GLOBAL CRISIS MAKES WORLD BANK MORE RESOLUTE TO SECURE ITS EFFECTIVE PRESENCE IN SOUTH CAUCASUS: WB OFFICIAL

ARKA
Oct 19, 2009

YEREVAN, October 19, /ARKA/. In a last week interview to the Armenian
daily ‘Hayastani Hanrapetutyun’ the World Bank Managing Director, Ms.

Ngozi Okonjo-Iweala, said the global crisis has made THE World
Bank more resolute in securing its effective presence in the South
Caucasus with the aim of assisting the region’s countries and help
them withstand the aftereffects of the global economic downturn.

According to her, the WB has provided all the countries with additional
funds to help them back their budget spending.

Thus, she said, in 2009 the WB has approved $240 million loans to
Armenia, half of which are privileged loans of the International
Development Association (IDA). It has also approved a total of $300
million in loans to Georgia, which it will use to rehabilitate its
roads and has also provided over $200 million to Azerbaijan within
the frameworks of the current projects.

She said the World Bank encourages at the same time Armenia, Azerbaijan
and Georgia to implement favorable government policies that will
not only respond to temporary vulnerabilities, caused by the crisis,
but will also help them to move forward along the path of recovery.

She said World Bank’s studies and proposals helped the governments
develop their anti-crisis budget-tax policies. Besides, she said, the
WB cooperates with other international donor organizations to raise
the international assistance to the South Caucasus to maximum, because
no donor organization can satisfy the needs of the region alone.

From: Emil Lazarian | Ararat NewsPress