The World Bank Group’s Board of Executive Directors has approved a new five-year partnership framework for Armenia.

Axar.az reports that the Bank’s press service stated that the program’s goal is to reduce poverty, create jobs, and promote sustainability.

It is noted that Armenia has made significant progress in development in recent years. However, infrastructure gaps, low levels of domestic and foreign investment, and high unemployment remain key challenges to growth. Inequal education and health outcomes in Armenia create constraints to employment and productivity. The social protection system requires reforms to better identify and support vulnerable groups during the crisis.

“By focusing on job creation, human capital, and resilience, we aim to improve the lives of Armenians and help the country overcome future challenges,” said Caroline Geginat, World Bank Country Director for Armenia.

The implementation of the new strategy involves close cooperation between the World Bank Group institutions, including the International Bank for Reconstruction and Development and the International Finance Corporation.

The International Bank for Reconstruction and Development intends to provide approximately $1 billion in financing over the next five years, and the International Finance Corporation intends to provide up to $700 million.