Member of the World Bank Group IFC (International Finance Corporation), Armenia’s Ministry of Economy, and the Armenia Development Foundation signed an agreement within which they will work together to improve the country’s investment policy and inspections system.

The project aims to generate investment, cut business costs, spur private sector growth and create jobs.

“Armenia has achieved notable results in recent years in terms of implementing reforms to improve the investment climate. However, there is more to be done and we appreciate IFC’s support in sharing advice and practices that have helped many countries simplify business regulations and create policies conducive to investment, said Minister of Economy of Armenia Karen Chshmarityan.

The joint effort aims to develop a reform action plan that will attract and retain investment in Armenia, promote exports in the agriculture sector, ensure certainty to foreign investors, and ease procedures for taxpaying for agribusinesses. A reformed inspections system will mean reduced inspections for less riskier businesses, saving them time and resources.

“Our cooperation in this project aims to create more transparent and business-friendly regulations while ensuring public interests are protected. The work is part of the World Bank Group’s broader effort to help Armenia create a more competitive investment climate, spurring economic and social development,” said IFC’s newly appointed Regional Manager for the South Caucasus Jan van Bilsen.

It should be recalled that Armenia became an IFC member in 1995. IFC has since invested more than USD 320 million in 52 projects.