THE IFC TO BACK REFORM

gov.am, Armenia
March 25 2010

Prime Minister Tigran Sargsyan received today a delegation led by IFC
Regional Director for Central and Eastern Europe Snezhana Stoikovich.

Greeting the guests, the Prime Minister expressed high opinion of
Corporation’s commitment to investment programs in Armenia. This
meeting was said to be a good opportunity for tracing back progress
and planning new programs.

Both sides stressed the need for new initiatives toward overcoming
the consequences of the global crisis.

The parties have discussed possibilities for the furtherance of
business and inspection reforms as stipulated in the Government’s
program of action on improvement of business environment. The Prime
Minister made a point of bringing advanced international experience
in Armenia through corresponding consultations.

As a priority area of cooperation, Tigran Sargsyan singled out
information and high technologies, as well as the introduction of
good corporate management practices, inclusive of the institute of
independent directors.

The IFC was invited to participate in the recently formed venture
funds of Armenia. In this respect, the head of government emphasized
the need for developing corresponding forms of participation.

The interlocutors next discussed cooperation in the energy sector,
agricultural processing, establishment of free economic zones,
broader involvement of private equity in the Pan-Armenian Bank etc.

Both sides stressed the need for identification of new cooperation
potentialities.