YEREVAN, DECEMBER 9, ARMENPRESS. The Central Bank of Armenia will provide financial tools for the implementation of a new concept of community development based on the bottom-up model, Martin Galstyan – head of the CBA Dilijan Training and Research Center, told reporters, adding that by this concept the communities assume a greater responsibility, reports Armenpress.

“Our partners of the government have submitted a new concept according to which the community development, actually, is linked with a new model which supposes a bottom-up movement. We are going to introduce new financial tools and opportunities of new approaches by the Central Bank which will enable the government, our community leaders and the communities in general to implement their tasks more effectively”, he said, adding that the talk is about the change in philosophy, rather than in privileges.  

According to the CBA representative, the proposed financial tools will allow to ensure a progressive growth rates. “This supposes formation of joint funds, financial tools in case of which the community also assumes responsibilities. It will be possible to attract greater resources for the community development thanks to the private-public sector combination”, the CBA official said.

He said if previously the community was provided with financial resources within the frames of which it distributed and spent those funds, now the community must present initiatives and search for the financial resources, therefore, the projects must be competitive so that the investor will be interested in entering it. “The private enters such places which are attractive, and the first element of attractiveness is the community’s engagement level. The change in approach will automatically lead to greater engagement of the community in these processes”, the CBA official noted.

The conference of Armenian communities is being held in Dilijan on December 8-9 which is attended by governors, community leaders and representatives of concerned organizations. The conference focuses on the discussion of economic development programs.