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World Bank Group and Armenia Cooperate to Reduce Administrative Barriers for Entrepreneurs


In Yerevan:                                                
Anna Dira, IFC                
Phone: +374 10 545 242                
E-mail: ADira@ifc.org


Syuzanna Hayrapetyan, Ministry of Economy
Phone: + 374 10 597 212                E-mail: press@mineconomy.am

Yerevan, Armenia, February 8, 2012—The Investment Climate Advisory Services of the World Bank Group and the Ministry of Economy of Armenia today agreed to work together to reduce the administrative burden for businesses and improve the investment climate in Armenia, especially through IFC, a member of the World Bank Group.

Tigran Davtyan, Minister of Economy of the Republic of Armenia, and Thomas Lubeck, IFC Regional Head for the Caucasus, signed the agreement in Yerevan today authorizing cooperation between the government and the Armenia Investment Climate Reform Project. The project builds on close collaboration established within the framework of the Armenia Doing Business Reform - Regulatory Simplification Project, which was implemented by IFC from 2009-11.

”One of the key priorities of the Armenian government is to develop a favorable environment for business people, both to attract foreign investments and increase Armenia’s competitiveness in the global market,” said Tigran Davtyan, Minister of Economy of Armenia. “A number of activities are implemented in this regard, and partnering with IFC in the scope of Armenia Investment Climate Reform Project is one of them.”

A better investment climate will strengthen Armenia’s private sector and increase overall economic growth in the country. In partnership with IFC, the Armenian government will implement a number of reforms in the areas of taxation, trade logistics, business inspections, and food safety. IFC will also assist the government in raising awareness among entrepreneurs on the benefits of these reforms.

Thomas Lubeck, IFC Regional Head for the Caucasus, said, “We welcome the government’s willingness to make doing business easier for Armenia’s entrepreneurs. Armenia has already made progress in this area, which was confirmed in the Doing Business Report 2012 rankings. We look forward to helping the government make further improvements that will benefit businesses, particularly those in the agribusiness sector, which provides significant employment in Armenia.”



Through the previous project IFC has helped Armenia streamline start-up procedures for businesses and simplify the tax system and customs control procedures. IFC also helped the government make business inspections more efficient and transparent, and to reduce the average time required to obtain a construction permit.

About the Investment Climate Advisory Services of the World Bank Group
The Investment Climate Advisory Services of the World Bank Group helps governments implement reforms to improve their business environment, and encourage and retain investment, thus fostering competitive markets, growth and job creation. Funding is provided by the World Bank Group (IFC, MIGA, and the World Bank) and over fifteen donor partners working through the multidonor FIAS platform.

The Armenia Investment Climate Reform Project is supported with funds from the Ministry of Finance of Austria, and the Ministry of Foreign Affairs of the Netherlands.

For more information about donor partners, visit:
The Austrian Ministry of Finance: http://english.bmf.gv.at
The Ministry of Foreign Affairs of the Netherlands: www.minbuza.nl/en/home

For more information about the Ministry of Economy of the Republic of Armenia, visit:
www.mineconomy.am