The RA Minister of Finance Vahe Hovhannisyan Met with Aki (Akihiko) Nishio, World Bank Vice President of Development Finance

The RA Minister of Finance Vahe Hovhannisyan met with Aki (Akihiko) Nishio, World Bank Vice President of Development Finance. The meeting was held in the Engineering City. It is a project based on public-private partnership, which is implemented with the cooperation and support of the "Enterprise Incubator" Foundation, the RA Government, the World Bank, the RA Ministry of High-Tech Industry, and the private sector.

The meeting was dedicated to the three-decade history of partnership between Armenia and the World Bank's International Development Association. Since the beginning of cooperation, extensive reforms have been implemented in Armenia, including in the fields of education, health care, social security, public administration and infrastructure.

In 2023, Armenia acted for the first time not as a recipient of aid, but as a donor country. Armenia provided about USD 1 million for replenishment of IDA resources. This was a wonderful opportunity for Armenia, on the one hand, to help low-income countries, and on the other hand, to express its gratitude for the timely support received.

"We want to serve as an example that as a result of correct and consistent work, a country that receives support can become a donor country as well. This is a great responsibility for us and we believe that every country deserves to have its own engineering city."- the RA Minister of Finance Vahe Hovhannisyan noted in his speech.

In his turn, Akihiko Nishio emphasized. "Armenia's pledge is more than a financial contribution - it is an investment in hope and solidarity. As a former recipient who now donates to IDA, Armenia brings the credibility of a nation that has walked the difficult path of reform and emerged stronger. This is the power of international development done right."