YEREVAN, July 12. /ARKA/. The World Bank Group provided US $10.47 billion in funding to governments in Emerging Europe and Central Asia (ECA) in fiscal year 2012, which ended on June 30, amid uncertainty in the Eurozone and modest growth, according to the press release provided to ARKA on Thursday.
“Countries in Emerging Europe and Central Asia continue to face the challenge of sustainable recovery,” said Philippe Le Houérou, World Bank Vice President for the Europe and Central Asia region.
He also said that the crisis is harming the region through three main channels-finance, trade and workers’ remittances.
“The World Bank is supporting countries in their efforts to strengthen their economic structures, providing financial support to governments to improve public services, strengthen banking systems, and protect the most vulnerable from the impact of the crisis,” he added.
According to the source, through operations in the region in fiscal year 2012, the Bank helped stabilize the financial sector in Serbia and FYR Macedonia and increase access to finance for small and medium-size enterprises in Armenia, Bosnia and Herzegovina, Moldova, and Turkey.
Its investments improved roads in Kazakhstan, the Kyrgyz Republic, Ukraine, and the South Caucasus.
The World Bank has injected over 1.5 billion dollars into programs in Armenia since 1992.—0–
