World Bank OKs $500 million CPF for ArmeniaMarch 29, 2019 - 11:46 AMT 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. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia to participate in key EU meeting for the first time ever National Assembly speaker Alen Simonyan has said that Armenia will for the first time participate in the Conference. U.S. reacts to Russia’s criticism of upcoming Armenia-EU-U.S. meeting Matthew Miller has weighed in on Russia’s criticism of an upcoming Armenia-EU-U.S. meeting. Lavrov sees ‘collapse’ of Russia’s ties with Armenia Russian Foreign Minister Sergey Lavrov has underscored heightened tensions between Russia and Armenia. Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine |