Latest news with #CountryPartnershipFramework
Time of India
3 days ago
- Business
- Time of India
Sri Lanka inks solar partnership with ISA; regional push for SIDS platform, decentralised solutions
New Delhi: The International Solar Alliance (ISA) and the Government of Sri Lanka signed a Country Partnership Framework (CPF) to accelerate solar deployment, financing and institutional capacity-building in the country, as part of the Seventh Regional Committee Meeting for Asia and the Pacific. The CPF was exchanged in the presence of Sri Lanka's Prime Minister Dr Harini Amarasuriya, between Minister of Energy Kumara Jayakody and ISA Director General Ashish Khanna. The Colombo meeting also saw CPF exchanges with Fiji, Kiribati and the Solomon Islands. In addition, a Pledge of Support for the ISA Small Island Developing States (SIDS) Platform was adopted by participating island countries, reaffirming collective action on decentralised solar and storage-based energy solutions. 'Sri Lanka supports ISA's four strategic pillars and is working to establish a STAR Centre in Colombo as a regional hub for solar training and research ,' Prime Minister Amarasuriya said in her address. She called for deeper regional collaboration and a focused approach for SIDS and lower-middle-income countries. 'These countries face high costs, limited land, and grid constraints—but also immense potential in decentralised solar and storage-based solutions,' she said. Energy Minister Kumara Jayakody said, 'Our national goal is to achieve 70 per cent renewable energy in electricity generation by 2030 and reach carbon neutrality by 2050. Solar energy is central to this vision. The Platform will help Small Island Developing States benefit from economies of scale, reduced transaction costs through competitive bidding, and enhanced knowledge exchange.' ISA Director General Ashish Khanna said the Asia-Pacific region plays a key role in shaping the global solar energy landscape. 'ISA's approach in the region is anchored in four key pillars: mobilising catalytic finance, strengthening institutional capacities, fostering regional platforms, and enabling innovation and technology deployment. We are committed to working in close partnership with each Member State,' he said. India's High Commissioner to Sri Lanka, Santosh Jha, said, 'India's energy transition journey—marked by achieving 50 per cent installed electricity capacity from non-fossil sources five years ahead of schedule—demonstrates what collective ambition and decisive action can achieve. Through ISA, we have the opportunity to light up not just homes, but futures.' The ISA SIDS Platform, jointly developed with the World Bank, aims to accelerate inclusive, climate-resilient energy access across island nations. An MoU was also signed between ISA and the International Centre for Integrated Mountain Development (ICIMOD) to advance solar cooperation in mountainous regions. The meeting featured sessions on digital energy solutions, cross-border renewables trade and startup innovation under the SolarX APAC pitch competition. The two-day meeting, hosted in Colombo, continues on July 17 with discussions on operationalising the SIDS Platform and scaling technology-driven interventions.
EVN Report
08-07-2025
- Business
- EVN Report
From Surge to Stability: Armenia's Economic Snapshot
After two years of experiencing exceptional growth , influenced by the influx of Russian emigres, a construction boom, re-exports to Russia and a growing tech sector, Armenia's economic trajectory is beginning to return to more realistic levels. Meanwhile, Yerevan is pursuing an ambitious reform agenda, aimed at accelerating economic growth and attracting investment. In 2021, the government adopted a Five-Year Action Plan (2021-2026) focused on key areas including the IT sector, human capital development, and infrastructure. Despite some progress, gaps remain when it comes to building more inclusive and resilient growth across the country. 'We're still a very consumption-oriented economy,' says Samson Avetian, CEO at eqwefy, author, and adjunct lecturer at the American University of Armenia. Now, with just one year remaining in the Action Plan, Armenia's government still has a number of key goals to accomplish, many of which will likely spill over into the next Five-Year Action Plan. The current program included 439 main goals ranging from strengthening security and foreign policy, boosting the economy, to enhancing infrastructure and strengthening institutions. Many of these goals closely align with the 2019-2023 and, more recently, the 2025-2029 World Bank Group's Country Partnership Framework. The World Bank is working with the Armenian government to invest in strategies that move these goals forward, particularly in boosting economic growth and alleviating poverty. 'That's a lot of things to accomplish in the year,' says Carolin Geginat, who served as country manager for Armenia at the World Bank Group until July 1, adding that the government has to 'pace itself' as it catches up with a backlog of investments following three decades of low funding in the country. Among the more prominent sectors pushed to the forefront is the information and technology sphere, which experts and government officials have identified as the country's next big attraction. Tech exports, as a share of total service exports, more than doubled between 2017 and 2021 to 22%, according to the World Bank . Tech service exports on a per capita basis also outperformed those of China and India. 