Sat, 19 July
28.1 C
Yerevan
USD: 383.74 RUB: 4.93 EUR: 450.05 GEL: 141.25 GBP: 521.81

IFC to help attract investments and empower women entrepreneurs in Armenia

YEREVAN, DECEMBER 6, /ARKA/. The World Bank Group, in partnership with the United Kingdom’s Good Governance Fund, is launching a new advisory program in Armenia to help the government implement reforms, attract foreign direct investment (FDI), and foster female entrepreneurship to spur business growth and job creation, International Financial Corporation (IFC) reported.

Since 2008, attracting FDI to Armenia has been challenging due to the global economic crisis, the recession in Russia—the country’s main trading partner—and regulatory and institutional issues.

Armenia also faces disparities between women and men in entrepreneurship, reducing economic output to an equivalent of 14 percent of gross domestic product (GDP). The two-year program—titled Economic Growth and the Economic Empowerment of Women in Armenia—will be implemented by IFC, a member of the World Bank Group. The program will work in two directions: it will advise the government on attracting FDI through targeted investment promotion and measures to improve investor confidence; and it will help improve the economic outcomes of women entrepreneurs by improving their business competencies and access to business networks.

Tigran Khachatryan, Armenia’s Minister of Economy, said: “I congratulate all of us for the launch of this advisory program in Armenia. We appreciate the support of our international partners in such important areas as the improvement of the business environment and investment promotion, where they can help us formulate the Government’s reform agenda. We are committed to continuing reforms to provide new opportunities for private sector growth in the country.”

Ambassador David Moran, British Chargé d’Affaires to Armenia, said: “The UK is pleased to support this project through our Good Governance Fund. It will help the Armenian Government in its work to improve the enabling environment for business and encourage investment to stimulate economic growth. Particularly important is the focus on the economic empowerment of women—a goal at the heart of the UK’s approach to development.”

IFC’s advice will support the growth of high-potential sectors, including identifying promising sectors for targeted FDI promotion. The project will help strengthen relevant legal and regulatory frameworks and help the government identify export potential for selected products. To ensure that women entrepreneurs can benefit from business environment reforms, the project will also help analyze key constraints for women in business and build capacity of women entrepreneurs. “

Higher private sector productivity boosts growth and job creation. Investment climate reforms are key to encouraging private sector development and empower women entrepreneurs,” said Jan van Bilsen, IFC Regional Manager for the South Caucasus. “We will work with Armenia’s government to help ease doing business here as part of the World Bank Group’s broader effort to help Armenia create a more competitive investment climate.”

Since Armenia became an IFC member and shareholder, IFC has supported projects in the country totaling around $700 million, mainly in energy, the financial sector, property, and manufacturing. -0-

spot_img

POPULAR

“We want the word ‘investor’ in Armenia to mean normality, not elitism” – Freedom Broker Armenia

ARKA news agency spoke with Freedom Broker Armenia Director Ovak Ovakimian about the transformation of investment thinking, company strategy and trust as an economic value.

In Armenia, bad loans worth over $1 million have been written off under the state support program – Ministry of Social Affairs

14,757 applications for writing off bad loans have been received in Armenia within the framework of the relevant state support program, which started on February 1, 2025.

Armenian government approved an agreement with the EIB for 50 million euros for the infrastructure development of Syunik

At a meeting on Thursday, the Armenian government approved a proposal to sign a financial agreement with the European Investment Bank (EIB) “Armenia - Sustainable Syunik Program, Special Investment Window 1 EFSD+” for 50 million euros.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

EIB is Armenia’s key partner in major infrastructure projects and economic reforms, says Deputy Prime Minister

The European Investment Bank (EIB) is a key partner for Armenia in terms of major infrastructure projects and reforms in areas of strategic importance for the economy, Armenian Deputy Prime Minister Mher Grigoryan said.

LATEST NEWS

spot_imgspot_imgspot_img