Finance Minister meets with World Bank Vice President for Development Finance

Armenian Minister of Finance Vahe Hovhannisyan met with World Bank Vice President for Development Finance Akihiko (Aki) Nishio in Engineering City, a public-private partnership program implemented with the support of the "Enterprise Incubator" Foundation, the Government of Armenia, the World Bank, the Ministry of High-Tech Industry, and the private sector.

The meeting focused on the nearly three-decade partnership between Armenia and the World Bank’s International Development Association (IDA). Over the years, Armenia has implemented major reforms in education, healthcare, social security, public administration and infrastructure with IDA support.

In 2023, Armenia for the first time acted not as a recipient of assistance, but as a donor country, contributing about 1 million USD to replenish IDA resources.

 According to Minister Hovhannisyan, this marked both an opportunity to support low-income countries and a way to express Armenia's gratitude for past assistance.

“We want to show by our example that, as a result of consistent work, a country receiving support can also become a donor country. This is a great responsibility for us, and we believe that every country deserves to have its own engineering city,” Hovhannisyan said.

Nishio welcomed Armenia's decision, noting: “Armenia's decision is not just a financial commitment, but an investment in hope and solidarity. Having gone through a difficult path of reforms, Armenia has proven that it is possible to become a stronger and more stable state. This is the true value of international development when it is implemented correctly.”