'In the long run, the most important sector is tech innovation,' Avetian says. 'Without it, it would be very difficult to imagine a wealthy, sustainable economy in Armenia.' In early June, a $500 million public-private partnership between the Armenian government and Firebird AI was announced, with support from NVIDIA. Armenian Prime Minister Nikol Pashinyan described this latest investment as the 'Stargate' of Armenia . In February, the Ministry of High-Tech Industry also signed a partnership with French AI company, Mistral, to strengthen AI infrastructure and integrate the technology within the government. The World Bank's newest framework encourages Armenia's continued diversification, especially of its export products. Again, the emphasis is on tourism, IT and agriculture as the sectors with the most potential. Around 2.2 million tourists visited the country in 2024, significantly surpassing pre-COVID numbers of 1.9 million in 2019. Early numbers from the Ministry of Economy report over 383,000 tourists have already visited Armenia between January and March of this year. There have also been large investments in the sector over the last two years. In 2023, the government invested 1 billion AMD or $2.6 million in tourism and 1.5 billion AMD or $3.9 million in 2024. In April, the World Bank approved a $100 million project to improve access to resilient infrastructure and strengthen the role of tourism in the Armenian economy. The Tourism and Regional Infrastructure Project is expected to create job opportunities, attract private investments, and benefit local communities and visitors in seven prioritized areas across the country. The Law on Tourism , which came into effect Sept. 1, 2024, and regulates the industry, requires all individuals providing tourism services and resources to electronically register with the Tourism Committee. It also places new requirements on tourism companies, such as having a website and at least one employee. Armenia's shift toward a more pro-business attitude has also proven beneficial for the encouragement of new startups in the country. In late December 2024, the government adopted a new bill to support new high-tech ventures . 'There were some questions from the tech community or the tech associations in Armenia about how effectively the law achieves its intended goals,' Avetyan says, noting that there are a few bottlenecks and practical hurdles regarding the applicability of some of those solutions. 'But I think the orientation and the willingness to support that sector is visible.' While there has been momentum in the tech industry, movement of labor or capital from the less productive firms to the more productive ones, also referred to as 'factors of production,' continues to lag behind, according to the World Bank. Instead, large companies that have been active for a long time continue to possess the majority of the market share. 'This is usually where growth comes from in countries,' Geginat says. 'So a productive firm attracts small labor and then grows. There is still something missing in the Armenian economy there.' The World Bank also reports some progress made in the fields of healthcare and education. Armenia has been working to create a universal health insurance system to tackle high health costs in the country, which has kept poverty rates high and productivity rates low in vast parts of the country. Out-of-pocket payments remain commonly high, with around half of the population relying predominantly on them, the World Health Organization reports . However, the program's rollout has been delayed due to a lack of funding despite securing a loan from the World Bank. As of June, the government maintains that ' very intensive discussions ' on the legislative packages are ongoing, with an implementation date of 2027. A universal healthcare system would be 'a game changer' for Armenia's poverty and productivity rate, says Geginat of the World Bank. 'That affects the productivity of the nation, it affects immigration rates, it affects whether people go into retirement early, which is then a burden on the overall population because someone has to pay for their pensions,' she explains. 'So that's an important reform that I think has to be finalized in the next year.' Education was also a key goal of Pashinyan's government strategy. A new teacher recertification program allowed for educators to obtain high salaries, and a new curriculum program for teachers is currently being rolled out. However, initial reports show lower-than-anticipated participation rates in the program. But, reforms to the educational curriculum remain to be seen. Out of nearly 12 years of schooling in Armenia, only 8.5 translate into quality learning years, the World Bank reports. 'This is not just Armenia, to be honest,' Geginat says. 'We see this phenomenon around Eastern Europe. There needs to be investments in that space to prepare the new generation better for the labor market.' Many of the policy changes related to education and health are long-term strategies that may not immediately render results that can be marked as a win, according to Avetian. 'I'm not saying those policies that were implemented are bad,' he says. 