General information

www.worldbank.org/en/country/armenia

Established July 1, 1944 during a conference of 44 countries in Bretton Woods, New Hampshire the World Bank is a vital source of financial and technical assistance to developing countries around the world. It is not a ‘bank’ in the common sense. It is made up of two unique development institutions owned by 185 member countries—the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

Each institution plays a different but supportive role in our mission of global poverty reduction and the improvement of living standards. The IBRD focuses on middle income and creditworthy poor countries, while IDA focuses on the poorest countries in the world. Together we provide low-interest loans, interest-free credit and grants to developing countries for education, health, infrastructure, communications and many other purposes

The World Bank's mission in Armenia is to help accelerate economic growth, create employment, and improve social services. It does so through project financing, analysis, and advice that inform the country's development agenda.

Since 1992, IDA lending and capacity-building activities have helped the country in its transition from a centrally-planned to a market economy. These measures also assisted the country in rebuilding after the 1988 earthquake, creating employment, increasing agricultural productivity, and improving roads, which are vital for economic growth in a landlocked country like Armenia.

Nationally-owned Poverty Reduction Strategy Papers (PRSPs) are the basis of all concessional lending by the World Bank. PRSPs are prepared by national governments and describe a country's policies and programs to promote growth and reduce poverty. They also specify the external financing needed to carry out these policies and programs. PRSPs are prepared by governments through a process that brings civil society and development partners, including the World Bank and the International Monetary Fund (IMF), together.

Over the last five years, the focus of World Bank lending in Armenia has shifted to poverty alleviation through improvements in education, health, social infrastructure, and private sector development.

The World Bank continues to assist the Government of Armenia by focusing its support in three key areas:

  1.  An improved irrigation system helped agricultural output grow by 14% in 2004. Read more. Promoting private sector-led economic growth. The private sector is the main driver of the economic growth needed to create jobs and reduce poverty. The World Bank is helping improve the environment for private sector growth with an emphasis on facilitating economic diversification.
  2. Making growth more pro-poor. The World Bank is helping make the benefits of growth more widely available by improving jobs in the formal sector and stimulating the rural economy. The Bank also focuses on improving social protection for those who are yet unable to share in the benefits of these programs.
  3. Reducing non-income poverty. World Bank assistance focuses on increasing the well-being of the poor by improving their access to affordable healthcare, education, drinking water, sanitation, and heating.

‘’Project Implementation Unit’’ state institution closely cooperates with the World Bank. The World Bank finances implementation of numerous important and vital projects two of which have been already implemented by the APIU, one is at the stage of implementation and another one is at the stage of preparation.

The World Bank is called to support the RA Government in the implementation of agricultural strategy. The World Bank has an enormous invaluable experience in the implementation of rural projects in Europe and Central Asia countries that have been facing similar problems.

During the last decade the World Bank has expanded its experience in the rural areas through financing of a number of agricultural projects. Particularly, valuable lessons were learnt from ‘’Agricultural Reform Support’’ Project (ARSP) which supported the development of advisory and financial services in Armenia.