global financial crisis. IFC complements its investment activity in Armenia with an active advisory program that focuses on banking development, sustainable energy and investment climate.

If the situation in the South Caucasus is developing exactly as it is introduced to the public by Russian and Armenian mass media, quoting well-known political scientists and experts on Russia and Armenia, then it is high time for Baku to think about her situation and conduct. On the eve of parliamentary elections in Azerbaijan it is very difficult for Baku to change her policy of blackmail and threats against Armenia for something more constructive. And such a turn of events would be disastrous for the current Aliyev regime.

ArmenTel CJSC (Beeline trademark) has announced automatic activation of roaming service for Beeline postpaid subscribers in Artsakh. Earlier, the service activation in NKR cost AMD 15000 and 30000 for legal and physical persons respectively.

The internal political events during the past week focused on the forthcoming visit of Russian President and informal summit of CIS leaders. The oncoming visit of Russian President Dmitry Medvedev to Armenia suggests positive development of Armenian-Russian cooperation, stated Eduard Sharmazanov, secretary of the Republican Party of Armenia.

Olympiad: 14 Armenian sportsmen compete in 12 disciplines at the Singapore 2010 Youth Olympic Games which kicked off on August 14. Weightlifter Smbat Margaryan (56kg weight category) lifted 243 kg in snatch and clean & jerk to win bronze. Another weightlifter Gor Minasyan won silver, lifted 350 kg in the snatch and clean & jerk. Defeating a Venezuelan freestyle wrestler, Armenia’s Artak Hovhannisyan won a bronze medal. Archer Vasil Shahnazaryan finished 16th. Gymnast Vahan Vardanyan was the 8th in all-round events. Athlete Diana Khubeseryan came 5th. Swimmers Sergei Pevnev and Anahit Barseghyan were 32nd and 22nd respectively.

For dozens of centuries Armenians had been celebrating the New Year, Navasard, on August 11. Once a favorite popular holiday, it now became a topic of historians’ remarks or Armenian folklore only. “August 11 is the first day of the new year according to the ancient Armenian calendar. It was celebrated by all – the rich and the poor,” said ethnographer Gohar Vardumyan, senior fellow at the Armenian National Academy of Sciences.

An Armenian singer won New Wave song contest for the first time in nine years of its existence. Armenia was represented by Sona Shahgeldyan this year, as she passed through a selection round in April 2010. People had been talking about wonderful vocal of Sona and her unusual timbre for a long time. However, almost all representatives of Armenia were notable for their powerful vocal at the contest. Jury was traditionally delighted with Armenian artists, but each time they lacked several or even one point to win the contest. This refers also to Razmik Amyan, who participated in the contest in 2006, when everyone was speaking with admiration about the singer’s unique voice, but a representative of the U.S. won the contest. Almost the same thing happened to Mher, who participated in New Wave in 2008. He received the People’s Choice Award, but has not won the contest.