IFC, a member of the World Bank Group, today signed an agreement with Inecobank to further expand access to trade finance for small and medium enterprises in Armenia.

IFC Executive Vice President and CEO Lars Thunell and Avetis Baloyan, CEO of Inecobank were present for the signing, which formalizes a partnership that will allow the bank to provide enhanced trade finance solutions for import and export clients and increase its trade finance operations. Under the agreement, IFC, through its Global Trade Finance Program, will guarantee individual trade transactions financed by Inecobank. »»»»»

On August 6, 2010, RoA Minister of Economy Nerses Yeritsyan, U.S. Ambassador to Armenia Marie L. Yovanovitch and USAID/Armenia Mission Director Jatinder Cheema signed two Assistance Agreements under which the U.S. Government will provide up to $50 million to Armenia in support of the country’s economic development and health and social services reform during 2010- 2013. »»»»»

The RoA government has earmarked 65.5 million AMD for making publicity DVD’s marking the opening of the renovated Tatev monastery complex and cable car service linking the villages of Tatev and Halidzor.

A portion of the funds will also finance the airing of the DVD on the Euronews TV station. A special seminar entitled “Travel without Border’ will also take place with the representatives of the National Geographic Traveler magazine.

The World Bank is on track to begin to implement the first phase of its new policy on “Access to Information” on July 1, one of several major reforms the Bank has undertaken to increase its effectiveness, efficiency, and accountability. »»»»»

The Executive Board of the International Monetary Fund (IMF) on June 28 approved a three-year arrangement under the Extended Fund Facility (EFF) in an amount equivalent to SDR 133.40 million (US$197.4 million) and a three-year arrangement under the Extended Credit Facility (ECF) in an amount equivalent to SDR 133.40 million (US$197.4 million) for the Republic of Armenia. »»»»»

At a meeting today, the Armenian Government decided to offer state support for the renovation of Gyumri’s Octet Music School N 6, for which an allocation of 10 million drams will be made to the Shirak Regional Administration. »»»»»

World Bank urges pro-poor social reforms as poverty and joblessness rises

WASHINGTON, April 23, 2010—The Emerging Europe and Central Asia (ECA) Region will face a slow recovery from the global economic crisis in the year ahead and countries facing tight fiscal pressures should take care to target social spending on the most needy and vulnerable, the World Bank said today at a press briefing at the World Bank/IMF Spring Meetings. »»»»»

The International Monetary Fund’s (IMF) Executive Board has completed the third review of Armenia’s economic performance under a program supported by a Stand-By Arrangement (SBA). The decision enables the immediate release of an amount equivalent to SDR 48.485 million (about US$73.6 million), bringing total disbursements so far to SDR 350.425 million (about US$532.2 million).

The 28-month SBA was approved for an amount equivalent to a total of SDR 368.0 million (about US$558.9 million) on March 6, 2009, with a total amount of access augmented to an amount equivalent to SDR 533.6 million (about US$810.4 million) on June 22, 2009. »»»»»

The World Bank’s Board of Executive Directors has approved a $9 million credit for the Second Public Sector Modernization Project (PSMP II) for Armenia.

The project will assist Armenian efforts to improve the quality of public services by introducing a performance-based pay system and a code of conduct for civil servants, and by enhancing public access to all available government information. »»»»»

During the first two months of 2010, officials with the Compulsory Enforcement Service of Court Decrees seized 1.554 billion AMD in cash as compared to the 375 million in took during the same period in 2009.

Officials say that the 400% rise is due to the number of writs being issued based on non-payment claims by banks and credit agencies. Collection rates have gone up as well, from 55% last year to 70% this year.

The International Fiance Corportaion (IFC), an arm of the World Bank, has announced that it will be assisting Armenia’s INECOBANK expand its microfinance capacity to increase access to microfinance for small entrepreneurs and low-income individuals, mostly in Armenia’s rural areas, promoting growth and sustainable development.

The IFC will be gradually releasing up to $700,000 of performance-based grants to the banks, making more than 71,000 new micro loans to individuals and small entrepreneurs, mostly in Armenia’s rural areas. IFC is a shareholder of INECOBANK, holding 10 percent of its shares.  »»»»»

The RoA Minister of Finance, Tigran Davtyan, has left for Moscow to participate in the second session of the Anti-Crisis Fund of the Eurasian Economic Community (EurAsEC) scheduled for January 21.

It is expected that session participants will adopt the procedure of provision of financial loans from the Anti-Crisis Fund. Reference will be made to the main conditions of financing of investment programs, the principles of management of free resources, and other issues.

$5.3 million, about one-third of the $16 million raised by the recent All-Armenia Fund Telethon, was pledged by Russian-Armenian entrepreneurs and benefactors. Days before the Telethon kicked off on November 26, RoA President Sargsyan assembled over 80 Armenian businessmen in Moscow at a dinner reception and urged them to donate as much as they could.

Latest tallies from the Fund show that Armenians residing in the United States donated a total of just over $2 million. $4.1 million was pledged by Armenians living in France, Germany, Switzerland, Holland and Austria. $1.7 million was raised in Armenia and Artsakh combined. $1.2 million in donations came from Great Britain. Canada garnered $560,000, Lebanon $216,000, Brazil $200,000 and Australia $100,000.

At a press conference today, All Armenia Fund Director Ara Vardanyan disclosed the names of some famous Armenian politicians who did, or did not contribute, to this year’s Telethon. Mr. Vardanyan noted that former RoA President Robert Kocharyan, as in years past, had pledged an amount equal to one month of his salary. He failed to note the amount, however. The former president’s son, Sedrak Kocharyan, is said to have donated 1 million AMD.

Regarding the contribution made by current RoA President Serzh Sargsyan, Mr. Vardanyan noted that the amount was included in the $8,100 pledged by the presidential staff office. Again, Mr. Vardanyan stated that he didn’t know the exact amount. He did say that Sashik Sargsyan, the president’s brother, had not made a pledge this year. »»»»»