Yerevan, Armenia, March 25, 2015—IFC,
a member of the World Bank Group, Armenia’s Ministry of Economy, and the
Armenia Development Foundation agreed today to work together to improve
the country’s investment policy and inspections system in order to generate
investment and cut business costs, spurring private sector growth and job
The IFC Armenia Investment Climate Reform Project will provide advice to
the ministry and the Armenia Development Foundation, enhancing the country’s
business environment and making business inspections more predictable and
“Armenia has achieved notable results in recent years in terms of implementing
reforms to improve the investment climate,” said Karen Chsmarityan, the
Minister of Economy of Armenia. “However, there is more to be done and
we appreciate IFC’s support in sharing advice and practices that have
helped many countries simplify business regulations and create policies
conducive to investment.”
The joint effort aims to develop a reform
action plan that will attract and retain investment in Armenia, promote
exports in the agriculture sector, ensure certainty to foreign investors,
and ease procedures for taxpaying for agribusinesses. A reformed inspections
system will mean reduced inspections for less riskier businesses, saving
them time and resources.
“Our cooperation in this project aims to create more transparent and business-friendly
regulations while ensuring public interests are protected,” said Jan van
Bilsen, IFC’s newly appointed Regional Manager for the South Caucasus.
“The work is part of the World Bank Group’s broader effort to help Armenia
create a more competitive investment climate, spurring economic and social
The IFC Armenia Investment Climate Reform Project is implemented by the
World Bank Group Trade and Competitiveness Global Practice, in partnership
with Austria’s Federal Ministry of Finance and Hungarian Partnership Funding/Hungary
EXIM Bank. The project is built on IFC’s previous Investment Climate Reform
Project (2011 to 2014), which helped the government of Armenia design and
adopt reforms in taxes, trade logistics, inspections, and food safety.
Armenia became an IFC member in 1995.
IFC has since invested more than $320 million in 52 projects across a range
of sectors, including financial markets, manufacturing, and mining, and
mobilized nearly $23 million from other lenders. IFC Advisory Services
provides advice through projects focusing on the financial sector, sustainable
energy, regulatory simplification, and food safety.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.
For more information about the project’s donor partners, please visit:
Austria’s Federal Ministry of Finance: www.bmf.gv.at
Hungarian Partnership Funding/Hungary EXIM Bank: www.exim.hu