A new advisory program has been launched in Armenia to help the government implement reforms, attract foreign direct investment (FDI), and foster female entrepreneurship.

The Economic Growth and the Economic Empowerment of Women in Armenia program will be implemented by IFC, a member of the World Bank Group.

The bank has said in a press statement that the program will work in two directions: it will advise the government on attracting FDI through targeted investment promotion and measures to improve investor confidence; and it will help improve the economic outcomes of women entrepreneurs by improving their business competencies and access to business networks.

“We are committed to continuing reforms to provide new opportunities for private sector growth in the country,” said Tigran Khachatryan, Armenia's Minister of Economy.

Ambassador David Moran, British Chargé d'Affaires to Armenia attached importance to economic empowerment of women.

“The project will help the government identify export potential for selected products. Since Armenia became an IFC member and shareholder, IFC has supported projects in the country totaling around USD700 million, mainly in energy, the financial sector, property, and manufacturing,” the bank said.