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
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
The Austrian Ministry of Finance: http://english.bmf.gv.at
The Ministry of Foreign Affairs of the
For more information about the Ministry
of Economy of the Republic of Armenia, visit: