Portfolio of Armenia-World Bank 30-year cooperation exceeds $2.5 billion

YEREVAN, September 13. /ARKA/. Armenia and World Bank have been working on more than 100 joint programs worth over $2.5 billion since World Bank's arrival in the country 30 years ago, Deputy Prime Minister Mher Grigoryan said September 12 during a reception held to mark the 30th anniversary of partnership between Armenia and the World Bank Group.

Grigoryan said that the first joint investment program was aimed at mitigating the consequences of the 1988 earthquake, one of the gravest catastrophes in Armenia's modern history.

According to him, the WB Group has played a key role in the implementation of fundamental reforms in Armenia, enriching with its experience Armenia's efforts in improving governance, institutional development, fight against corruption, increasing competitiveness of the economy, human capital development.

"Our joint programs have always been of strategic importance for Armenia, improving the quality of life of our citizens and contributing to Armenia's consistent development," he noted.

Grigoryan also noted that the disasters of 2020 and complicated regional developments with likely dire economic consequences for Armenia once again underscored the imperative of working together and consolidating resources.

"I am confident that we will have many more occasions to celebrate cooperation anniversaries together," he added.

Armenia joined the World Bank in 1992 and the IDA in 1993. -0-