'I'm just saying those that were implemented were long-term policies and those are very important too.' Despite some progress in various fields, some aspects of Armenia's economy remain unbalanced. Manufacturing remains a small portion of the economy, despite its potential as an economic driver, Avetian says. Investments also remain lower than in many other countries. Geginat explains that investments have flowed mostly to the IT sector but have yet to manifest in job-intensive sectors like tourism and construction. FDI inflows as a share of GDP declined significantly during the past decade in spite of a competitive workforce. 'The diaspora is a huge comparative advantage that Armenia has because they invest here and they often take risks that a foreign direct investor who doesn't have the emotional ties with Armenia wouldn't take,' Geginat says. 'And that's been a great source of resilience for the Armenian economy.' Another challenge affecting Armenia's economic potential is the persistent gender inequality in some areas, which is 'a cost to the economy,' according to Geginat. Over 50% of women aged 25-29 are neither working nor studying. 'All of that human capital that you have incorporated in these wonderful women in Armenia is not being used to boost the economy,' she says. While agriculture has been touted by the World Bank as a promising export sector for Armenia, it still faces significant challenges in meeting necessary standards, Geginat says. 'Armenian products are usually produced just for the internal market or for Russia,' she explains. 'So, in terms of standards, it needs to reach higher to be able also to be exported into other markets and reach that diversification.' Farmers also have to prepare for 'potential bigger competition coming from an opening of the borders' as Armenia continues to negotiate a peace treaty with Azerbaijan and explores renewed dialogue with Turkey, according to Geginat. Other areas identified for continued investments and growth include renewable energy, climate-resilient initiatives, and water infrastructure. The World Bank helped create the Lifeline Road Network Improvement Project to improve road accessibility in rural parts of the country. In the decade since its launch, over 900 kilometers of community roads have been newly built or rehabilitated. In terms of pollution, there remains an excess of industrial waste from the Soviet Union era to address, as well as tackling air pollution by cleaning the Nairit Industrial Plant in Yerevan, implementing air monitoring frameworks and reforesting the country. 'A lot has happened in terms of moving important things forward and the agenda of putting money and financing to it, but the implementation is still to be done,' Geginat says.
Business Recorder
05-07-2025
- Business
- Business Recorder
Wolrd Bank approves $55m in additional financing to Discos
ISLAMABAD: The World Bank has approved additional $55 million to Distribution Companies (Discos) under the Electricity Distribution Efficiency Improvement Project, sources told Business Recorder. 'The delegate authority of the Board of Executive Directors of the World Bank has approved, on June 27,2025, the International Development Association (IDA) additional financing in the amount of $55 million to the Islamic Republic of Pakistan for the Electricity Distribution Efficiency Improvement Project,' the sources quoted WB as saying in a letter to Economic Affairs Division. Technical discussions were held on June 18, 2205 at the World Bank's Islamabad office. The additional financing aims to further enhance the operational and financial performance of the Hyderabad Electric Supply Company (HESCO) and Peshawar Electric Supply Company (PESCO) through the scaled deployment of Asset Performance Management Systems (APMS). World Bank may give extra $50m financing to Discos Both HESCO and PESCO, currently among the poorest-performing Discos, have not been slated for privatisation so far. The additional financing is fully aligned with the project's development objectives, which include improving operational efficiency in targeted areas of selected distribution companies, supporting progress on the power sector reform agenda, and advancing the Country Partnership Framework (CPF) between the Government of Pakistan and the World Bank. During negotiations, discussions covered the draft Financing Agreement between the Government of Pakistan (the Recipient) and the World Bank (the Association), the draft Project Agreements with HESCO and PESCO (the Project Implementing Entities), the draft Project Paper (PP), the Disbursement and Financial Information Letter (DFIL), and the Environmental and Social Commitment Plan (ESCP). In line with the World Bank's Access to Information Policy, once a project is approved by the Country Director for financing, the Association publicly discloses the PP, legal agreements, and other relevant documentation. The Association may also release the PP upon its distribution to the Board, subject to the Recipient's consent. Discos will share data contained in the PP that may be confidential or sensitive and could potentially impact the relationship between the World Bank and the Government of Pakistan. Suggested revisions to the PP's wording were discussed to resolve any issues related to its release. Copyright Business Recorder, 2025
