New York, NY, May 10, 2001—Identifying and promoting investment opportunities in Armenia is the focus of the conference Armenia: Ancient Land–New Direction at the Plaza Hotel in New York City May 10 and 11, 2001.
       
The International Finance Corporation (IFC), the World Bank, and the U.S. Trade and Development Agency are jointly sponsoring the two-day conference to provide business leaders with presentations focused on specific investment opportunities in the expanding Armenian market.
       
The President of Armenia, Robert Kocharian; World Bank Group President James D. Wolfensohn; former U.S. Senator Bob Dole; U.S. Representative Frank Pallone Jr.; Ambassador of Armenia to the U.S., Arman Kirakossian; and U.S. Ambassador to Armenia, Michael Lemmon, will be addressing the more than 300 businessmen and delegates attending the conference.

The conference will promote foreign direct investment by bringing together Armenian businesses seeking capital with potential investors.

During the 1990s, Armenia made major strides toward developing a market economy.  About 90 percent of small enterprises and 70 percent of medium and large enterprises are now privatized.  More recently, the government has slated a list of 15 strategic enterprises for privatization.  The strong advance interest in the conference and the array of projects being presented are good evidence of Armenia’s future potential.

During the first day of the conference, IFC will also announce an investment in Armenia aimed at supporting the country’s effort to further develop a sound private sector.

The U.S. Trade and Development Agency helps form mutually beneficial relationships between U.S. private sector companies and overseas project sponsors.  An agency of the U.S. government, TDA provides assistance in more than 40 nations around the world each year.

The mission of IFC (www.ifc.org) , part of the World Bank Group, is to promote sustainable private sector investment in developing countries as a way to reduce poverty and improve people's lives.  IFC finances private sector investments in emerging markets, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.  A detailed agenda on the conference is available at:  www.kealtd.com/armenia.htm.