THE WORLD BANK MANAGING DIRECTOR TO VISIT SOUTH CAUCASUS TO DISCUSS WAYS TO HELP EASE THE IMPACT OF FINANCIAL CRISIS

ARMENPRESS
Oct 16, 2009

YEREVAN, OCTOBER 16, ARMENPRESS: The World Bank Managing Director,
Ms. Ngozi Okonjo-Iweala, will travel to Armenia, Georgia and
Azerbaijan on October 17-21. The aim of her visit is to discuss with
the respective governments, development partners and civil society the
impact of the financial crisis in the South Caucasus and to find ways
to help ease the crisis and enable sustainable economic growth. The
World Bank is actively engaged in helping these countries address
the challenges facing them.

"One thing that the crisis has taught us all is our
interdependence. While this has added to the global nature of the
current crises, it is also a source of strength for investment
and growth. Working together with the governments, our development
partners and civil society, the Bank is helping improve the lives of
the people in the South Caucasus and elsewhere. Together, we can help
ease the crisis and enable the countries embark upon a new trajectory
of growth, development and social progress," Okonjo -Iweala said.

In all three countries Okonjo-Iweala will meet with the country
leadership, senior government officials, civil society and private
sector representatives, and visit World Bank supported project
sites. She will make a field trip to IDA Fast-Track Operation sites and
meet with project beneficiaries in Armenia. As part of her program in
Georgia, she will visit an IDP settlement, a road construction site
and a primary healthcare facility. In Azerbaijan, she will co-chair
a high level Economic Policy Forum, visit a cultural heritage site
and meet with women leaders.

The World Bank recently launched Country Partnership Strategies
(CPS) in Armenia (June, 2009) and Georgia (September, 2009) and is
currently preparing one for Azerbaijan. The Strategy for Armenia
is intended to assist the country in resuming growth and reducing
the impacts of the financial crisis on the poor. It also aims to
competitive economy for rapid post-crisis growth. The commitments
to Armenia total approximately US$1.3 billion for 54 projects. The
Georgia CPS prepared against the backdrop of twin crises – the August
2008 conflict followed by the global economic downturn – focuses on
pressing post-conflict and vulnerability issues, and strengthening
the foundations for competitiveness and growth in the future. The
commitments to Georgia total approximately US$1.2 billion for 46
projects. The new CPS for Azerbaijan will build on the results
and achievements of the current program that embraces investment
operations for a total amount of US$2.2 billion. The new strategy will
be prepared in close consultation with the government and civil society
and designed to meet the country’s short and longer term priorities.