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World Bank Managing Director to visit South Caucasus countries

16 October 2009 16:10 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The World Bank Managing Director, Ms. Ngozi Okonjo-Iweala, will travel to Armenia, Georgia and Azerbaijan on October 17-21.
The World Bankâ€™s Office in Baku said the aim of her visit is to discuss with the respective governments, development partners and civil society the impact of the financial crisis in the South Caucasus and to find ways to help ease the crisis and enable sustainable economic growth. The World Bank is actively engaged in helping these countries address the challenges facing them.
â€œOne thing that the crisis has taught us all is our interdependence. While this has added to the global nature of the current crises, it is also a source of strength for investment and growth. Working together with the governments, our development partners and civil society, the Bank is helping improve the lives of the people in the South Caucasus and elsewhere. Together, we can help ease the crisis and enable the countries embark upon a new trajectory of growth, development and social progress,â€ says Ms. Okonjo â€“Iweala.
In all three countries Ms. Okonjo-Iweala will meet with the country leadership, senior government officials, civil society and private sector representatives, and visit World Bank supported project sites. She will make a field trip to IDA Fast-Track Operation sites and meet with project beneficiaries in Armenia. As part of her program in Georgia, she will visit an IDP settlement, a road construction site and a primary healthcare facility. In Azerbaijan, she will co-chair a high level Economic Policy Forum, visit a cultural heritage site and meet with women leaders.
The World Bank recently launched Country Partnership Strategies (CPS) in Armenia (June, 2009) and Georgia (September, 2009) and is currently preparing one for Azerbaijan. The Strategy for Armenia is intended to assist the country in resuming growth and reducing the impacts of the financial crisis on the poor. It also aims to help Armenia lay the foundation for a more competitive economy for rapid post-crisis growth. The commitments to Armenia total approximately US$1.3 billion for 54 projects. The Georgia CPS prepared against the backdrop of twin crises â€“ the August 2008 conflict followed by the global economic downturn â€“ focuses on pressing post-conflict and vulnerability issues, and strengthening the foundations for competitiveness and growth in the future. The commitments to Georgia total approximately US$1.2 billion for 46 projects. The new CPS for Azerbaijan will build on the results and achievements of the current program that embraces investment operations for a total amount of US$2.2 billion. The new strategy will be prepared in close consultation with the government and civil society and designed to meet the countryâ€™s short and longer term priorities.