WORLD BANK MANAGING DIRECTOR TO VISIT ARMENIA

ArmInfo
2009-10-16 12:59:00

ArmInfo. 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,"
says Ms. Okonjo – Iweala.

In all three countries Ms. 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 help Armenia lay
the foundation for a more 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.