Arab News
30-06-2025
- Business
- Arab News
World Bank appoints Bolormaa Amgaabazar as new country director for Pakistan
KARACHI: The World Bank has appointed Bolormaa Amgaabazar as its new country director for Pakistan, effective tomorrow, Tuesday, succeeding Najy Benhassine who had held the position since 2020. Amgaabazar's appointment comes as the World Bank launches a major new 10-year Country Partnership Framework (CPF) with Pakistan, committing up to $40 billion in combined support from its financing arms. The CPF, approved earlier this year, will focus on tackling child stunting, improving education, strengthening climate resilience, and supporting structural reforms to boost private sector-led growth. 'The World Bank and Pakistan have a long-standing partnership that has benefited millions of people over generations,' Amgaabazar said in a statement. 'I look forward to deepening our engagement with the federal and provincial governments, local institutions, civil society, the private sector, development partners, and other stakeholders.' A Mongolian national, Amgaabazar joined the World Bank in 2004 and has worked in East Asia and the Pacific, Africa, and Eastern Europe and Central Asia. She previously held leadership roles in the Bank's offices in the Kyrgyz Republic and, most recently, Indonesia and Timor-Leste. Prior to joining the Bank, she worked in international development in Mongolia and Southeast Asia. 'We will continue to support Pakistan to address some of its most acute development challenges including child stunting, learning poverty, its exceptional exposure to the impacts of climate change, and the sustainability of its energy sector,' Amgaabazar added. Since the World Bank Group started operating in Pakistan in 1950, the International Bank for Reconstruction and Development, the main lending arm of the Bank, has provided over $48.3 billion in assistance. The International Finance Corporation, which focuses on private sector development, has invested approximately $13 billion to advance private sector‑led solutions, and the Multilateral Investment Guarantee Agency, which offers political risk insurance and credit enhancement to encourage foreign direct investment, has provided $836 million in guarantees. The current portfolio for IBRD, IFC and MIGA in Pakistan includes 106 projects and a total commitment of $17 billion. The country has teetered on the brink of economic crisis for several years and economists and international financial institutions have called for major economic reforms. Pakistan is currently under a $7 billion International Monetary Fund bailout program, which requires the country to boost government revenues and shore up external sources of financing, much of which comes from loans from China and Gulf nations.
Business Recorder
30-06-2025
- Business
- Business Recorder
Rupee largely stable
KARACHI: Rupee remained largely stable against the US dollar in the inter-bank market during the previous week. The local unit closed at 283.72, marginally lower by Rs0.02 or 0.01% against 283.70 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP). In a key development, foreign exchange reserves held by the SBP decreased by record $2.66 billion on a weekly basis, clocking in at $9.06 billion as of June 20. This was the biggest weekly decline in SBP reserves in over 3 years. The central bank's reserves had previously declined by $2.9 billion back in March 2022. However, SBP has received the GOP commercial loans equivalent to $3.1 billion; and multilateral loans of over $500 million, according to the central bank. 'These inflows will be reflected in SBP's FX reserves for the week ending on 27-Jun-2025,' SBP said. Meanwhile, the National Assembly (NA) passed the federal budget during the previous week for the next fiscal year (2025-26), with a total outlay of Rs17.573 trillion, focusing on sustainable and inclusive economic growth. The budget projects an economic growth rate of 4.2% and an inflation rate of 7.5% for the next financial year. Pakistan and the World Bank reaffirmed their development partnership during high-level consultations in Washington, D.C., with both sides committing to the effective implementation of the newly launched $40 billion Country Partnership Framework (CPF) 2026–2035. Open-market rates In the open market, the PKR lost 72 paisa for buying and 36 paisa for selling against USD, closing at 284.95 and 286.10, respectively. Against Euro, the PKR lost 6.51 rupees for buying and 6.00 rupees for selling, closing at 333.01 and 335.45, respectively. Against UAE Dirham, the PKR lost 32 paisa for buying and 7 paise for selling, closing at 77.65 and 78.10, respectively. Against Saudi Riyal, the PKR lost 32 paise for buying and 10 paise for selling, closing at 75.97 and 76.40, respectively. ========================================= THE RUPEE ========================================= Weekly inter-bank market rates for dollar ========================================= Bid Close Rs. 283.72 Offer Close Rs. 283.92 Bid Open Rs. 283.70 Offer Open Rs. 283.90 ========================================= Weekly open-market rates for dollar ========================================= Bid Close Rs. 284.95 Offer Close Rs. 286.10 Bid Open Rs. 284.23 Offer Open Rs. 285.74 ========================================= Copyright Business Recorder, 2025
